JustSwap on the TRON blockchain flooded with fake tokens

The non-custodial exchange JustSwap on the TRON blockchain faced the same problem as its Uniswap-like counterpart. From launch, the platform was flooded with fake tokens from well-known projects.

The counterfeit assets in the listings were noticed by both users and issuers of genuine tokens. They can be found via the search bar alongside real coins.

The LOOPREX (LOOP) project leadership publicly urged the exchange to identify their authentic contract address.

Please identify our contract address, there are impersonating our LOOP address in the market. Beware of being cheated!@TRON_JPN @DeFi_JUST @TokenPocket_TP @chendatony31 @Tronfoundation @heipacker @ https://t.co/VLOuCsFvpQ

— LOOP (@LOOPREX_) August 18, 2020

Affected users are demanding refunds for the money spent on fake tokens. China’s Odaily cites clients who are trying to band together in groups to defend their interests.

The founder of TRON, Justin Sun выступил with explanations. In his words, JustSwap has not yet implemented a mechanism for filtering fake tokens, used on Uniswap. He promised that the feature would be added soon, and until then the exchange can guarantee authenticity only for three tokens: JST, USDJ and USDT.

Sun added that the projects listed on JustSwap have no relation to him personally or to TRON. He also did not miss the opportunity to report that trading volumes on the platform rose to $3 million in the first hours of operation.

3 million USD! #JUST #JST $JST #TRON #TRX $TRX pic.twitter.com/YOV6dbb3fK

— Justin Sun (@justinsuntron) August 18, 2020

To determine an asset’s authenticity, users must manually verify the contract address against the one shown on the exchange.

Uniswap previously faced the fake-token problem. The cause was a permissive listing regime that allowed anyone to add their asset.

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