People seemingly like to issue existing cryptocurrencies and digital assets as ERC20 tokens on top of the Ethereum blockchain. There is very little to gain by doing so, other than tricking novice cryptocurrency users into buying these crappy tokens. It seems there is a fake IOTA token out there which runs on top of the Ethereum blockchain. So far, there has only been one transaction associated with this token.
someone has created an ERC20 token on the Ethereum blockchain which is labeled as MIOTA, and which contains the same supply as IOTA does. Thankfully, there is no value associated with this token, nor has this token ever been purchased.
It is unclear why people keep issuing existing currencies as ERC20 tokens, though. We have seen quite a few of these attempts in the past, yet everyone should know which one is real and which is fake. If you find “Bitcoin” in the form of an ERC20 token, you should automatically know it’s not the real deal.
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