Scam Crypto Tokens Proliferate on Coinbase-Hatched Blockchain

Token scams are flourishing on Base, the new blockchain launched by crypto exchange Coinbase Global Inc., earlier this month, an unfortunate byproduct of how vulnerable these networks are because they allow anyone to use them.

Between mid-July and Base’s public debut in August, developers deployed more than 500 scam tokens — such as BASEPEPE (BPEPE) and Baby Yoda (YODA) — on the blockchain, according to Solidus Labs, a New York-based company that specializes in monitoring suspicious crypto transactions. About 300 of the tokens let their creators mint an unlimited number of coins, a feature Base users weren’t aware of, ...