Fake token scams are increasingly common in the crypto world. Scammers create unauthorized copies of popular digital assets, like USDC or USDT, to trick you and take your funds.
Unlike coins, tokens don't have their own network. They're created and run on a blockchain through a smart contract, which defines how many exist, who issues them, and which network they operate on. Most stable digital currencies are actually a type of token. Because anyone can create a smart contract, scammers use this to launch imitations of well-known tokens.
How scammers usually make contact
The first contact often comes by email or social media like WhatsApp or Telegram, either as a direct message or inside a group. Common tactics include someone claiming to be from an exchange's support team warning you about a fake token you supposedly received, someone claiming they sent you tokens by mistake and asking for them back, an invitation to a new project's airdrop, a message saying you won a prize, or an offer of free tokens.
If someone offers you free tokens, it's likely a scam. If they also ask you to pay a network fee or another charge upfront, it almost certainly is. Always verify whether a token is real before interacting with it, even if you're selling something and getting paid in tokens.
How to verify a USDC or USDT contract on the issuer's site
A token's smart contract is its official, unchangeable ID. A fake token can have the same name and ticker as the real one, but it will always have a different contract address than the official one. The only fully reliable source to verify a contract is the token issuer's own website.
USDC (issued by Circle): go to Circle's page of official USDC contract addresses, find the network your token is on (Avalanche, Ethereum, Polygon, or Solana), and compare the address character by character (upper or lower case doesn't matter). If it doesn't match, the token is fake.
USDT (issued by Tether): go to Tether's official transparency page, find the USDT tab, and click Details on the network you want to check. The page shows a web address that ends in the smart contract address. Compare that address with your token's; if they don't match, the token is fake.
How to verify a token using a blockchain explorer
You can also verify a token using blockchain explorers, like Etherscan, Snowtrace/SnowScan, or Arbiscan. Each explorer is specific to one network. Copy the Transaction Hash from your crypto wallet and paste it into the search bar of the explorer matching that network.
On a real token, the "Interacted With (To)" section shows the contract address followed by the official creator's name, the ticker, and the word "Token" (for example, "Circle: USDC Token"), and "More Info" shows a price close to $1 and a high volume of recent transactions. On a fake token, the contract creator's name often doesn't match the real issuer, the token's name appears in a generic format without a logo, and there are few transactions spaced far apart.
If you receive a fake token: if it's sent to your Bitso account, it won't show up in your balance, since Bitso detects and isolates fake tokens automatically. If it's in a self-custody wallet, never try to sell or transfer it, ignore or hide it, and never accept help from unsolicited "support" contacts. Bitso's team will never ask for your private keys or ask you to send funds to "release" a token.