Facebook’s Libra Targeted by Scammers Via a Fake ICO on Twitter
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Facebook’s Libra Targeted by Scammers Via a Fake ICO on Twitter

January 29, 2020      Zain Raza

Facebook’s Libra continues to be in the news for wrong reasons, as some online fraudsters are trying to sell the unreleased digital currency. The project has been diabolically targeted by a bunch of people over the last few months even before the release, as they are trying to get into people’s head to sell the coin.

A new addition has been made as a Twitter account, in order to dupe people, conducted a fake initial coin offering (ICO). The handle’s name is @CoinLibraToken.

Cryptoslate report revealed that more than 40% of Libra’s followers, out of 12,000, happen to be fake. Moreover, the wallet address which was given to people to send their investment to lacks credibility as it only had inbound transactions, consisting of super small ETH cash. The typos and mistakes didn’t help the cause too, and suspicion around it elevated.

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While Libra lacks a monetary value as of now, given it is still far from an official launch, the scammers are claiming that even an amount as low as 0.1 ETH can provide people with 300 million tokens. Facebook cleared in mid-2019 that Libra’s 2020 launch is in jeopardy, but that didn’t stop the scammers targetting the ignoramuses who didn’t know that Libra is still a distant dream.

Libra keeps running into a cul de sac

The way out for Libra seems hard as the regulatory hurdles and lobbyist blockades keep being a stumbling block for it, halting it from becoming the first widely accepted adopted version of digital money. It just doesn’t end here as Central banks have raised questions about the consequences it might carry, while others ask for a moratorium on its development until the purpose becomes more apparent. A lot of its previous backers have ended their collaboration with Libra given the ambiguity around its future.

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Zain Raza
Zain Raza

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.