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

Just saw this and had to share - I lost $1,800 to a fake COINBASE token last year. Thought it was legit because it had the Coinbase logo and even said 'official partner' in the Discord. Never again. Always check Etherscan first. Seriously, if there’s zero transaction history, run.

OMG, this is SO important!! I mean, like, seriously - how many people are still falling for this?!! The fact that they use the COIN ticker?? That’s not just lazy, that’s *maliciously* clever!! And the future date on the all-time high?? 2025?? That’s not even a typo - that’s a *signature* of a scam!! I’m literally shaking!!

Also, did you know that in India, these scams are exploding because people think if it has “Coinbase” in the name, it’s like a government-backed crypto?? No!! It’s like putting a Tesla logo on a bicycle and selling it as an electric car!!

And the worst part? The “recovery agents” who DM you after you get scammed?? They’re the same people who created the token!! It’s a two-layer scam!! Like, a Russian nesting doll of fraud!!

Pls, everyone - if you’re new to crypto, just stick to exchanges you can spell. Coinbase, Binance, Kraken - if it’s not on those, and it’s not on your bank’s app, it’s a trap!!

Also, I just reported the contract to Chainalysis - if you’re reading this and got scammed, DO NOT PAY ANYONE TO RECOVER IT!! They’ll take your money too!!

Yeah, I saw this token pop up on my feed too. Thought it was weird, but didn’t dig deeper. Now I’m glad I didn’t click. Honestly, if a token has ‘Coinbase’ in the name and no official announcement, it’s already dead.

Bro, this is why we need more crypto education in places like Nigeria. People see ‘Coinbase’ and think ‘safe’. But they don’t know what Etherscan is, or what a contract address does. I’ve had friends lose rent money to this exact scam. We need to make simple guides - like, ‘If it’s not on Coinbase.com, it’s not real’.

One must question the intellectual integrity of individuals who conflate a publicly traded equity with a non-fungible, unregulated, decentralized token. The conflation of COIN (Nasdaq-listed security) with COINBASE (a fraudulent ERC-20 artifact) is not merely a misstep - it is a symptomatic failure of financial literacy in the digital age.

Moreover, the proliferation of such scams underscores the abdication of regulatory oversight by bodies such as the CFTC and FTC, who have permitted the commodification of deception under the guise of innovation. One cannot help but observe that the very platforms that profit from crypto speculation - exchanges, influencers, and social media algorithms - are complicit in the normalization of such fraud.

It is not enough to warn users. We must dismantle the infrastructure that enables it.

It is profoundly disturbing that such blatant fraud continues to thrive in the absence of meaningful legal consequences. The fact that scammers can create counterfeit CoinMarketCap listings with impunity - and that victims are left with no recourse - is a moral and systemic failure. The FTC’s 46,000 complaints in Q1 2023 should have triggered immediate legislative action, not a press release.

Furthermore, the use of “Coinbase” as a brand proxy is not merely deceptive - it constitutes trademark infringement on a massive scale. Why has Coinbase not pursued civil litigation against these contract addresses? The silence is complicity.

I’ve seen this exact scam three times now. Every time, the same fake market cap, same fake future date, same zero-transaction contract. It’s like they copy-paste the same template from a scam forum. I don’t even click on these anymore - I just screenshot and report. If you’re new, just remember: if it sounds too good to be true, and it has the word ‘Coinbase’ in it - it’s a trap.

Oh wow, another ‘COINBASE’ token? How original. Let me guess - the whitepaper is just a screenshot of Coinbase’s homepage with ‘AI-powered blockchain synergy’ pasted on top? And the Telegram group has 12,000 members, all bots, with one real person asking ‘is this real?’ and getting 17 replies saying ‘yes bro, 500% in 24hrs’?

It’s like watching someone try to sell a fake Rolex made of plastic at a flea market… but in crypto form. And the kicker? They’re not even trying to be clever anymore. The ‘future date’ on the chart? That’s not a glitch - that’s the scammer’s signature. Like a serial killer leaving a calling card.

Meanwhile, Coinbase quietly updates their security page, and we all pretend we’re not living in a post-truth economy where trust is the most valuable currency - and the most easily stolen.

It’s not just about the money - it’s about the emotional toll. People lose their life savings, their retirement funds, their trust in technology. And then they’re told, ‘it’s crypto, you knew the risks.’ No. You didn’t know the risks. You were tricked by a logo. That’s not risk - that’s theft. And we need to stop normalizing it.

Every time someone says ‘they should’ve done their research,’ they’re blaming the victim. The scammers are the ones who designed the deception. The system that lets them do it is broken.

Wait… what if this is all a psyop? What if Coinbase themselves created these fake tokens to make people scared of crypto so they can push their own centralized products? I mean, think about it - they’re the only ones who benefit from people thinking crypto is a scam. Maybe the real scam is the whole narrative.

And why is the FTC so obsessed with Coinbase? Are they being paid off? The timing is too convenient. They shut down 287 scams… right after Coinbase launched their new wallet? Coincidence? I think not.

This is why I always tell newbies: if you don’t know how to check a contract on Etherscan, don’t touch it. Period. I’ve saved friends from losing tens of thousands because I just told them to Google the contract address. If it’s got zero transactions and no code, it’s garbage. No exceptions.

And if you’re reading this and you’ve been scammed - don’t give up. Report it. Even if nothing happens, you’re helping build the case. We need more data to pressure regulators.

So sad to see this happen again 😔 I just hope anyone reading this takes it seriously. Crypto can be amazing, but only if you’re careful. Please, please, please - if you’re not sure, wait. Ask someone. Don’t rush. You’ll thank yourself later. 💙

One thing I’ve learned from mentoring new crypto users: most people don’t understand the difference between a stock and a token. That’s not their fault - the industry doesn’t explain it. We need better onboarding. Not just ‘don’t click this,’ but ‘here’s how to read a contract, here’s why Etherscan matters, here’s how to spot a fake listing.’

This scam works because it exploits ignorance, not greed. Fix the education gap, and you fix the scam.

People are fools. They see a big name and think it’s safe. They don’t think. They just click. This is why the world is falling apart. No wisdom. Only greed. And now they cry when they lose. Too late. You were warned.

Let’s be real - this isn’t about ‘scams.’ It’s about the collapse of institutional trust. The fact that a random address with zero code can impersonate a Nasdaq-listed company and fool thousands speaks volumes. We’ve outsourced truth to algorithms and marketing. The ‘Coinbase’ token isn’t a scam - it’s a symptom.

And the real scam? The belief that blockchain will save us from human corruption. It won’t. It just makes it faster.

Actually, I think the real scam is how Coinbase does nothing to stop this. They make billions off crypto trading - why don’t they buy up the domain names? Why don’t they legally challenge these contracts? They’re letting the brand get ruined so they can sell more of their own products. This whole thing is a distraction.

^ This is exactly why I’m calling Coinbase out. They have the resources to flag these scams on CoinMarketCap - they just don’t. I’ve DM’d their security team twice. Silence. Meanwhile, people are losing homes. That’s not negligence - that’s profit-driven apathy.