Cryptocurrency Scams – Billionaire365

Cryptocurrency Scams On Twitter Tackled By Two Recently Rolled Out Apps

In order to address cryptocurrency scams on Twitter, two tools have been launched this month. These tools, the MetaCert Protocol Cryptocurrency and Scam Clerk, prevent scammers that deceive Twitter users by requesting cryptocurrency payments.

By using the tools is possible to detect fake accounts on Twitter and verify whether the published tweets come from the person being followed or from a forger seeking to defraud followers.

According to MetaCert CEO Paul Wash, MetaCert Protocol is an extension for Chrome, Firefox, and Opera that has been updated to be useful in the world of cryptocurrencies to identify cryptocurrency scams on Twitter. Currently, this app is in its beta version.

With a similar goal in mind, Scam Clerk does a kind of virus scan on the Twitter accounts, generating a dashboard pointing out the imitators that have been blocked. The app also lists all the scam accounts identified on the network. Through its bot, the application also scans the lists of friends and followers, providing additional data and statistics.

Hacking account to deploy cryptocurrency scams on Twitter

Hacking Twitter accounts for crypto scams is a trend that increased over the last few years as the use of cryptocurrency has become more popular. Despite being warned, many people still fall into the traps of cybercriminals.

After hacking into the accounts of people linked to the world of cryptocurrencies, cybercriminals often make promotions and offers in their name, asking for a deposit, or for crypto payments for entering false drawings or lotteries.

Usually, the cybercriminals ask Bitcoin (BTC) or Ethereum (ETH).

Twitter has been a breeding ground for scams despite the blue check mark that the network places to differentiate verified accounts. In spite of this, last February the TRON Foundation Twitter account was imitated entirely, with all profile pics, biography, and location. Faced with this situation, some users have expressed their complaints to the Twitter platform, demanding greater security measures.

Anna Galvez

The US Securities And Exchange Commission (SEC) Launched A Fake ICO To Warn Investors Regarding Scams

The world of initial issues of cryptographic currencies remains the US. There are many efforts by the authorities to safeguard the interests of investors in this type of micro-patronage for blockchain-based companies and the latest has been to ‘trick’ investors into showing them how easy it is to be swindled into such an initiative. Accordingly, the US Securities and Exchange Commission’s (SEC) Office of Investor Education and Advocacy has set up a fake ICO website to show that fraud is on the agenda in this sector after months of warnings about the risks of investing in these products.

The website, HoweyCoins.com, complies with all the characteristics, promises and the language of the ICOs considered false. When users click the ‘Buy Coins Now’ button, they are automatically redirected to the official SEC website, where investors will find tips and tools to avoid scams.

“We have created this fake website as an educational tool to alert investors to possible fraud involving digital assets such as cryptocurrency and initial coin offers (ICO),” said the SEC spokesman.

According to SEC, about 50% of all ICOs are fake ICO and disappear with all the funds

Some of the suspicious elements pointed out by the SEC are the advance of more than 1% of daily returns or forecasts of a minimum growth rate of between 7% and 15% annualized in profitability.

SEC also warns about ICOs that are backed by celebrities or that meet the SEC’s marketing requirements.

The fake ICO launched by SEC underlines the fact that about 50% of ICOs fail or disappear with the money. These are the shocking numbers of all the initiatives to raise funds through the issuance of digital tokens that were launched in 2017.

Only 54% were moving forward by mid-February 2018.

In the US, the Securities and Exchange Commission (SEC) has taken action against a number of cryptocurrency issues, slowing them down and, more recently, has announced that it will require all cryptocurrency exchange platforms to register and comply with the same rules that are applicable to the stock exchanges.

Anna Galvez