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US and Canada in international crackdown on cryptocurrency scams named "Operation Cryptoswept" launched dozens of crypto scam probes. Regulators coordinated by NASAA (North American Securities Administrators Asociation) with ICOs as major focus started nearly 70 investigations which of half violating state security laws. About 30 000 crypto related domain names, most of them registered in second half 2018.
Earlier in May the SEC launched fake ICO to raise awareness of the typical warning signs of scam ICO such as flashy marketing material, high daily interest rate or even using fake celebrity photos.
On another part of world, scams costed Australians about 2.1 millions in last year. Of which more than one third only in December when Bitcoin price reached all time high. Fake ICOs, pyramid scheme and ransomware payments were most common ways of misleading customers.
Enough said, Wall Street Journal red flagged 271 of 1450 reviewed ICOs for plagiarized investors documents, promises of guaranteed returns, missing or fake executive team and similar.
These numbers may look high to you, but that's only spare change comparing to Japan's 6.2 millions lost in 2017. And half of an billion hack in late January.
Thank you for reading. Feel free to upvote, comment, resteem and follow. Not necessarily in that order.
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Sources
Photo
- pixabay
____________________________________________________________ - Crypto Daily 20/05/2018
- Crypto Daily 19/05/2018
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STOPBetter late than never. And i tought ICO-s in USA are forbidden?
ICOs were banned, but not illegal for buying. Makes a lot of confusion. VPN solves that problem.
Yeah its a big confusion alright, I was thinking they are banned from buying them full stop. Then they could easily buy some petro with vpn as well..