Venezuelan merchants targeted by counterfeit USDT token payment scam
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AT A GLANCE
Venezuela sees a “cloned USDT” shopping scam: although the wallet shows funds received, the tokens have no actual value.
Article
[Venezuela sees fake USDT token scam; merchants harmed by accepting payments in self-custody wallets]September 21, Venezuela has seen a scam that uses worthless "cloned USDT" tokens to obtain goods fraudulently. Technical specialist Juan Kassabji said that, at checkout, scammers ask merchants to accept payment through an external self-custody wallet, then transfer tokens bearing the same name as USDT and using smart contracts that imitate genuine stablecoins but have different contract addresses. These tokens have no actual value, yet wallets show that payment has been completed, allowing scammers to take the goods. He said at least transaction is known in which a merchant accepted such counterfeit tokens, involving more than 5500 USD. These counterfeit tokens were previously mostly used in P2P transactions; their use for offline purchases is a new tactic. Kassabji advised merchants to accept payments through Binance, which dominates local P2P trading (only credited USDT is valid), or, after accepting payment in a self-custody wallet, to check the USD balance and verify that the contract address matches Tether's official address.
September 21, Venezuela has seen a scam that uses worthless “cloned USDT” tokens to obtain goods fraudulently.
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Juan Kassabji said scammers ask merchants to accept payment through external self-custody wallets.
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The counterfeit tokens bear the same name,USDT, but their smart-contract addresses differ from those of the genuine stablecoin.
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The wallet displays that payment has been completed, but the tokens have no actual value.
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Juan Kassabji said at least known transaction in which a merchant received these counterfeit tokens involved more than 5500 USD。
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The article states that such counterfeit tokens were previously mostly used in P2P transactions; using them for offline purchases is a new tactic.
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Juan Kassabji advised merchants to accept payments through Binance, or, after accepting payment in a self-custody wallet, to verify the USD balance and contract address.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
Scammers create names that appear to be USDT tokens, then transfer them to merchants during payment. The merchant’s wallet may show that the payment was received, but the tokens have no actual value. The key checks are the received USD balance and whether the token’s contract address matches Tether’s official address.
Why it matters to readers
If merchants rely only on the token name in the wallet or the “payment completed” prompt, they may deliver goods and incur losses without receiving valid USDT.
When beginners receive payments using a self-custodial wallet, they should not judge authenticity solely by the “USDT” name; they should check the USD balance and contract address.
Risks and unknowns
The information in the article comes from statements by Juan Kassabji; no independently verified material was provided.
The article only states that at least one transaction is known, so the overall scale of the scam cannot be confirmed.
The original text only says “September 21”, without specifying a year.
The article does not provide the specific contract address of the counterfeit token involved.
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Clone USDT
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