Operation Sindoor, Pahalgam-themed crypto tokens pose risks to investors

Newly created crypto tokens referencing the Pahalgam terrorist attack and the Indian government’s Operation Sindoor strikes against targets in Pakistan and Pakistan-occupied Jammu and Kashmir are circulating on decentralised exchanges, per coin listing platform CoinMarketCap.

The crypto assets with names such as ‘Operation Sindoor’ and ‘Pahalgam’ were mostly Solana tokens with relatively low market caps. Those with Operation Sindoor-related keywords were just a few hours old.

These assets have not been officially verified and listed on coin analytics platforms due to their recency and small volumes. Many did not link back to whitepapers, official websites, or formal social media channels, as legitimate projects are expected to do.

Furthermore, it is possible for almost anyone to mint a crypto token by using a cryptocurrency that has its own blockchain.

Many crypto enthusiasts often create or invest in tokens that reference ongoing news events, trending keywords, moments in pop culture, or even memes. While such tokens may balloon in price, largely due to their negligible values, essential details such as their tokenomics and founding aims remain unclear.

Crypto tokens minted on the basis of impulse often pose both financial and cybersecurity risks to users. For example, they may be pump-and-dump schemes that suddenly rise and then crash in price, enriching the founders and those who sell their assets early. Others may find that such crypto assets cannot be sold anywhere, or that the project is a front for cybercrime operations and the theft of donations.

Those who wish to invest in new or untested cryptocurrencies should first discuss such investment decisions with a financial adviser and carry out detailed research before proceeding.