The cryptocurrency world has witnessed a troubling incident involving LBank, a well-known Chinese exchange, which has been accused of listing and promoting a fraudulent DOGS token.
LBank launched a token with the same name only a few days before the official release date of the DOGS coin. Instead of an innocent mistake, the exchange actively promoted this fake token, driving its price up to $0.04. Through this fraudulent action, unwary investors were tricked into purchasing a token that was unrelated to the DOGS project itself.
Reacting promptly, the official DOGS project team released a statement calling it a fraud and denied any affiliation with the coin bought on LBank. They stressed that as the official DOGS coin was still not listed on any exchange, any trades made on LBank would automatically be considered fraudulent.
Several investors purchased the phony token because they believed LBank to be a reliable source, only to learn afterward that they had been paid off. This event serves as a harsh reminder of the risks involved in the cryptocurrency market, even from established exchanges.
Additionally, LBank has announced that the DOGS token community is preparing for an event in collaboration with them to celebrate the exchange’s ninth anniversary. As part of the celebration, DOGS token holders on LBank will receive a share of 100,000 USDT, proportionally distributed based on their holdings after the token’s official debut.
However, this announcement was only found on the Twitter handle of the LBank but there is the official announcement from the DOGS.
Despite LBank’s actions, the official DOGS token is still on track for its legitimate launch. The timeline includes claims to exchanges and Telegram Wallet by August 23, and non-custodial wallet claims starting from August 26, with the Token Generation Event (TGE) and listing scheduled for 12 pm UTC on August 26.
However, LBank said that the listing of DOGS on LBank is part of standard pre-market trading, where prices are set by users and the community. LBank will not interfere with token pricing in the secondary market.
Additionally, LBank has clarified that it has not launched or partnered with any fake DOGS tokens and has no association with these fraudulent tokens. The exchange urges users to stay vigilant and avoid being deceived by verifying the authenticity of tokens before investing.
Also Read: Binance Lists $DOGS token with Launchpool Ahead of Airdrop