facebook stablecoin

Facebook will definitely have its work cut out for it with the release of Libra. Due to the presumed large use exposure of the Facebook stablecoin, there are already numerous attempts to make illegal use of it.

According to Digital Shadows, there have already been over 100 fake domains registered that relate to the Facebook stablecoin. The digital wallet “Calibra” has also been targeted.

After the initial rumors about project Libra were confirmed, the Internet experienced a mini virtual gold rush. Digital Shadows researchers have found that countless domain permutations of “Libra and “Calibra” popped up seemingly overnight.

Most of these domains currently have absolutely no content. The majority, are probably relying on Facebook buying their domain for a small profit.  Buying domains in order to prevent scams and/or reputation damage has been a very common practice for the last 5 to 7 years.

Fake domains have been a thing long before the Facebook stablecoin

One of the most common scam practices is to use Greek or Cyrillic alphabets to make the fake domain seem legitimate.

Buying up a domain, can also be used to instantly redirect users to the legitimate page to prevent interested users from ending up on an empty page.

Digital Shadows managed to identify a website that offered Libra purchases with ETH. The website also offered a 25% bonus, which should be a clear signal to anyone remotely up to date. There were also at least 5 websites which completely copied the Libra and Calibra websites with homographic techniques.

Alex Guraikhoo, a strategic intelligence analyst at Digital Shadows, stated that the media hype is the perfect environment for these domains to grow. According to him, the best fake domains are virtually impossible to spot and fool even a professional.

People’s interest is easy to exploit as bitcoin and crypto search has increased exponentially since the recent bull market began. With all the hype surrounding the Facebook stablecoin, it’s completely natural that these kinds of scams will occur. We highly recommend that anyone, who wishes to purchase Libra, refrains from doing so within the first few days of the release.

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Ian Karamanov

About Ian Karamanov

Based in Sofia, Bulgaria. Writing about cryptocurrency, politics, finance and esports. Keen interest in unedited history, spirituality and freedom.

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