What a great way to get the New Year started than with the Venezuelan government-backed cryptocurrency known as #MadCoin. According to the news reaching us, the Whitepaper explaining the whole project is nothing more than a used Toilet paper-like document. And it can be exclusively downloaded off the site’s hurriedly-developed website!
Hope nobody took that too seriously because…Well, nothing like that is happening in our beautiful Central American country.
Unfortunately, though, there are such scams randomly happening around us. They are way too commonplace, despite all the gospel around fake and fictitious schemes being broadcast every day on the internet. And it’s quite bizarre that they never started just yesterday.
In early 2018, the Securities and Futures Commission of Hong Kong reportedly sent letters to all the leading digital currency platforms and ICOs. Details of the letters included warnings of dire consequences if found to have engaged in fraudulent activities. Several governments, most notably the US, Canada, Japan, Venezuela, China, India, and Australia also formulated ways of keeping the crypto industry in their respective countries.
Sanity Was Restored In The Industry, At Least For A While.
A year later though, Singapore is fighting the same – scam cryptocurrencies, publicized as real government-backed coins. So rampant are they that the Monetary Authority of Singapore has been forced to make an official statement, disowning the purported mega launch its own cryptocurrency.
Through a MAS statement, the regulator warned the public not to trust the misleading websites. It revealed that most of these scammers, mostly from all over the world dupe the unsuspecting crypto enthusiasts, urging them to take advantage of it and invest.
Most of those operating the fake companies can’t be traced and only exist for a while before disappearing without a trace. It is imperative, therefore, for the public to neither invest nor submits important bank information to any of these suspicious projects.
