Coinbase Global, the US’s largest cryptocurrency exchange, announced Wednesday that it had removed instructions on how to buy at least three tokens. These instructions were identified as “rug pulls” that could cause investors to lose their money.
These tokens are ‘DeFi100, ‘Mercenary,’ and the SQUID token’. Reuters media outlets reported last week on Coinbase tokens that were believed to be rug pulls.
Jaclyn sales, a spokesperson for Coinbase, said yesterday that links to such tokens had been removed from Coinbase’s website following their exposure by Reuters.
CoinMarketCap was automatically identified as the one who created the sales pages. CoinMarketCap was established with the aim of gathering all data in the crypto space and placing it in one online location so that anyone can learn more about any crypto coin.
Shaun Heng (Vice-President Growth and Operations at CoinMarketCap) spoke about the “crypto tokens” in question and said that CoinMarket didn’t create them as there wasn’t a partnership with Coinbase.
Coinbase took down pages that included ‘DeFi100, ‘Mercenary,’ and ‘Squid Game,’ crypto tokens, on its website.
The Coinbase spokesperson also stated that the exchange ExchangeAn exchange can be described as a marketplace that supports… Read this Term plan to upgrade its auto-created webpages.
Crypto Funds go missing
Coinbase is the most widely used consumer-facing cryptocurrency exchange. The firm was founded in 2012 and allows users to buy, hold, and sell crypto coins such as Bitcoin. This online platform has become a popular and reliable option for crypto investors. Coinbase stated that their online tips for investing in tokens were informational and not investment advice. The exchange does not accept responsibility for any ‘errors or delays’.
Scams in the crypto industry continue to be headlined despite the fact that crypto adoption is growing in popularity. The Chainalysis research company found that scammers took $7.7 billion from investors in 2017. A ‘rug pull’ scam is the most popular. This involves scammers launching a project and then abandoning it. Investors are then able to flee with their funds. Squid Game’s crypto token, Squid Game, crashed to zero last year after developers pulled a rug that took more than $3.38million from investors.
