Base is a new layer 2 blockchain from Coinbase, created in partnership with Optimism. The Base blockchain is based on the Optimism OP stack, making it one of the most secure and scalable among other L2 EVMs.

Fraudulent tokens are digital assets created for the purpose of defrauding and profiting from unsuspecting investors. In the case of the Base network, developers issued them under the guise of real coins, such as BASEPEPE ($BPEPE) and Baby Yoda ($YODA), in order to gain the trust and attention of potential investors.

You may have seen hashtags with these coins on Twitter. At the same time, about 300 projects allowed the creators to endlessly mint new coins, which ultimately led to price instability and loss of confidence in the project.

The scale of the fraud was so significant that it impacted the operations of decentralized exchanges (DEXs) on the Base network. Trading volumes on these sites increased significantly by $3.7 million and brought the scammers a significant profit of $2 million. At the same time, unlucky investors suffered significant losses due to market instability and deception.

The situation worsened when the developers of the SwirlLend project disappeared, taking user funds with them and leaving only empty pages on social networks. As a result of this incident, the total cost of the project decreased from $784,300 to $49,200. I wonder why this happened? 🫤 And then the scammers started transferring funds to Ethereum. 🧐 How did the criminals manage to make money?

But seriously, this is an entire financial strategy with a well-thought-out marketing plan. In short, creating a token, promoting it, convincing people that it will revolutionize the entire financial system, intense marketing, and finally the culmination - Pump&Dump. And then the curtain falls and the person leaves the stage, or rather, disappears from all social media platforms.