The ApeCoin token in the APE/USDT pair has overtaken the BTC/USDT pair in terms of trading volume, resulting in increased fraud activity. 

ApeCoin Success Attracted Scammers

Recall that Yuga Labs recently launched a token called ApeCoin (APE). Scammers immediately stepped up and started selling fake tokens called ApeCoin. The fakes can be identified in the Etherscan service, but the volume of transactions with fake coins still amounted to millions of dollars. DEX users are buying coins that have nothing to do with the real altcoin contract. 

The scale of the fraudsters’ activity was so impressive that ApeCoin issued a recommendation to users on Twitter, asking them to be careful when dealing with sites that are not the official ApeCoin site and never to enter their wallet’s seed phrase. Meanwhile, the trading volume of the real ApeCoin token exceeded $14 million in less than a day. APE/USDT overtook the BTC/USDT pair in terms of the daily trading volume. As of 17:00 (GMT+2) on March 18, the daily trading volume of APE/USDT is 5.40%, while that of BTC/USDT is 2.89%. The total volume of trades for the last 24 hours exceeds $47.9 billion, according to CoinMarketCap.

Author: Olga Zemtsova
#Altcoin #Scam