Cryptocurrency exchange KuCoin has issued a warning to its users, regarding a pushing scheme set up by impersonators who are trying to incentivize deposits on a fake platform.
According to an announcement the firm published, it has received reports from users regarding a website using its trademark to ask users for deposits to specific addresses. KuCoin clarified the website is a fraudulent one with no relationship to the KuCoin Group, and with no authorization to its trademark or intellectual property.
The cryptocurrency exchange added:
Any user who transferred the digital assets to the public deposit address published on the “https://c.yrsm.net/app.php/MzI1” website shall report to the police or relevant authority as soon as possible to recover the losses.
KuCoin further advised users to be extra careful when it comes to these scams, and pointed out that it will not organize any activities outside of its official platforms (www.kucoin.com and www.kucoin.io) without notifying users through its official website first.
The Singapore-based cryptocurrency trading platform, which raised $20 million in its series A funding round from organizations that include IDG Capital, Matrix Partners, and Neo Global Capital., is the latest victim in a flurry of schemes targeting cryptocurrency investors.
This year, hackers managed to breach Twitter’s security to gain access to internal tools, and used their access to promote a fake bitcoin giveaway in what became the most notorious cryptocurrency scheme. Fake cryptocurrency giveaways are extremely popular, so much so analysts estimate Coinbase users lost over 940,000 XRP to YouTube scammers promoting them.
The situation led to various lawsuits against YouTube for its failure to stop the scammers from operating within its platform. The Google-owned firm denied liability for these cryptocurrency scams and impersonators, arguing the content was created by third parties.
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