A serious alert has been issued by Very Network concerning a fraudulent $VERY token mimicking their legitimate asset on a Solana-based decentralized platform. The team has emphasized that this token is not connected to their network, noting the deceitful exploitation of their name to deceive potential users.
What Is the Official $VERY Token?
The $VERY token, belonging to the Very Network, is not available on any decentralized or centralized exchange, as clarified by the team. This genuine token exists only on VeryChain, the network’s own blockchain. Thus, any sightings of the $VERY token outside VeryChain should be regarded as false.
The Very Network team stated that the token circulating on Solana is not official and accused an individual of stealing the VERY name. They urged users to avoid purchasing, trading, or connecting their wallets to any platforms associated with the fake asset.
In a bid to alert a wider audience, Very Network released a Korean version of their cautionary note. They recommend users depend only on official updates and verified sources for accurate information.
Why Are Fake Tokens a Danger?
Fraudulent tokens and mimic projects remain a significant risk for cryptocurrency enthusiasts, especially those eyeing new launches or airdrops. This fraudulent activity is rampant across the digital currency market, with schemes that closely resemble authentic projects and market them on decentralized venues.
These deceptive tokens typically appear on networks that offer low transaction costs, enabling fraudsters to swiftly create and distribute them. If unwary users mistake these for official tokens, they risk financial losses or invasive hacking threats.
Very Network confirms that:
- The legitimate $VERY token is exclusively functional on VeryChain.
- VeryChain operates with a Proof of Authority model managed by Node NFT validators.
- Functions of the $VERY token include rewards, hackathons, and furthering the ecosystem.
Another similar warning surfaced from the crypto sector via Binance‘s co-founder, Yi He, about identity fraud linked to Zhu Pan. Users have been advised to exercise increased vigilance, with firms like CoinUp asserting no connections to alleged fraudsters.
