Renowned cryptocurrency research firm, SoSoValue, has issued a warning about a fraudulent token named SOSO, which is currently being circulated on the Binance Smart Chain (BSC). The firm has clarified that it has not mooted any official cryptocurrency and has called upon users to exercise caution in order to safeguard their assets.
The warning was issued after an on-chain analytics platform, CoinSpeedrun, flagged the counterfeit contract, identified as 0xa484…5c8ac9, which is proliferating on the BSC network. This is the second such warning from the firm in the last 48 hours. Previously, it alerted followers about dubious accounts on X dispersing phishing links through posts claiming to sell its proprietary crypto index protocol, SoSoValue Indices (SSI).
SoSoValue, a company known for its AI-driven investment research, recently announced that it had secured $15 million in Series A funding, thereby valuing the company at $200 million. The funding round was co-led by existing investors HSG and SmallSpark. The funds are intended to enhance the SSI product and shield the platform and its users from harmful actors.
However, the announcement became a tool in the hands of fraudsters. One of the accounts spreading the counterfeit links shared the funding news in at least two posts, one in Polish and another in Japanese. Disguised within the authentic information about the funding was a deceptive web address, ssi[dot]sosovalue[dot]bet, masquerading as a portal for users to buy SSI. On analysis, the site was found to be a phishing portal designed to defraud crypto users.
This incident underscores the growing threat of fraudsters using fake cryptocurrencies and spoofing tactics to exploit unsuspecting investors. In a similar episode in December 2024, hackers hijacked the X account of Animoca Brands co-founder Yat Siu to promote a fraudulent token on Pump.fun. Another investor lost over $300,000 after clicking a sham work meeting link that installed malware on their system, compromising their digital wallets and draining out their crypto.
Blockchain detective ZachXBT has previously exposed how criminals used phishing emails disguised as urgent messages from X about copyright infringement issues to gain control of high-profile accounts on social media. These accounts were then used to promote fake Solana meme coins, causing unsuspecting users to lose as much as $500,000.
These incidents serve as a stark reminder to users to be vigilant and cautious while dealing with cryptocurrencies and related entities, to avoid falling prey to such malicious schemes.
