Fake Cryptocurrencies — How to Spot Counterfeits
Scammers create tokens that mimic Bitcoin or Ethereum — same name, same ticker, similar logo. How to verify a token is real before you buy.
What a counterfeit token is
Scammers create tokens designed to look identical to a real coin — the same name ("Bitcoin"), the same ticker ("BTC"), a near-identical logo — and list them on small decentralized exchanges. Newcomers buy the fake by mistake, then find they cannot sell because the liquidity pool has been blocked.
A typical trick
A token called "Bitcoin" with ticker "BTC" appears on Ethereum with a smart-contract address and a 21-million supply to look authentic. But real Bitcoin is a native coin — it has no Ethereum contract at all. The fake is priced to look "cheap," you buy in, and the sell function is disabled.
Red flags
- A price that is far too low versus the real asset (real BTC near 70k, the fake at $0.01).
- An unexpected smart contract. Real Bitcoin has no contract; a "Bitcoin" token with one is not Bitcoin.
- You can buy but not sell — the transfer function is restricted.
- The right name on the wrong chain. "Bitcoin" on Ethereum is fake; real BTC lives only on the Bitcoin blockchain.
- "Airdrop for all holders" claims that quietly distribute the scammer's fake token.
How to protect yourself
- Check the chain. Bitcoin belongs on the Bitcoin blockchain; Ethereum on Ethereum mainnet — not a look-alike chain.
- Inspect the contract on a block explorer (Etherscan, BscScan). If the transfer function is restricted, or ownership is opaque, walk away.
- Buy from reputable venues. Established exchanges list the genuine asset.
- Learn the real contract addresses of the projects you hold from their official sites, and confirm before every purchase.
Verifying the chain and contract takes a minute and prevents the most common "cannot sell" traps. When you connect fastbot, your funds stay on your own exchange account. Learn more.