- Cryptocurrency scams remain a very prominent problem in the cryptocurrency space. CoinCorner has been forced to deal with over 100 fake business pages trying to imitate their brand.
- These fake pages will tag followers and friends of the company through misleading posts, often claiming they have “won” free Bitcoin.
- Claiming the Bitcoin requires users to log in to a phishing site, exposing their credentials to criminals who will attempt to empty account balances.
- Criminals primarily rely on Bitly and 000webhost to spread these nefarious links in bulk. The web host has deleted the site ever since, but the issue has not been resolved fully.
- CoinCorner CEO Danny Scott adds:
“Our team has been working to report all the fraudulent accounts over the last couple of weeks and has successfully had the main scam website taken down, however, nothing appears to have been done by Facebook to remove the fake company pages and we’ve had no response from them at all during this process.
Trust and credibility has long been an issue in the cryptocurrency industry – something that we at CoinCorner have been working hard to build over our 6+ years in the space – so it’s incredibly frustrating when something like this happens.
The longer these fake accounts are left up, the more damaging potential they have – for unsuspecting people who fall victim to these scams and also to our reputation as a business. The likes of Facebook and Twitter need to do more to prevent cryptocurrency scams.”
- Most of the fake CoinCorner pages on Facebook still remain active. This degree of non-commitment by social media platforms has been criticized in the past, but nothing has been done to rectify the situation.
- Impersonation scams on Twitter have been another major issue, primarily affecting CoinCorner CEO Danny Scott
- There is also the issue presented by Google Adwords. Advertising a legitimate Bitcoin company has been difficult, if not nigh impossible. Promoting scams and phishing platforms, however, remains a relatively trivial task.
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