[DigitalToday reporter Chi-gyu Hwang (황치규)] Global digital asset exchange Binance said on Feb. 9 it released guidelines to protect users from simulated token scams that have recently been surging.

Binance said it aims to raise users' security awareness and prevent crime-related losses by sharing new types of crime, tactics and measures to prevent damage.

Simulated token scams involve creating fake tokens that are almost identical to popular projects or specific meme coins in name, symbol, logo and icon. Scammers randomly send them to unspecified wallets or make them visible on decentralised exchanges (DEX). They then诱 entice users to buy or swap them to steal assets.

Binance said visual token information can be forged and therefore cannot be an absolute standard for security verification. It stressed that checking the token contract address is the most reliable verification method. A token contract address refers to a unique address that identifies a token on a network. On EVM-based networks such as Ethereum, BNB Chain and Polygon, users should check the contract address, while on the Solana network they should check the token address (mint address). Representative verification tools include Etherscan, BscScan, Solscan, DexScreener and Token Sniffer.

The guide also introduced actual cases of damage. Binance said it continues to provide guidance on crime types, tactics and countermeasures to protect users from evolving security threats, in addition to simulated token scams. It recently also distributed user guidelines to prevent losses from address poisoning attacks that induce mistaken transfers by manipulating transaction history.

A Binance official said, "In an on-chain environment, token names and icons are not reliable identification standards, and it is important to check the actual contract address." The official added, "Even a simple procedure of checking the address on a relevant chain block explorer before a token swap can prevent irreversible losses."