Major cryptocurrency exchange Binance has issued a critical alert for crypto traders, highlighting an alarming increase in fake token scams. The warning comes via a recent tweet from Binance, which emphasizes the rising threat of fraudulent tokens that mimic legitimate cryptocurrencies. These schemes pose significant risk to investors and traders by deceiving them into believing they are buying real assets, ultimately leading to financial losses or even identity theft. In its blog post, Binance provides detailed insights into fake token attacks, explaining how malicious actors create counterfeit cryptocurrencies designed to resemble genuine assets. They hope to lure unsuspecting users into investing or trading. 🔒