Alert! LBank Allegedly Mistakenly Listed Fake DOGS Tokens, Check Out the Official Statement!

Bittime - The crypto community is being shocked by the news of the DOGS token listing on the LBank exchange. This news sparked concern because the official DOGS team has not announced the listing of their token on any exchange. 

There are allegations that the tokens registered with LBank are fake tokens that have the potential to harm investors.

DOGS Team Official Statement

Responding to the confusion that occurred, the DOGS team quickly issued an official statement. They confirmed that the DOGS token is registered with LBank is not DOGS official token. 

The statement emphasized that the original DOGS token has not been listed on any exchange. All transactions made on DOGS tokens at LBank are considered illegal transactions.

Chronology of Fake DOGS Listing Events: Official Statement

Allegations of fake tokens emerged after LBank announced the listing of DOGS tokens on August 21, 2024. This announcement shocked the crypto community because it was not accompanied by confirmation from the DOGS team.

Not long after, the DOGS team issued an official statement denying the listing. Before the official launch of DOGS coin, LBank launched a token with the same name. Surprisingly, the exchange actively promoted the fake token, which caused its price to rise to $0.04. 

LBank has issued an official statement regarding the DOGS token listing incident. They confirmed that no fraudulent activity occurred. Prior to the start of DOGS token trading, LBank had indicated that the token was still in the pre-market stage. 

However, due to unclear labeling on their webpage, some users have been fooled. LBank apologizes for this negligence. 

Read also: LBank's Scorching Criticism of DOGS on Binance Launchpool

LBank's Commitment to Fake DOGS Token Mistakes

In response to this incident, LBank has announced several commitments to its users:

"Dare to Trade" Campaign for DOGS Holders

LBank will launch a “Dare to Trade” campaign specifically for DOGS token holders registered on their platform (please note, this not official DOGS token). 

Profits generated from this campaign will be given to users, while losses will be borne by LBank. This could be seen as LBank's attempt to compensate users who may have been harmed. 

DOGS Token Withdrawal

LBank guarantees that DOGS token withdrawals will be available no later than the same time on Binance. This means that LBank users will be able to freely withdraw their DOGS tokens shortly after the DOGS tokens are officially listed on Binance.

Beware of Fake Tokens

This incident is an important warning for crypto investors to always be careful and do research before investing. Some tips to avoid investing in fake tokens include:

• Check the project's official website and social media for official announcements about the listing.
• Research the development team and project background.
• Stay alert to offers that are too tempting.
• Only invest in reputable platforms.

Negative Impact for Investors

Fake token listings can have a negative impact on investors. If they are not careful, investors could be trapped buying tokens that have no intrinsic value. Fake tokens are also possible manipulated by irresponsible parties to gain profit.

Crypto Community Response

The crypto community reacted critically to the alleged listing of fake DOGS tokens on LBank. Many investors question LBank's credibility as a crypto exchange. They urged LBank to immediately take necessary action and provide an explanation regarding the listing.

Conclusion

This incident is a challenge for regulators and crypto exchanges to increase security and transparency in the market. Investors are expected to always be alert and carry out research before investing. 

Meanwhile, it is unclear whether LBank will take action regarding the listing of fake DOGS tokens and whether any legal steps will be taken by the DOGS team.

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