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80 Percent of Initial Coin Offerings in 2017 Were Scams

80 Percent of Initial Coin Offerings in 2017 Were Scams

A research made by ICO advisory firm Statis Group discovered that more than 80% of initial coin offerings (ICOs) in 2017 were scams. The study considered their lifecycle from the very beginning to the maturest phase of trading.   

“Over 70 percent of ICO funding (by $ volume) to-date went to higher quality projects, although over 80 percent of projects (by # share) were identified as scams,” the study says. Furthermore, 4% of ICOs failed, and 3% had gone dead. By “dead” the researchers imply ICOs that are “not listed on exchanges for trading and has not had a code contribution in Github on a rolling three-month basis from that point in time.” read more

South Korea Investigates Crypto Scam that Promised Investors Doubtful Treasures

South Korea Investigates Crypto Scam that Promised Investors Doubtful Treasures

Authorities of South Korea has begun an investigation of a conceivable crypto investment scam. The key figure involved in the scam is the Seoul-based Shinil Group, as Korea JoongAng Daily revealed July 31. Shinil Group (Shinil) allegedly guaranteed to pay investors in gold lifted from a sunken Russian ship. read more

Researchers Detected a Cryptocurrency Scam on Twitter

Researchers Detected a Cryptocurrency Scam on Twitter

Analysts have uncovered a gigantic botnet that imitates existing legitimate accounts on Twitter to spread a cryptocurrency "giveaway" scam.

Tricky Cryptocurrency Giveaway

 According to ITPro, the scam was discovered by Duo Security that took 88 million Twitter accounts from May to July into consideration utilizing machine learning to detect bots. The group ran into a single network consisting of over 15,000 bots that spread cryptocurrency giveaway.

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Scam App Mimicking Ether Appears on Google Play Store

Scam App Mimicking Ether Appears on Google Play Store

Lukas Stefanko, a malware specialist from Slovakia, spotted a fraudulent "Ethereum" application on Google Play and shared his discovery on Twitter August 20.

Not What It Seems

In the tweet, the specialist noticed that purchasing the application is "not the same" as buying Ethereum, meaning that the app is a crypto scam made to defraud users by imitating the actual altcoin currently worth around $290.

The app had been allegedly offered at cost of €335 (around $388), as indicated by The Next Web.

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Fake Website Used New Zealand’s Prime Minister to Promote Crypto Startup

Fake Website Used New Zealand’s Prime Minister to Promote Crypto Startup

A website spreading fake news has used images of Jacinda Ardern – New Zealand Prime Minister – to promote a crypto startup. 

According to the local media outlet Stuff, a number of sponsored publications popped up on Facebook on Friday, October 12. “New Investment Plan for Kiwis” – one of the headlines would read. The posts were targeted at the audience aged between 30 and 45. 

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