Sberbank, the largest bank in the Russian Federation, has denied connection to a new cryptocurrency called “sbercoin.” The project is offering high returns to buyers of the token, which was launched shortly after Bank of Russia allowed Sberbank to issue digital currencies.
Sbercoin Traded on Pancakeswap Exchange, Not Issued by Sberbank
A crypto project called Sbercoin.Finance has been promising investors up to 383,025.80% fixed annual percentage yield (APY) on the money they put into a token allegedly linked to Sberbank, Russia’s majority state-owned and largest banking institution.
“Sbercoin,” advertised as the “world’s first auto staking & USDT rewards token,” was listed on the decentralized exchange Pancakeswap last month and has since lost most of its value. According to Coinmarketcap, it’s currently trading at $0.00006674 per coin.
The SBER token was launched on March 17, the day the Central Bank of Russia (CBR) authorized Sberbank to issue digital financial
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