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Scammers use Facebook’s new name to create cryptocurrencies

A survey carried out by the specialized Livecoins portal indicated that at least 85 cryptocurrencies whose names contain “Meta” have already been created since Mark Zuckerberg’s announcement . Many of them are suspicious to say the least, others are blatant scams.Meta and metaverse are opportunities for scammers

It turns out that the metaverse concept is intrinsically connected with blockchain technology and cryptocurrencies . Existing projects, such as the alternate reality platforms Decentraland and The Sandbox, have their own tokens (MANA and SAND, respectively) to make their economy go round.

Therefore, it is to be expected that any Meta project will also involve the arrival of its own cryptocurrency, such as the diem (ex-pound), or even a completely new token. That said, scammers wereted no time creating dozens of different digital coins with names like “Meta Facebook Token”, “Baby Meta Coin” and several simply called “META” or “Facebook”.

Still thinking about an application of a supposed Meta cryptocurrency based on metaverses that already exist today, the token would serve as the economic basis of this alternative reality, used to buy virtual land, trade objects, 3D models, characters, customization items and countless others of things.

Thus, some unsuspecting ones may end up believing that one of these tokens is truly part of the old Facebook metaverse project. However, it is worth remembering that Meta has not yet announced any platform in development, nor a cryptocurrency , so obviously any digital currency that tries to pass itself off as an official token is clearly a fraud.

At least 85 cryptocurrencies have “Meta” in their names

Examples of cryptocurrencies found in Token Sniffer and CoinMarketCap (Image: Reproduction)
Examples of cryptocurrencies found in Token Sniffer and CoinMarketCap (Image: Reproduction)

Through the Token Sniffer platform , active explorer and digital currencies, the Tecnoblog identified thirty cryptocurrencies whose code/abbreviation contains “META”. The price monitoring site CoinMarketCap shows eighty-five tokens with the term in their names.

Looking a little more closely at how these cryptocurrencies work, it is clear that many of them are likely to be scams. The vast majority have gigantic supplies (of the trillions of tokens available), which makes the unit price of each coin extremely low , as with dogecoin (DOGE) and shiba inu (SHIB), making them extremely low. affordable.

Meanwhile, the description of each cryptocurrency is very vague. Given the low value and some dubious promises of high future value, some people might consider buying these tokens in hopes of seeing their money yield ludicrous percentages. Of course, we are here to tell you not to do this at all.

With information: Livecoins

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