Inscriptions on the Avalanche blockchain are reported to have surpassed 100 million since June 2023.
Threat actors’ attempt to take advantage of the growing interest in ASC-20 was exposed by the AVAX developers.
Inscriptions based on the Avalanche blockchain (ASC-20) seem to follow the directions of the Bitcoin Ordinals and inscription tokens (BRC-20) as they make a record move in response to the significant surge of trading activities. According to data from Dune Analytics, the number of Inscriptions on the Avalanche blockchain has surpassed 100 million since its launch in June 2023.
The general interest in the asset has recorded impressive growth with the recent Twitter Space hosted by the cryptocurrency exchange Bitget to discuss Avalanche Inscription token Avascriptions (AVAV) recording more than 585,000 listeners. Ori, chief operating officer of the AVAV project disclosed to listeners that ASC-20 would closely follow and take cue from the development of BRC-20.
According to analysts at cryptocurrency exchange Gate.io, the ASC-20 is meant to enable users to mint, deploy, trade as well as hold customized tokens for their projects. It is important to note that the ASC-20 token was created in a JSON inscription format. The reason is to ensure a lower transaction fee. Also, unresolved funds could be returned to users in the absence of miners who would process the transaction.
In the first month since the launch of the Inscription token on Avalanche, trading activity and volume have grown rapidly, surging 2,000% in less than a week, which fully demonstrates the market’s enthusiastic response to the ASC-20 token.
For now, the popular Inscriptions are AVAV, DINO, and SNOW tokens.
ASC-20 Growing Interest Attracts Threat Actors
Over the years, the increasing interest in a crypto project has triggered the high activity of threat actors. Avalanche has not been an exception in this case as threat actors seek to strike. It can be recalled that AVAV developers issued a warning last month that there is a token, AVAV1, pending to be listed on the cryptocurrency exchange MEXC. According to the developers, such a token can easily confuse users in addition to the fact that it has fraudulent characteristics. It was reported to have an imitation of the Avascriptions platform with one address holding 99 percent of the token.
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AVAV1 not only copied all of our tweets but also replicated our website, creating a phishing site for fraudulent activities. More alarmingly, the $AVAV1 token is actually deployed on the BEP-20 public chain, and one of the addresses holds over 99% of the tokens. This is an extremely risky fraudulent project. We vehemently oppose MEXC listing such a token, which is prone to confuse users and exhibits fraudulent characteristics. We urge MEXC to address this matter seriously. Failure to take necessary actions may undermine the trust of the exchange’s users. We will not list any ASC-20 inscription token on MEXC until the $AVAV1 project is delisted.
This comment drew the attention of the MEXC who apologized and canceled the listing. According to them, this was a mistake in their project review process.
As of press time, AVAX was trading at $35.75 after falling by 1% in the last 24 hours. The asset currently has a bearish market sentiment with a score of 20/100. On top of that, investors have recorded a decline of 3.2% return on their weekly investment. However, the three-month growth is still up by 288.95%, adding $26.56 to its previous price.
Analysts have predicted that AVAX can go as high as $100.10 this year.
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