Bitcoin Forum

OKEx listed Flamingo (FLM)
Now the price of $ FLM token is $ 0.9. Market cap - about $ 27 million

Flamingo Listing Details (FLM):
https://zdhelp.okex.com/hc/en-us/articles/360050228611-The-Announcement-of-FLM-Listing-on-OKEx

At the same time, the FLM coin appeared on Uniswap, which is a fake, but its price has already increased to $ 255
https://uniswap.info/token/0x1fc6ab5e2b4ebb09c37807f988b22b38f3e1c228

https://i.imgur.com/6M6NGmG.png

It is very surprising that the fake token is trading at a price 250 times higher than the original FLM token on Binance. Scammers react instantly to news about the release of new DeFi sector tokens by issuing fake tokens.

By the way, on hotbit.io FLM tokens were trading at $70 yesterday, but after opening trading on Binance, their price dropped to $1. https://www.hotbit.io/exchange?symbol=FLM_USDT

AFAIK if FLM was a NEO asset and everyone can even see that through joining in the discord group of FLM and then ask the developers about the smartcontract.

This has proven if there are still lots of investors that blindly bought everything without trying to DYOR. FLM that listed on uniswap was ERC20.

 :D :D :D :D CMIIW

It is taking time to ride the popularity of the real FLM. I think this isn't just for this specific token but it does happen to others too. Just a reminder to Uniswap investors, you always check which coin you invest with.

And if it's possible to verify the authenticity of you are buying, look for the official exchanges where it is listed or mind asking its own community because you may not know, you're already trying to get the fake one.

I do not know for how long these scammers will keep sucking the innocent traders and investors who are buying the similar coins thinking of some other coin.
There should be some mechanism to stop such scammers. Maybe uniswap should start officially listing each coin with official ticker. Otherwise the fraud will continue.

You have to be aware of such things in Uniswap all the time, there is almost no moderation whatsoever
Unfortunately, we only know about biggest scams, I assume there are much more than that

This is what I keep telling people about this uniswap of a thing. A lot of scammers are taking the advantage to scam people's. A lot of projects are not created on the DAPP and they claim to be conducting airdrops requesting the participants of a gas fee ranging from $3. $3 from a load of 5000 participants is a lots of money for a week or few days.

Quite a lot of investors who do not research, would be allured by this price of $225, being of the thought that FLM token has pumped that high, as an investor the rule of thumb is to always verify first, through trusted exchanges or official websites, if you invest only just cause you look set to make ROI that's so high, you'll most likely fail to research and could fall for fake (scam) tokens.
Investors and cryptocurrency users have to start taking the responsibility of 'being their own bank' and protecting their assets and their funds. DYOR.

As soon as Uniswap starts checking and regulating DeFi projects that are traded there, it will immediately cease to be a decentralized exchange. It is obvious that every trader should review the contract of the token before to buy it. In this case, scammers will have fewer opportunities to deceive you.

But sadly, not many traders are doing that kind of job.
They just ride the hype or join which project is gaining popularity.
I understand that uniswap is a decentralized exchange, but this platform has now been the centerpoint of scammers.
This will be the reason of their downfall.

If you find out that is strange so better to skip it. Yes, decentralized exchanges are more risk than centralized exchanges because many fake coins on in, so people must be careful and must check properly the smart contract of tokens so will prevent the scammers.

You can see a warning message on the site of UNISWAP that there can be a fake token so be careful on swapping such token. There’s a huge difference on its value and I don’t know if they are going to receive legit FLM or not but surely those who swap their token will incur losses. Better to wait for the announcement of every token regarding on their availability in the market.

Actually Flamingo themselves issue a statement about this, Scam Alert Regarding FLM (https://medium.com/flamingo-finance/scam-alert-regarding-flm-389384f36659). And it will take you seconds to search about it. Probably this is the work of scammers + dubious pump-and-dump group to entice this noobs to the fake FLM. No one will fall for this if this noob investors will just educate themselves.

At least there must be confirmation from the development team so that you can find out that the coins listed in the Uniswap exchange are not genuine and must be replaced immediately so that many people will not be trapped and lose all existing assets, so you better try to contact the team immediately it might be on telegram or something.

Just like I pointed out in this thread, And this is how you make 'easy' money riding the Defi (https://bitcointalk.org/index.php?topic=5277820.0). And that's what most likely happened here, that's why the spread of the fake FLM is very fast resulting to the price hitting 3 digits in an instant.

Yes, I think the warnings might help, but still this is very dangerous and everyone can fall for it specially seeing how the price jumps. It's going to attract a lot of beginners and might be too late before they realized that they have been scammed. And this is not the first and won't be the last, so we should be very vigilant and try awareness so that there won't be many more victims by this criminals.

That's one of the disadvantages of ethereum + uniswap anyone can create a fake token on the ethereum chain which they can get listed on uniswap because it's a decentralized exchange. I have seen a lot of fake tokens on uniswap that's why I always enter the contract address instead of searching it.

It is not only that , there are a lot of fake coins on uniswap , usually, when some ICO become famous, somebody creates a fake name on Uniswap, it has happened with power fuel token ICO , and many others, always check the smart contract of the token in uniswap with the real smart contract of the token on Its website , some of them don't reveal it till TGE.

I have seen many tokens being listed on uniswap that were copy of other tokens. You have to be very careful with them or you may end up buying something that isn't worth anything. It doesn't take much to create a token on uniswap anyone can do it.

There are lots of fake tokens and scam going on Uniswap. Better check contract before trading on Uniswap.

And there will be more. It is important that, against the background of DeFi's hype, everyone understands what a decentralized field is where you can create your own coins and put them into circulation. Obviously, many do not understand this and, in pursuit of profit, fall for fakes. I'm surprised that this is still happening. Apparently this process is endless.

Why so hurry without checking if the token they are investing is the true one, are investors this naive that they do not know how to invest anymore or is this some kind of price manipulation because they know that the people tend to follow the hype even if that means investing on the wrong coin,