Crypto Platform Issues Warning Over Fake BSC Token

The well-known cryptocurrency research firm SoSoValue has issued a warning regarding a fraudulent token named SOSO that has been launched on the Binance Smart Chain (BSC).

SoSoValue emphasized that it has not introduced any official cryptocurrency and advised users to exercise caution in order to protect their investments.

Scammers Exploit Funding Announcements to Deceive Users

This alert follows an identification by the on-chain analytics platform CoinSpeedrun of a counterfeit contract, labeled 0xa484…5c8ac9, which is circulating within the BSC network.

It marks the second warning issued by SoSoValue within a 48-hour period, following an earlier notification on Saturday alerting followers about suspicious accounts on X that were disseminating phishing links, claiming to sell the company’s crypto index protocol, SoSoValue Indices (SSI).

The firm, known for its AI-based investment research, recently announced a successful $15 million Series A funding round, raising its valuation to $200 million. The investment round was co-led by existing investors HSG and SmallSpark, with funds intended to enhance the SSI product and fortify the platform against malicious activities.

One of the accounts implicated in disseminating the fraudulent links referenced this funding news in at least two posts, one in Polish and another in Japanese.

However, buried within the legitimate funding information was a phony web address, ssi[dot]sosovalue[dot]bet, which purported to direct users to purchase SSI. Investigations into the site disclosed that it was a phishing scam designed to defraud users who accessed it.

Growing Risks

This occurrence serves as a stark reminder of how increasingly sophisticated criminals are utilizing fake cryptocurrencies and deceptive schemes to take advantage of unsuspecting investors.

In December 2024, hackers took over the X account of Animoca Brands co-founder Yat Siu, using it to promote a fraudulent token on Pump.fun.

In the same month, another crypto investor lost over $300,000 after clicking on a link to a fake work meeting. This URL was sent directly to them on X, and while it initially appeared harmless, it ultimately installed malware that compromised their digital wallets and drained their cryptocurrency.

Blockchain investigator ZachXBT has also highlighted instances where criminals have sent phishing emails masquerading as urgent copyright infringement notifications from X. These scams have enabled them to seize control of prominent accounts, which were then used to promote counterfeit Solana meme coins, resulting in losses of up to $500,000 for unsuspecting victims.