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Large-scale cryptocurrency scam didn't go without prior alarm

22 february 2018, 17:27


The Australian Broadcasting Corporation (ABC) has released data from Australian Competition and Consumer Commission (ACCC) that most large-scale cryptocurrency scam tend to have questionable reputation. 

Having come from the local news stead, it would be inferred that this was an undercap harvesting, but this part of the world remajna unaccosted to these malpractices in the most promising financial liberation for virtually everyone since man's quest for it, and the peaceful country still maintain their indifference.

While keeping the identities of the vendors involved hidden, this data from ABC reveals 1289 of such scam cases to date. One of whom actually mentioned the losses he suffered from using Igot, an Australian exchange with questionable track records, although a prior insolvency scam in 2016 has made the responsibility of this particular case be shifted to Bitlio.

Since the World Economic Forum in late January 2018, it has been reported on many occasions by Cointelegraph that the US Securities and Exchange Commission (SEC) has championed plans to continual investigations into financial products subsequently repeated by international bodies including the EU.

The Commissioner for Financial Regulator said “These are quite speculative products and they can be quite high-risk”, and the Australian Securities and Investments Commission (ASIC) gave a better statement: “It's been quite well documented that some of these products are scams, so please don't invest unless you're prepared to lose some or all of your money.”

These fraudulent business schemes have gone to unimaginable but powerful heights just to legitimize the image of their arts. Vitalik Buterin, the co-founder of Ethereum has had to come out warning crypto-investors of one of such twitter impersonators offering money in a bogus giveaway scheme.

This has particular case has had a ripple effect by making head news in cryptocurrency news media where it was mistakenly flagged as true:

“Butterin has a flair for engaging with his followers on twitter, using the thread to also announce an ETH  promotion. Followers up to a certain fraction who sent a fraction of ETH to a specific wallet address he provided were rewarded with between 5 - 7 ETH, which totally enthused his base that may have otherwise been deflated by his sobering remarks on cryptocurrency.”

@VitalikButerin: “Cryptocurrency media is now, even if out of ignorance/stupidity, complicit in making twitter scams look more legit. Also, the ECF is *not* an EF initiative; it's an independent community organization with some EF participants as advisors. “

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