Very Network has issued an urgent warning after a fraudulent $VERY token, falsely representing itself as the project’s official asset, appeared on a Solana-based decentralized exchange. The project team underlined that this token has no affiliation with Very Network and that the scammers are exploiting the network’s name to mislead users.
Official token only available on VeryChain
In a statement shared on X, the Very Network team clarified that the official $VERY token is not listed on any centralized or decentralized exchange. According to the announcement, the token currently exists solely on the project’s native blockchain, VeryChain. As a result, the team stressed that any $VERY tokens seen on networks other than Solana and VeryChain should be considered counterfeit.
The Very Network team stated that the token circulating on Solana is not official and accused an individual of stealing the VERY name. They urged users to avoid purchasing, trading, or connecting their wallets to any platforms associated with the fake asset.
To further spread its message, Very Network also published a Korean version of the warning targeting its international community. The project advised users to rely only on official announcements, blockchain explorers, and verified communication channels when seeking information.
Mini glossary: Proof of Authority is a consensus model in which validators are pre-selected. In a PoA system, network security is maintained by authorized validators rather than anonymous miners.
Fake tokens continue to target crypto users
Counterfeit tokens and imitation projects remain a persistent threat to cryptocurrency users, particularly those searching for newly launched assets or potential airdrop opportunities. This type of fraud is widespread in the market, with bad actors creating tokens that closely resemble legitimate projects and circulating them on popular decentralized platforms.
These scams are most frequently seen on blockchain networks where transaction fees are low and creating tokens is fast and cheap. Fraudulent assets can be created in minutes and, when mistaken for an official launch, may be bought by unsuspecting users. This exposes users to direct financial losses and to malicious systems designed to drain wallets.
Utility of the official token within the VeryChain ecosystem
Very Network reiterated that the real $VERY token functions exclusively on VeryChain. VeryChain, an Ethereum-based blockchain, operates with Proof of Authority secured via Node NFT validators. The team explained that the token’s functions are limited to validator rewards, hackathon incentives, and ecosystem development processes.
The project team added that, at the time of the warning, $VERY was not officially listed on any external trading platform. They advised verifying any future listing claims through official channels only.
A similar scam-related warning was recently issued in the crypto market by Binance co-founder Yi He. Drawing attention to allegations of identity fraud involving Zhu Pan, Yi He warned users to remain cautious, while the derivatives platform CoinUp denied any association with the individual in question.