Crypto-Criminals Strike Again! Fake Wallet App Defrauds Thousands of Users – Coin News

fake-wallet-app-9575377Bitcoin Press Release: A fake MyEtherWallet app was released on the App Store recently, defrauding thousands of users who paid to download the app. The fraudulent app – which skyrocketed up to number three in the App Store’s finance app category – was eventually removed by Apple moderators. However, by that time eager MEW users had spent $15,000 downloading the fake app.

Cryptocurrency’s association with fraud and online criminal activity has been a major issue for virtual currencies since the market was formed. The increasing popularity of Bitcoin and other virtual currencies has exposed average people to frauds and schemes cooked up by experienced hackers. This has led many investors to look for a less-risky way to particulate in the virtual currency revolution. As a secure and transparent alternative to the typical Initial Coin Offering (“ICO”), the Stamps platform offers an easy solution to investor’s security concerns.

Virtual Currencies and Criminal Activity

Widespread use of virtual currencies in the black markets of the Darknet has kept this new technology from reaching the mainstream. Black market websites like the now-infamous Silk Road use cryptocurrency, blockchain technology, and Tor networking to make illicit online transactions anonymous and untraceable. Darknet demand for virtual currencies that afford even greater privacy protections for these types of transactions is meaningful, and coin developers have responded by releasing new virtual currencies designed to be fully anonymous.

ALSO READ:  Coinhako Adds Ether for Singaporean and Malaysian Wallet Users

Fraudulent Cryptocurrencies

Darknet transactions only represent a small fraction of total coin transactions, but the public perceives association between blockchain currency and illicit online activity regardless.  This poor reputation has only been made worse by the frauds and schemes that have left many virtual currency investors with empty wallets.

Since 2012, several millions of dollars’ worth of bitcoins have been stolen by hackers who were able to breach the security of popular Bitcoin exchanges. What’s worse, coin-based Ponzi schemes like Bitcoin Savings and Trust, REcoin, and Diamond Reserve Club have made the general public very nervous about the security of virtual currencies

The Stamps Platform Is Secure and Transparent

The vast majority of cryptocurrencies require users to make exchanges through third-party markets. These marketplaces are an important intermediary between coin releasers and investors, and if they are structured properly they can increase the security and decrease the risk of coin transactions.

The Stamps Equity Token Platform is designed to mitigate some of the risk associated with equity-based investments in new blockchain companies. For example, the Stamps platform offers an alternative to the traditional ICO model. Stamps provides a safe, inexpensive, and transparent way for companies to raise capital through tradable equity tokens. Unlike a regular ICO, when a business chooses to issue equity tokens on the Stamps platform, it retains a portion of them while the rest are gifted to STAMP coin holders. Once market demand for the token emerges, the business can liquidate some or all of their reserves to fund their operations. Equity token holders on the other hand, receive all of the benefits of owning legal shares of the issuing business, such as Bitcoin dividend payments, voting rights, and more!

ALSO READ:  Asia Blockchain Week Will Kick Off in Singapore

On the Stamps Platform, every participant will be adequately protected, creating the confidence investors need to commit large funds to a new virtual currency. Because the Stamps platform is designed to achieve the ultimate balance in risk and return on ICO investments, investors are very eager to see this new technology available to the public.  The STAMP Coin distribution is planned with a soft cap raise of $1 million and a hard cap raise of $89 million. You can find out more about their upcoming ICO from their website by clicking here.

Article by: Samantha Joule Fow

Get the latest in Asian Bitcoin news here at Coin News.

For more information on press releases, please do contact us at or use our contact form.

This entry was posted in Uncategorized. Bookmark the permalink.