The cryptocurrency community is facing a troubling issue with LBank, a well-known Chinese exchange. They have been accused of listing and promoting a fake DOGS token. Now, the question arises Is Lbank Legit?
In a surprising move, LBank, a well-known Chinese exchange, listed a token called “DOGS” just days before the official DOGS token was supposed to be listed. What made this worse was that LBank didn’t just make an innocent mistake—they actively promoted this fake token. This caused its price to rise to $0.04, tricking unsuspecting investors into a trap.
What is Lbank? Is Lbank Legit?
LBank is a global cryptocurrency exchange, launched in 2015. It provides a secure and easy-to-use platform for trading over 700 cryptocurrencies. It supports more than 200 fiat currencies. Originally focused on Asia, LBank has gained popularity worldwide. In addition to basic spot trading, LBank offers services like futures trading, staking, automated grid trading, P2P trading, copy trading, and even an NFT marketplace.
Is Lbank Legit: LBank vs. $DOGS Token Controversy
The cryptocurrency world has recently been shaken by the controversy surrounding the $DOGS token and its listing on Binance Launchpool. LBank has voiced strong criticism regarding Binance’s handling of the $DOGS token, arguing that it could lead to centralization, which contradicts the decentralized spirit typically associated with meme tokens.
In a tweet on August 20, LBank expressed concern that Binance’s exclusive listing might undermine $DOGS’s community-driven goals, suggesting that this could shift control to a single platform. LBank questioned why Binance should have sole access, stating, “LBank was one of the first exchanges to recognize and support the value of the @realDogsHouse project. Isn’t that a good thing?”
They argue that pre-market trading on multiple platforms, including LBank, allows for a more equitable determination of the token’s value and empowers users to set prices.
On the flip side, Binance’s Launchpool aims to enhance $DOGS’s visibility and liquidity, offering users the chance to stake the token and earn rewards. This exposure is seen as beneficial for boosting the token’s market presence.
Is LBank Legit? Lbank DOGS Fake Listing
The controversy deepened when it was revealed that LBank had listed a token under the $DOGS name just before the official release of the genuine DOGS token. This fake token was actively promoted by LBank, causing its price to surge to $0.04 and misleading investors. The official $DOGS project team quickly denounced the token listed on LBank as fraudulent, emphasizing that the real DOGS token had not yet been officially listed. They warned that trades involving the counterfeit tokens were invalid.
LBank has since announced a celebratory event in honor of its ninth anniversary, promising a share of 100,000 USDT to DOGS token holders on their platform. However, this announcement was made only through LBank’s Twitter, without official confirmation from the DOGS project.
Additionally, LBank questions the claim that only the Binance-listed version of $DOGS is genuine.
You claim that Dogs on #LBank is a counterfeit, so is the Dogs on #Binance the only legitimate one?
Is Lbank Legit? Despite the ongoing issues, the legitimate $DOGS token is still set for its official launch, with listings and claims scheduled for August 23 and 26. LBank maintains that it has not engaged with any fake DOGS tokens and has no affiliation with fraudulent activities. The exchange advises users to verify the authenticity of tokens before making any investments.
The Future of DOGS Token
Despite LBank’s attempt to deceive investors, the official DOGS token is still on track for its legitimate launch. According to the development team’s latest announcement, the timeline for claiming DOGS tokens and their listing on exchanges is as follows:
- Claim to exchanges and Telegram Wallet will remain open until 4 pm UTC on 23rd August
- Claim to non-custodial wallets will be available from 8 am UTC on 26th August
- TGE and listing will take place at 12 pm UTC on 26th August
This official launch will mark a new beginning for the DOGS project, offering legitimate investment opportunities. Until then, any DOGS trading is likely a scam, as evidenced by the LBank debacle.
Is Lbank Legit? Final Thoughts
Is Lbank Legit? The legitimacy of LBank is in doubt following the recent $DOGS token controversy. The exchange’s promotion of a fake token has raised serious concerns about its trustworthiness. Although LBank claims to operate transparently and denies any connection to fraudulent tokens, this incident underscores the need to verify the authenticity of any token before investing. Users should always exercise caution and thoroughly research any cryptocurrency platform.
Also Read:- Is Binance Legal in India? Start KYC Registration Now!
