The Floki Inu memecoin project has warned users and the broader cryptocurrency community about ongoing scams involving unauthorized tokens falsely associated with its brand. The fraudulent tokens have surfaced on the Solana and Base blockchains, misleading investors.

The official X account of Floki Inu took to social media to alert its followers about the scam tokens. It highlighted that the legitimate Floki Inu (FLOKI) token is exclusively available on the BNB Smart Chain and Ethereum networks.

Floki listed the Ethereum address “0xcf0c122c6b73ff809c693db761e7baebe62b6a2e” and BNB Smart Chain address “0xfb5b838b6cfeedc2873ab27866079ac55363d37e” as the correct contract addresses for its tokens to help users avoid scams.

Floki Inu urged its community to obtain token information only from official sources to prevent falling victim to these fraudulent schemes.

Floki Inu’s ecosystem growth

Despite these security threats, Floki Inu continues to enhance its ecosystem’s functionality and utility. A notable development is the introduction of the FLOKI Name Service on the BNB Chain mainnet.

This service allows users to register decentralized domain names with the .floki extension.

The service leverages the Space ID architecture to allow interoperability with numerous decentralized applications (DApps), including popular wallets and exchanges like Trust Wallet and PancakeSwap.

Floki Inu has surpassed 417,400 holders on the BNB Chain. To celebrate, Floki Inu launched a rewards program, allowing holders to claim a percentage of interest rewards.

Related: VanEck subsidiary’s memecoin index up 137% year-to-date

In March, the dog-themed memecoin unveiled its roadmap for 2024, revealing several upcoming features and utility-focused initiatives. The plans include regulated digital banking accounts, enabling users to create and fund bank accounts using FLOKI tokens.

The roadmap includes a partnership with a licensed fintech firm that will enable digital bank accounts with Swift payments and SEPA IBAN capabilities, expanding across Canada, Spain, Dominica, Australia and the United Arab Emirates.

In January, the Hong Kong Securities and Futures Commission (SFC) cautioned the public about the “Floki Staking Program” and “TokenFi Staking Program.”

The SFC noted that these products provide staking services and promise annualized returns from 30% to over 100%. Despite this, they lack authorization for public sale in Hong Kong.

Magazine: Ethereum restaking: Blockchain innovation or dangerous house of cards?