Categories: Ethereum

Crypto Is Growing, and So Are All the Scams

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The cryptocurrency space is growing like mad. Unfortunately, hacks and scams are still major problems in this industry and are expanding along with coin’s prices.

The Scams Don’t Stop, and People Are Still in Danger

One such story of illicit activity involves several hackers now registering Libra-related websites to confuse users. Since Facebook first announced that it was releasing a new cryptocurrency payment system entitled Libra, news outlets and crypto enthusiasts have been going crazy. Some are worried about the company entering the financial space, while others are eager to see how far Libra will go and where it will take crypto in the process.

Sadly, not everyone is playing by the rules. Since Facebook first announced the news, it seems that many hackers have put up money to purchase websites that are somehow related in name or nature to Libra. The main idea amongst most of these hackers is that they’re looking to sell their sites to Facebook for marked up prices. This is purely a profit-boosting enterprise on many hackers’ parts, though others may have more serious (and malicious) goals in mind.

It is estimated that by June 19, there were already over 100 sites registered with Libra in their names. Alex Guirakhoo, a strategic intelligence analyst at Digital Shadows, writes in a blog entry:

Unsurprisingly, there have already been several domains that have been set up to be exact copies of Facebook’s official Libra and Calibra websites. Instead of relying on media buzz and hype around the brand, these types of scams instead aim to convince victims that they are on a legitimate website, and therefore more likely to trust it with their personal and financial data.

In a recent survey of all Libra-based websites, Digital Shadows has discovered at least six of which were fraudulent. One has even given visitors a chance to purchase the Libra cryptocurrency – which doesn’t fully exist yet – with Ethereum for the chance of receiving a “25 percent bonus.” Guirakhoo explains:

For the most convincing sites, it can be nigh-impossible to determine which is legitimate and which is fake. If it seems implausible or too good to be true, then it probably is. Scammers will constantly try to find ways to outsmart their victims. Stay ahead of the game and avoid grandiose claims of fortune.

Several thousand miles away in Europe, both the U.K. and Europol have arrested six people for allegedly stealing approximately 21 million pounds-worth of assorted cryptocurrencies. It is estimated that the culprits targeted as many as 4,000 people in approximately 12 different countries.

Everybody’s Looking to Take Bad Actors Down

Europol released a statement, explaining:

Operational support delivered by EC3 since February 2018 allowed the J-CAT to coordinate the international cooperation between the different EU Member States involved.

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