Small mistake can often cost too much. It happens often with businesses, but especially when Cryptocurrencies are concerned. Scammers are now using very old methods in order to pray on Bitcoin SV miners and investors. Scammers are making use of a domain registered with almost the same spelling as the original. The website, of course is designed to look exactly like the original as well.
A momentary loss of attention or a simple typo, can cost people a lot of money. This isn’t a unique development and the bigger Crypto Exchanges like Binance have already taken precautions. On Binance’s login page, there is a very visible reminder to always pay attention to the URL bar and spelling. That being said, on December 8th a copycat website appeared for the Bitcoin SV mining pool – SVPool. SVPool took immediate precautions and instantly mailed a warning e-mail with details about the scammers’ crafty look-a-like website.
Bitcoin SV Miners are the new target
The e-mail explained how the copy website uses the extension .co to target Bitcoin SV Miners and Investors. Immediately after registration, new users are urged to spend their Cryptocurrencies on Bitcoin SV Miners and hash power. With the scammer website being a complete look-a-like copy of SVpool, it was expected that a lot of people would get confused so the warning e-mail stated:
“Clicking on the site’s many pages will often result in a 404 error. In some cases, it takes users to the registrar’s error page. The copy also uses SVPool’s original social media handles to give a deepened illusion of authenticity. We have also used the Blockchain wallet explorer and determined that no transactions have gone to the listed wallet. It’s our genuine hope that people, looking for SVPool are smart enough to notice the .co scam attempt.”
There is always a major opportunity for scammers when a huge change like the Bitcoin Cash split occurs in the Crypto space. Some users have also reported scams like “assisting people in securing their free fork coins” in exchange of the user’s private keys of course.
Scams are way older than cryptocurrencies, and it’s likely that scams will continue in the future. The best thing a person can do when they believe they have encountered a scam is to instantly report it to the main website and inform as many communities via social media or forums as possible. Still it’s awesome how quickly the Crypto community reacted to inform everyone. The community is as united, as it every was. Security is tight and future scam attempts will have a harder time as time goes on.
- Security Token Offering (STO) Guide: Everything you need to know about STOs - Feb 28, 2019
- Coinbase Pro is adding Ripple (XRP) support for trading - Feb 27, 2019
- Top ICOs of 2018: Initial Coin Offerings that beat the Crypto Bear’s market - Feb 26, 2019
- Ethereum hard forks Constantinople and St. Petersburg scheduled by the end of the week - Feb 25, 2019
- Ethereum founder and CEO, Vitalik Buterin revealed his non-Ether holdings and revenue sources - Feb 22, 2019
Know more than others on any Blockchain Party!
Join more than 5000 others to receive the breaking news and weekly summaries! No ICO spam, we promise.