Your wallet may show a dollar balance for fake USDT that you cannot sell

Fake USDT could show a convincing dollar balance in a wallet while its holder was unable to sell it through the market supplying that price, according to a Nov. 10 investigation by blockchain security firm Forta. The researchers identified 32 tokens whose prices were maintained in successive periods by wallets repeatedly trading through restricted pools. When Forta simulated an outside wallet trying to sell at the midpoint of each pool's active window, all 32 rejected the swap. That left a gap between the dollar value a wallet could display and the value an ordinary holder could obtain through the identified market. A familiar token name, a completed transfer and a convincing balance could all appear together for a seller accepting crypto without delivering the genuine asset.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to CryptoSlate.