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The Coin Rise 2025-01-28 10:30:44

Scam Tokens Flood Crypto Market as Chinese AI Firm DeepSeek Goes Viral

Scam Tokens Flood Crypto Market as Chinese AI Firm DeepSeek Goes Viral

The launch of DeepSeek latest AI application has triggered a surge in fraudulent crypto tokens seeking to ride the company’s viral success. According to data from cybersecurity firm BlockAid, at least 75 scam tokens associated with the company were created by January 27 — a threefold increase from the previous day. This trend mirrors previous incidents, such as the spike in fake tokens following the launch of Donald Trump’s memecoin earlier this month. While DeepSeek continues to dominate social media discussions, bad actors have set up decentralized applications (DApps) mimicking the company’s official website. These DApps include a deceptive “Connect Wallet” button that can potentially drain users’ cryptocurrency holdings upon interaction. BlockAid research analyst Oz Tamir highlighted that scammers are becoming increasingly sophisticated in exploiting popular trends. Tamir emphasized the need for heightened vigilance among crypto investors. DeepSeek Issues Warning Amid Rising Fraud DeepSeek, recognizing the danger, has issued a public warning via its social media accounts. The company clarified that it has not released any cryptocurrency and cautioned users to avoid interacting with unauthorized accounts. Despite this advisory, some fraudulent tokens have already gained significant traction. One fake DeepSeek token reportedly reached a market capitalization of $48 million before its rapid decline, while another peaked at $13 million. The incidents underscore the growing efficiency of scammers in swiftly creating and marketing counterfeit tokens linked to trending narratives. Similar trends were observed following the debut of Trump-branded tokens earlier in January. Copycat token launches surged from 3,300 per day to 6,800 during the memecoin’s rollout, illustrating how opportunistic scammers capitalize on major events. Market Buzz DeepSeek’s rise has sparked widespread conversation, with many viewing its AI advancements as a potential rival to OpenAI’s ChatGPT. Remarkably, the company claims its AI model was developed for less than $6 million, a fraction of what American firms are reportedly spending on similar technologies. However, viral success has not come without consequences. Investor concerns surrounding scams and frauds have led to a 5.5% drop in the overall cryptocurrency market over the past 24 hours. The post Scam Tokens Flood Crypto Market as Chinese AI Firm DeepSeek Goes Viral appeared first on TheCoinrise.com .

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