Featured Stories World News Commentary Money Watch Multimedia Prison Planet U.S. News Science And Technology

Cryptocurrency scammers run off with more than $2 million after ditching their investors

  • Print The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

CNBC
March 13, 2018

Scammers appear to have made off with more than $2 million in cryptocurrency after carrying out an apparent fake initial coin offering (ICO), and the individuals linked to the incident may be connected to another recent theft, CNBC has learned.

A bad actor or actors used a fake LinkedIn profile and copied pictures from another user’s Instagram to create a false persona — and successfully drew more than 1,000 investors into the ICO project, which was called Giza.

An initial coin offering or ICO is a way for start-ups to crowd-fund investment. Instead of raising cash from venture capitalists, a company can hold an ICO, which allows people to invest a cryptocurrency, such as ethereum or bitcoin, in exchange for a new token that’s issued by the start-up. The new digital coin is not equity. Instead, it can be used in exchange for future services offered by the company. It’s also possible that the new coin may climb to a much higher value than the initial investment.

There is big money in ICOs, and they are largely unregulated. Last year, companies raised $3.8 billion via ICOs, and this year alone they have already raised $2.8 billion, according to data from CoinSchedule, a site which tracks the activity in the space.

Read more

This article was posted: Tuesday, March 13, 2018 at 7:32 am





Infowars.com Videos:

Comment on this article

Comments are closed.

FEATURED VIDEOS
Kendrick Lamar is a Complete Idiot See the rest on the Alex Jones YouTube channel.

The Truth About Incels See the rest on the Alex Jones YouTube channel.

https://www.youtube.com/embed/EP5ghshbXjs https://www.youtube.com/embed/6NOPQw1FXLY

© 2018 PrisonPlanet.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.