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False Tokens Created After Coinbase’s Ethereum L2 Network Test

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On February 24, Coinbase announced the launch of the Ethereum L2 Network Base Test Network yesterday, but according to Token Sniffer, a data website of the enc…

False Tokens Created After Coinbases Ethereum L2 Network Test

On February 24, Coinbase announced the launch of the Ethereum L2 Network Base Test Network yesterday, but according to Token Sniffer, a data website of the encryption monitoring company Solidus Labs, since the announcement, at least four new “analog” tokens have been created, such as “Base”, “Base token” and “Coin Chain”, but these tokens have nothing to do with Coinbase, and Coinbase does not intend to issue new network tokens.

After Coinbase announced the launch of the Base test network, several “simulated” tokens appeared

Interpretation of the news:


Coinbase announced the launch of the Ethereum L2 Network Base Test Network on February 24, which was welcomed by the cryptocurrency community. However, despite the announcement, several new false tokens have emerged, which have no connection with Coinbase.

According to Token Sniffer, a data website of the encryption monitoring company Solidus Labs, at least four new tokens have been created since Coinbase’s announcement. The tokens are named “Base”, “Base token,” and “Coin Chain.” These tokens have no affiliation with Coinbase, and the company is not planning to issue any new network tokens.

The emergence of false tokens creates a scamming opportunity for fraudsters to deceive investors by posing as legitimate cryptocurrency projects. The tokens might seem plausible since they share their name with Coinbase’s Ethereum L2 Network Base Test Network, but investors should exercise caution and do thorough research before making any investment decisions.

Fortunately, there are ways to verify the legitimacy of tokens. One way is to conduct a deep-dive research into the project’s white paper, the team behind it, and their roadmap. Another way is to consult with experts in the industry who can provide objective opinions based on their experience and expertise.

In conclusion, the launch of Coinbase’s Ethereum L2 Network Base Test Network has created an opportunity for the development of faster and cheaper transactions on the Ethereum network. However, it has also led to the creation of false tokens named after the network. As investors, it’s important to be aware of scams and fraudulent activities in the cryptocurrency industry to avoid potential financial loss.

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