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Notice on Fraudulent “LABS” Token

Solidus Labs
October 31, 2021

Solidus Labs has no coin(s) or token(s) that it represents for the purpose of buying, selling, and trading on behalf of Solidus Labs. Solidus Labs is notifying the public that the company is not in any way affiliated with a token labeled as “LABS.” Malicious actors created and listed the token “LABS” on DeFi platforms as part of an obvious “rug pull” scheme attempt. Further, the malicious actors used the Solidus Labs name, image, and likeness in an attempt to present this fraudulent token as affiliated with the company.

Within less than 24 hours of the token’s appearance, Solidus Labs identified the scheme, alerted the platforms that listed the fraudulent token, and requested the token be flagged and removed immediately. The company also filed a fraudulent impersonation report with the Federal Trade Commission. Solidus Labs will continue to monitor for fraudulent and malicious activity as needed.

Solidus Labs urges individuals not to invest or trade in this token, since this is a clear manipulation scheme. When considering investing in crypto and DeFi projects, investors should always execute due diligence and contact the affiliated party to ensure it is a viable project.

As the leading provider of crypto-native market integrity solutions, we see this as another example of the critical need for advanced risk monitoring and integrity standards to ensure safe and regulated crypto and DeFi markets.

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