Sberbank Denies Association with ‘Sbercoin’ — A Suspicious Token

Sberbank has denied connection with a new cryptocurrency called “Sbercoin”. The project appeared on Pancakeswap last month and promised high returns to buyers of the token. Sbercoin was launched shortly after the Bank of Russia allowed Sberbank to issue digital currencies, likely to capitalize on the news.

According to CoinMarketCap, Sbercoin reached its all-time high shortly after its launch on March 17 at $0.0004627. However, the coin started dropping in price the next day and has kept on dropping ever since. Currently, Sbercoin is valued at $0.00005477.

Representatives of Sberbank have denied the connections to various news media outlets. They clarified that the official Sbercoin had not been released yet.

The information from these web pages contradicts the reality.

In addition, further investigation of the token’s website raises plenty of red flags. Firstly, the website is missing Sberbank’s branding, missing a Russian-language section, and teeming with suspicious promises.

The fraudulent coin’s launch coincided with the day the Central Bank of Russia (CBR) authorized Sberbank to issue digital currencies. The authorization encompassed cryptocurrencies under Russian law. This came as a result of Western sanctions over Russia’s invasion of Ukraine.

At the time of writing, the Sbercoin “official” Twitter account has been suspended. This could be an indication that the project’s scam has been widespread enough to warrant a Twitter suspension.

Prior to the suspension, the account linked an article to substantiate their association with Sberbank. However, the publication quoted a spokesperson denying links with the token.