• Coinbase’s blockchain Base has more than 500 scam tokens in its network.
• Solidus Labs reported that scammers earned $2 million from these fraudulent coins.
• Coco-Cola launched its first NFT collection on Base on August 13.

Crypto exchange Coinbase’s new layer 2 blockchain Base is swarming with scam tokens due to network vulnerabilities. Bloomberg reported this morning that over 500 scam tokens were deployed by developers from mid-July to August 9, when Base mainnet went live.

According to New York-based Solidus Labs which monitors fraudulent crypto transactions, 300 tokens including BASEPEPE (BPEPE) and Baby Yoda (YODA) allowed creators to mint an infinite number of coins, impacting the value in the market. Base users who were not familiar with this feature of the blockchain fell for these scam coins, out of which 60 won’t even let traders resell them. Meanwhile, some of these tokens had 70 smart contracts that featured concealed transaction fee modifiers.

The post Coinbase Blockchain Network Falls Victim To Over 500 Scam Coins appeared first on Coin Edition.

• Coinbase’s blockchain Base has more than 500 scam tokens in its network.
• Solidus Labs reported that scammers earned $2 million from these fraudulent coins.
• Coco-Cola launched its first NFT collection on Base on August 13.

Crypto exchange Coinbase’s new layer 2 blockchain Base is swarming with scam tokens due to network vulnerabilities. Bloomberg reported this morning that over 500 scam tokens were deployed by developers from mid-July to August 9, when Base mainnet went live.

According to New York-based Solidus Labs which monitors fraudulent crypto transactions, 300 tokens including BASEPEPE (BPEPE) and Baby Yoda (YODA) allowed creators to mint an infinite number of coins, impacting the value in the market. Base users who were not familiar with this feature of the blockchain fell for these scam coins, out of which 60 won’t even let traders resell them. Meanwhile, some of these tokens had 70 smart contracts that featured concealed transaction fee modifiers.

The post Coinbase Blockchain Network Falls Victim To Over 500 Scam Coins appeared first on Coin Edition.