According to Phantom, traders should ensure the authenticity of tokens by using official contract addresses, verifying tokens, and being cautious of transaction warnings. Cross-referencing with the project's official website or CoinGecko is recommended to avoid counterfeit tokens. This is crucial to prevent potential financial loss from fraudulent tokens.

According to Moonshot (@moonshot), the VIRTUALS token was the last to be verified on their platform as of February 11th, 2025. This verification is crucial for traders as it signifies the token's legitimacy and potential trading opportunities. Verification on platforms like Moonshot can impact the token's market perception and liquidity.