The Telegram initial coin offering (ICO) is inspiring several bad actors to leverage its popularity by setting up fake sites to con naive investors.
It is important to note that several fake website have been set up to depict Telegram’s ICO. Most of these fake sites provide a “deadline” of investment for a week or so, which in no doubt to create urgency among potential investors for them to spend their money quickly without doing their due diligence.
While it has not been confirmed how many people have fallen prey to this practice, it does seem dangerous especially to the ones who are new to the world of ICOs and need proper guidance to protect their data, privacy, and money.
Some of these sites go offline after a few hours, with some of them being taken down by the hosting service itself. However, the ones that remain online operate on unsecure servers, which means that any data that you submit to them remains unencrypted and makes you prone to identity theft.
To new investors, it also needs to be clarified that the actual Telegram ICO is actually not accessible to everyone. It is only available to accredited investors. Furthermore, no tokens are being sold at the moment since they are subject to waiting periods of several months before being distributed after the sale has been completed.
It is advised to spread the word amongst the community so everyone could steer clear of these fake websites.
Fake Sites, Fake Promises and More
It is important to be extremely vigilant in the cryptocurrency space as this crypto gold rush is inspiring a variety of bad actors to get into the game and bilk people out of their precious cryptocurrencies. Fake sites is just the beginning or just another rendition of more swindles in the crypto world. We’ve seen various instances of fishy behavior in the cryptocurrency industry such as the scam that was Bitconnect, a scam that many are still reeling from. A scam that was able to continue to exist and gain a following even after several states issued cease and desist orders and more. Investors were lured into the web of Bitconnect through promises of huge guaranteed gains, investors, did, indeed, see large gains for awhile, yet the ying of sky high gains was balanced out with the yang of rock bottom prices and investors saw a significant portion of their value wiped away. Actors like Bitconnect and ICO scams like Confido give the industry a bad name. Furthermore, other scams that have been witnessed in the industry are those where Trump, Vitalik and Elon Musk impersonators on Twitter ask you to send them Ethers or other coins in exchange for more crypto.
Be quite cautious of these bad actors as they detract from the strength of the crypto world.