Fraud in the cryptocurrency sector is growing rapidly, and CoinMarketCap is reiterating warnings to users about potential threats.
CoinMarketCap Warning
CoinMarketCap issued a warning on platform X stating that the company does not have its own token. Any offers or promotions for so-called 'CMC-Tokens' are fake and may represent a scam.
> SCAM ALERT: CoinMarketCap does NOT have a Token/Coin. If you see a promotion for CMC-Tokens, it is a Fake/Scam! > > — CoinMarketCap (@CoinMarketCap) [September 10, 2025]
Increasing Scam Operations
In addition to fake token schemes, scammers are using crypto ATMs and other platforms to deceive investors. D.C. Attorney General Brian Schwalb filed a lawsuit against Athena Bitcoin for allegedly enabling scams. Schwalb mentioned that 93% of Athena’s deposits in its first five months in DC were from fraudulent activities. He also revealed that Athena charged hidden fees of up to 26% per transaction while ignoring obvious signs of fraud.
> "Athena knows that its machines are being used primarily by scammers yet chooses to look the other way," stated Schwalb.
Global Sanctions Against Scam Networks
The U.S. Treasury Department has imposed sanctions on 19 individuals and entities connected to major cryptocurrency scams. These operations, reportedly based in Myanmar and Cambodia, have been accused of employing forced labor, violence, and coercion to run their fraudulent platforms. OFAC identified nine scam operators in Shwe Kokko, a notorious hub for organized crime.
The situation with cryptocurrency fraud calls for tighter regulations and increased investor awareness. Vigilance and caution are key factors in protecting cryptocurrency users.
