What is the Fake COINBASE (COIN) Crypto Token and Why It’s a Scam

When you see a new token promising sky‑high returns and using the word “Coinbase” in its name, pause and ask: Fake COINBASE token - is it legit or a trap?

Fake COINBASE (COIN) token is a fraudulent cryptocurrency that impersonates the well‑known exchange Coinbase. It does not exist as an official product, nor does the company ever issue its own exchange token. The scam copies Coinbase’s branding, uses the real stock ticker “COIN”, and then sells a worthless ERC‑20 token on decentralized exchanges.

Why Scammers Use the Coinbase Brand

Coinbase is a household name in crypto investing. Its stock has traded on Nasdaq under the ticker COIN since April2021, giving the name instant credibility. By appending “[Fake]” or simply calling the token “COINBASE”, fraudsters piggy‑back on that trust.

Typical Claims Made by the Fake Token

• “Guaranteed 300‑500% returns in 30 days.”
• “Backed by Coinbase’s technology and team.”
• “Limited supply - only 270million tokens.”
• “Listed on CoinMarketCap with a market cap of billions.”

None of these statements hold up under scrutiny.

Red Flags That Prove It’s a Scam

1. Fake listings on public trackers. The token appears on two separate CoinMarketCap pages (UCID36756 and UCID36965) with contradictory supply numbers and a price listed at $0 or $6.43 - both impossible for a brand‑new token.
2. No contract activity. The contract address 0x0adc…d7dd2e shows zero legitimate transactions on Etherscan as of October2023. No wallet ever transferred the token.
3. Impossible market data. Listings claim a 100% circulating supply while simultaneously reporting 0 tokens in circulation, and they display an “all‑time high” dated August222025 - a future date.
4. No development or community. Real projects have public code repositories (e.g., Bitcoin with >62000 commits). The fake token has zero GitHub commits, no whitepaper, and no active social channels.

How the Scam Operates

Forensic firms like Chainalysis have mapped a repeatable lifecycle:

1. Create a mock CoinMarketCap page (average cost $350 on the dark web).
2. Use wash‑trading bots to inflate volume and price.
3. Promote the token on social media and Reddit’s r/CryptoScams.
4. Liquidity is drained from the PancakeSwap pool within 24‑48hours, leaving buyers with a dead token.

The average scam duration is 26.7hours, and victims lose about $2,150 each, according to the Massachusetts Attorney General’s Office.

Official Warnings and Enforcement

Multiple agencies have sounded the alarm:

• The Federal Trade Commission recorded 46,000 crypto impersonation complaints in Q12023, with Coinbase being the most duplicated brand.
• Coinbase’s security team issued alert COIN‑SEC‑2023‑08, flagging 287 impersonation scams using fake COIN tickers.
• The Commodity Futures Trading Commission listed 43 active FakeCOINBASE variants in its September2023 enforcement report.

Side‑by‑Side: Fake Token vs Real Coinbase Stock

Impact on Victims

Victim stories are consistent. On Reddit, user CryptoLearner2023 posted that they lost $3,200 after the token’s liquidity vanished 12minutes after purchase. Trustpilot’s 142 reviews for “Coinbase Coin” average 1.2/5 stars, with 94% labeling it a scam.

Recovery rates are grim: Chainalysis reports only 4.2% of funds are ever recovered, and when they are, it takes an average of 11.3months.

How to Protect Yourself

• Never trust a token that claims to be issued by a major exchange unless the exchange explicitly announces it.
• Check the token’s contract on Etherscan - look for transaction history and verified source code.
• Avoid buying tokens listed only on CoinMarketCap with zero trading volume on reputable DEXes.
• Read official security alerts from Coinbase, the FTC, and your local regulator.
• If approached by “support” agents offering to recover your funds for a fee, treat it as another phishing attempt.

What to Do If You’ve Already Bought the Token

1. Document every transaction - screenshots, wallet addresses, dates.
2. Report the incident to your local consumer protection agency (e.g., the Massachusetts Attorney General’s Office handles many crypto fraud cases).
3. File a complaint with the Federal Trade Commission - they track impersonation scams.
4. Consider reaching out to a blockchain forensics firm; while recovery odds are low, they can help trace the exit wallet.