WARNING: How to spot fake ERC20 token definitions

It has come to our attention that some of our users go directly to the etherscan.io service to find their custom ERC20 token contract address. Sadly Etherscan also lists fake token definitions as they simply display the name of the token as in the Ethereum smart contract.

This is the reason why our Custom ERC20 Tokens tutorial guides you to use other services for finding the correct contract address. Following that tutorial prevents such issues!

1. Example of fake Tezos (XTZ) listing (Tezos is NOT an ERC20 token):

NOTICE THE FOLLOWING:

• The Price is $0.0000
• The Market Cap is $0.00
• The Social Profiles list is empty
• There are very few and old transactions (108 days, 712 days...)
• There are only 26 holders of token - addresses
• There are only 714 transfers

2. Example of a legitimate token (Maker) listing:
NOTICE THE FOLLOWING:

• The price is stated $457.4541
• The Market Cap is stated $460,005,166.29
• The Social Profiles list is defined and links to the official web page "http://makerdao.com/"
• It has many recent transactions (30s ago)
• It has many token holders - 22,975 addresses
• There are many transfers - 788,954