Crypto Platform Issues Warning Over Fake BSC Token

Prominent crypto research firm SoSoValue has warned about a bogus token, SOSO, deployed on the Binance Smart Chain (BSC).

The company clarified that it had not released any official cryptocurrency and urged users to remain cautious to protect their assets.

Scammers Use Funding News to Lure Victims

SoSoValue’s warning came after on-chain analytics platform CoinSpeedrun flagged the fake contract, identified as 0xa484…5c8ac9, which is circulating on the BSC network.

It is the second caution the organization has issued in the last 48 hours after another alert on Saturday where it advised followers to be wary of suspicious accounts on X spreading phishing links using posts purporting to sell its spot crypto index protocol, SoSoValue Indices (SSI).

The company, which specializes in AI-driven investment research, recently announced that it had secured $15 million in Series A funding, pushing its value to $200 million. The round was co-led by existing shareholders HSG and SmallSpark, with the funds earmarked for boosting the SSI product and protecting the platform and its users from malicious actors.

It is this news that one of the accounts accused of spreading the phony links shared in at least two posts, one written in Polish and another in Japanese.

However, hidden inside the genuine information about the funding was a fraudulent web address, ssi[dot]sosovalue[dot]bet, ostensibly directing users to buy SSI. Analysis of the site revealed it to be a phishing portal that would scam crypto users who clicked on it.

Increasing Threats

This incident is the latest reminder of how bad actors are increasingly leveraging bogus cryptocurrencies and spoofing schemes to exploit unsuspecting investors.

In December 2024, hackers took over the X account of Animoca Brands co-founder Yat Siu and used it to promote a fake token on Pump.fun.

Also, in the same month, another crypto investor lost more than $300,000 after trying to open a sham work meeting link. According to the individual, the web address was directly messaged to them on X, and upon clicking on it, it appeared non-functional, leading them to dismiss it as harmless. However, the URL secretly installed malware onto the person’s system, compromising their digital wallets and siphoning crypto.

Blockchain detective ZachXBT also previously revealed how criminals used phishing emails disguised as urgent messages from X regarding copyright infringement issues to gain control of high-profile accounts on the social media platform. They then utilized the accounts to promote fake Solana meme coins, with unwitting users reportedly losing as much as $500,000 through the scheme.