There are quite a few examples around the world of abuse from companies in the digital currency universe. Cryptoeconomy enthusiasts are “selected” by advertising filters from Google, Facebook, Instagram, Twitter, etc., as targets of an ever hungry marketing that this people or companies promote, with the main goal of taking advantage of people not quite informed about this financial revolution.
But all these people remain curious and enthusiastic about the news they read every day and get anywhere. The abusers are specialized in financial pyramid schemes, malicious offers of digital currencies (ICOs) and fraudulent binary options, among other mechanisms, but always fishing with the same bait: fast and easy money through a small investment.
A good example is the Kriptacoin financial pyramid, managed by Wall Street Corporate. Despite its name in English, the company was registered in Brazil operating locally, but used to tell their customers that they were a group of American investors. This fake virtual currency tricked more than 40.000 people in little more than a year of operation, moving a staggering $78 million in just six months.
The marketing used by this scheme to attract customers was no different than what usually can be found in other companies, but with “strategies” well beyond social media as handing flyers, stands located in busy streets, print and televised advertisements, meetings such as those of network marketing companies, logos in luxury cars, events and festivals sponsored by the currency, flashy owners and a made up website full of fake news.
As a result, multiple people were scammed, assets valued in more than $10 million (including a helicopter and luxury cars) were seized, 16 suspects arrested, and an unknown amount of money impossible to be tracked.
That’s why Facebook and Instagram recently announced changes to their privacy terms in order to protect their users. The new policy was specifically aimed at banning the promotion of “dubious” financial products and services like the advertisement of ICOs, cryptocurrencies and binary options.
These criminals not only affect directly the people looking to invest in a product or service, but also discredit the cryptoeconomy industry.
However, at ITDA Corp. we are required to mention that the digital currency market, as any other asset, involves certain risks. That’s why it is extremely important to verify that any digital currency is found in the main comparative platforms of cryptocurrencies (Exchanges) before you decide to invest.
We are talking about sites like www.coinmarketcap.com, www.blocktrustee.com, and www.walletinvestor.com. It is also important to remind that short-term, big profit offers are usually scams.
We provide you with a safe and genuine opportunity to invest in this new phase of the economy. That's why we invite you to find out more about the ATM Coin and follow up its growth in the cryptocurrency market. We believe that our user community will increase as we demonstrate we are operating in a strong, healthy ecosystem, and not just through advertising and promises beyond reasonable expectations.
Great news will be coming in the next few weeks about innovation plans to boost the ATM Coin in a more consistent way.
By Thiago Barbosa