News A Fake Bitcoin Cash Token has Been Created on...

A Fake Bitcoin Cash Token has Been Created on the OMNI Blockchain

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There are always peculiar developments in the world of cryptocurrency. Interesting things tend to happen when people least expect it. Tether’s OMNI address sent a transaction for 1 Bitcoin Cash. This is quite odd since that is not possible by default. A lot of people were confused by this development, but there is a decent explanation for it. It seems someone created a Bitcoin Cash token on OMNI. That explains this odd transaction, yet it’s also rather worrisome.

The OMNI blockchain is a very intriguing creature. Anyone in the world can issue new tokens on this chain regardless of its name. It seems someone effectively created a Bitcoin Cash token which exists on the OMNI layer. This only gets attention because the transaction comes from the Tether address. Tether is the company responsible for issuing billions of USDT tokens over the past few months.

Beware of Imposter Tokens on the OMNI Chain

While creating such a token is not illegal, it does create a lot of confusion. More specifically, novice users can’t tell the difference between the real and fake BCH. It is doubtful this OMNI-based token is trading anywhere on particular exchanges, though. Imposter tokens like this one are a real plague and should effectively be cut off in one way or another. Unfortunately, that would result in enforcing some degree of censorship. It is far from an ideal situation, regardless of the outcome.

Anyone in the world can create OMNI tokens with any name they see fit. It is a matter of time until we see fake Litecoins, XRP, Dogecoin, et cetera. What is worrisome is how the fake token uses the official BitcoinCash.org website as its address. It should not be possible for imposters to use that legitimate information without repercussions. A warning system to help out would do wonders as well. It is unclear if the OMNI team will take any course of action in this regard.

As one comes to expect, there are 21 million of these OMNI tokens. It seems this currency is sent to a MetaDEx address, which is a decentralized exchange platform. We can only hope not too many people mistake this imposter token for the real deal whatsoever.  Giving Bitcoin Cash a bad name is never acceptable in such a capacity. Whether or not it is for testing or scamming purposes, this type of activity needs to be addressed.

Header image courtesy of Shutterstock

Tags: Bitcoin Cash, OMNI, tether

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