Lesson 6 of 6, about 5 minutes to read
Risk basics and fake tokens
Sizing, copycat tokens and the signatures that empty wallets.
Money you can afford to lose
Crypto and tokenized assets can fall fast and can go to zero. A common habit among careful traders is to keep any single position small enough that losing it would not change their life, and to never trade with borrowed money they cannot repay.
Copycat tokens
Anyone can create a token with any name, symbol or logo. A search for AAPLx on Jupiter returned eight copies next to the real one when PINGO checked. The only reliable identity of a token is its mint address.
PINGO lists assets by mint address and shows it on every asset page. Check it against the issuer or project before you trade anywhere.
Signatures that drain wallets
- Fake sites copy real apps and ask you to sign a transaction that hands over your tokens.
- Unknown tokens that appear in your wallet can lead to such sites. Don't visit links inside them.
- Nobody legitimate will message you first offering help with your wallet.
- PINGO Exchange has no token. Anything sold as the PINGO token is not from us.