You've just witnessed another disturbing chapter in the cryptocurrency saga, as fake tokens masquerading under the "DeepSeek" label reached a staggering market cap of over $12 million before inevitably crashing. This trend isn't isolated. It’s part of a larger pattern of scams that prey on novice investors like yourself, capitalizing on the hype around AI technologies and household names such as DeepSeek and Donald Trump.
The crypto arena is currently facing a wave of substantial frauds, with platforms launching memecoins only making matters worse. Just days ago, a deceptive token named "DeepSeek" appeared following a “rug pull” from another fraudulent token that plummeted from a $48 million market cap, leaving many investors like you in significant losses.
Scammers have been leveraging the buzz around Chinese AI protocols, which have started dominating the U.S. tech sector, using the DeepSeek brand to quickly turn over hefty profits. Despite DeepSeek's official statements denying any association with cryptocurrencies and affirming their sole official presence on Platform X (Twitter), the scams continue.
The first fake token, "Seek," you might have noticed, debuted yesterday and quickly gathered a market cap of $48 million before tumbling down. Prompted by this success, another scam token on the Solana blockchain emerged, reaching over $12 million in market cap. Alarmingly, this fake token is now topping the charts on GeckoTerminal by daily transactions.
As you navigate through the turbulent waters of cryptocurrency investments, DeepSeek’s cautionary advice rings clear: stay vigilant and protect yourself against these rampant scams.