Cryptocurrency News Today – Crypto Investors Grow Wary As New Blockchain Scams Appear Across the Internet – June 27th, 2020 

ico scam
  • iBIedger Has Been Tagged as an Illegal Blockchain Operator that should be Avoided By Investors
  • Last year the Security Regulators in the United States Issued a Warning to Investors About Fraudulent Activities Related to Cryptocurrencies

Cryptocurrency News Today – The United States Securities and Exchange Commission is one of the largest Financial regulatory bodies in the country. Over the years, they have fought to protect the day to day retail investors from falling prey to illegal security schemes. While the regulation of cryptocurrencies and the underlying blockchain technology is still a touchy subject, the SEC has been punching on clearly illegal operations related to cryptocurrencies. In a recent blog post, the SEC noted that many Illegal blockchain operators have popped up from different parts of the world and country. They said these operators should be avoided by all costs that should be avoided by prospective investors.

Cryptocurrency News Today – Latest Illegal Blockchain Operators to Avoid

The blockchain operators iBIedger, InksNation, or IBSmarify are all run by the same set of people according to the SEC. This Nigerian based illegal blockchain scheme has gotten international reach and robbed investors from the United States and other parts of the world. They have a pretty decent website interface and they promise investors significant rewards for joining the scheme and investing cryptocurrencies. So far, thousands who are interested in the emerging blockchain and cryptocurrency market have invested in the iBIedger and its affiliated platforms. While the platform is still operational, no one can determine when everything will shut down suddenly and the money from investors will disappear with it.

In December last year, the SEC released a statement aimed at investors who have an interest in ICOs and other cryptocurrency investments. Part of the statement was as follows;

“Investors should understand that to date no initial coin offerings have been registered with the SEC. The SEC also has not to date approved for listing and trading any exchange-traded products (such as ETFs) holding cryptocurrencies or other assets related to cryptocurrencies.[2] If any person today tells you otherwise, be especially wary.”

They continued;

“We have issued investor alerts, bulletins, and statements on initial coin offerings and cryptocurrency-related investments, including concerning the marketing of certain offerings and investments by celebrities and others.[3] Please take a moment to read them. If you choose to invest in these products, please ask questions and demand clear answers. A list of sample questions that may be helpful is attached.”

Fraudulent Initial Coin Offering is just one of the many notorious ways people get reaped off in the cryptocurrency industry. Some other popular scams that investors should avoid are phishing, impersonation giveaway scams, fake exchange, fake wallet, and old school scams. If the offer seems too good to be true, you should probably avoid it.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.


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