People seemingly like to issue existing cryptocurrencies and digital assets as ERC20 tokens on top of the Ethereum blockchain. There is very little to gain by doing so, other than tricking novice cryptocurrency users into buying these crappy tokens. It seems there is a fake IOTA token out there which runs on top of the Ethereum blockchain. So far, there has only been one transaction associated with this token.
Beware of the Fake IOTA Token
We have seen a lot of interest in the IOTA currency over the past few weeks. Its value and market capitalization have grown beyond belief, and it seems criminals and scammers are looking to take advantage of this trend. More specifically, someone has created an ERC20 token on the Ethereum blockchain which is labeled as MIOTA, and which contains the same supply as IOTA does. Thankfully, there is no value associated with this token, nor has this token ever been purchased.
It is unclear why people keep issuing existing currencies…