BASSETERRE, St Kitts – The Eastern Caribbean Central Bank (ECCB) hereby advises that the ECCB is not associated with any crypto token ventures and or stablecoins on any public blockchains.
The ECCB has been made aware of a venture which is currently being promoted as a stablecoin on the Solana blockchain and which is fraudulently utilising the ECCB’s official logo in its online promotions. This representation is false and the ECCB is working with the relevant authorities to stop fraudulent misuse of its name and branding.
The ECCB concluded its central bank digital currency (CBDC) pilot, DCash, in January 2024. While preliminary work is in progress to implement a commercial deployment styled DCash 2.0, the ECCB does not currently operate a digital currency or stablecoin in any market.
All updates related to DCash are available on the ECCB website and the DCash website.
The ECCB advises persons to be diligent and undertake careful research before participating in online crypto token ventures which are often used as vehicles for ‘rug pull[1]’ and ‘pump and dump’ scams, leaving unsuspecting users with heavy losses and worthless coins.
- A rug pull occurs when creators/promoters of a crypto token venture cause the value of a crypto token to dramatically and artificially increase in a short period of time, thereby attracting new participants into the scheme, before selling all of their holdings of the token and causing the value of these tokens to fall drastically.
- A pump and dump similarly may be coordinated by various holders of a low value crypto token in order to attract new participants to purchase the crypto token thereby, artificially and quickly inflating its value before selling all of their holdings of the token, causing the value of these tokens to fall drastically.
In both cases, users who are left holding these crypto tokens face significant loses with limited means of redress or recovery.
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