CryptoSlate
Blockchain security firm Forta has identified 32 counterfeit dollar tokens on BNB Chain whose prices were pinned near $1 by automated keeper wallets trading in restricted PancakeSwap Infinity pools. When Forta simulated an ordinary outside wallet trying to sell at each pool's midpoint, all 32 rejected the swap. The wider network of lookalike assets, at least 151 strong, carries an estimated $22 million in counterfeit payment face value, though that figure reflects payment volume, not confirmed losses.
Why it matters
The scheme opened a gap between the dollar value a wallet could display and the value a holder could actually obtain. A seller accepting crypto could see Tether branding, a completed transfer and a convincing balance, then discover the token was worthless. One seller told Forta they exchanged online-game items for a four-figure payment they believed was USDT, and only learned it was counterfeit after an exchange declined to credit it.
The pricing relied on PancakeSwap Infinity's hook system, which lets a pool run code before or after swaps. The operators allowlisted their own keeper wallets, letting them quote a stable price while blocking everyone else from exiting through the same pools.
Market impact
Median prices across the 32 tokens sat between $0.99 and $1.005, with individual tokens holding their quotation for two to 19 days from Feb. 19 through at least Nov. 3. One counterfeit USDC held near its target for 80 days, and one keeper made 9,522 swaps in four days on a single token.
The counterfeits are cheap to produce, which explains the inflated balances: Forta linked one payer to a 13-wallet crew and observed $5 buying 215,786 tokens. Binance issued its own warning on Sept. 24 about fake-payment scams using familiar names and misleading wallet values. Both firms advise verifying the full contract address and testing whether an apparent balance can actually be realized before releasing goods.
Frequently asked questions
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How did fake USDT keep a stable $1 price?
Keeper wallets made repeated small round-trip trades in PancakeSwap Infinity pools whose swap hooks allowed only operator-approved addresses. That kept the pool's last quoted price near a dollar while outsiders could not trade.
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Why couldn't holders actually sell the counterfeit tokens?
The pools' hooks restricted swaps to an allowlist of keeper wallets. Forta simulated an outside wallet selling at each pool's midpoint and all 32 rejected the transaction.
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How much value did the counterfeit token network move?
Forta estimated about $22 million in counterfeit-dollar payment face value across at least 151 lookalike assets, with a published range of $11 million to $34 million. That is face value, not confirmed losses.
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How can you tell if USDT in your wallet is genuine?
Verify the token's full contract address on the agreed network and screen the name for visually confusable characters from other writing systems. Binance and Forta both recommend these checks before releasing goods.
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Were only fake USDT tokens involved in the scheme?
No. The 32 price-maintained tokens included a counterfeit USDC that held near its target for 80 days, and the wider network of lookalikes also included copies of BTC, BNB and ETH.
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