The Ledger: Ethereum Price Flattens, Banks Trade Bitcoin, Crypto Scams



Imitation may be the sincerest form of flattery in some cases, but in cryptocurrency, it’s generally the surest sign of a scam.

So I knew right away that something was fishy when I got an email last weekend with the subject line, “Your likeness on Coins Miner’s webpage.”

It was from the director of the enforcement division of the Texas State Securities Board—the state’s market regulator—alerting me to a video published by Coins Miner Investment Ltd. “that purports to depict you discussing bitcoin/cryptocurrencies.” Uh oh.

The email went on, “Can you please confirm that you are not a senior writer for Coins Miner and that you did not authorize Coins Miner to use the video on its website?”

This, I hoped, should have been obvious. The video, posted three weeks ago on YouTube and embedded on Coins Miner’s website, is a corrupted version of a short explanatory clip I filmed more than a year ago for Fortune, where I am a senior writer.

Ironically, the original title of my video, which is available both on Fortune.com and YouTube, is, “The Risks of Investing in Cryptocurrency.” Coins Miner had taken it, mashed it up with their own promotional materials, and superimposed their own logo over the Fortune watermark in the video. Check out the following screenshots:

 

Can you spot the difference?

At this point, I am confident that Coins Miner is not only risky, but almost certainly a fraud. Of course, there are red flags screaming scam all over the company’s website, such as its “about us” section, which reads, “Welcome To Coins Miner( The No.1 Leading Crypto Trading And Mining Platform). We Started Coins Miner Two Years Ago And We Have Been Paying Our Investors With Peace And Unity.” Now, it also seems likely that the authorities will shut it down.

I’m not, however, shocked by this scheme. Back in October, I got a LinkedIn message from someone asking if I was affiliated with the now-defunct Coinsminer.org, which was using my video on its homepage, and had uploaded it to the video hosting site Vimeo. At the time, someone in our video department had made a copyright complaint to Vimeo, which promptly removed the material.

False impersonations abound in the scammy underbelly of the cryptocurrency industry. Remember the U.S. Securities and Exchange Commission’s public service announcement in the form of a spoof ICO website about “HoweyCoins?” That came after crypto sites started listing actor Ryan Gosling as one of their team members.

A few weeks ago, I also received a Facebook message from someone asking if I work at Nexusonemarkets. “The reason is because I have been investing in this blockchain platform and the assistant operation manager named Jen Wieczner has been attending to me and collected $10,900 so far from me,” the person wrote.

By the time I read the message, the Nexusonemarkets website was already suspended by its hosting provider. But I suspect they were pulling off a similar con using my name. (It’s exceedingly unlikely that this was an innocent case of mistaken identity. My last name, which originates in Poland, isn’t common—even with the proliferation of global social media platforms, I’ve never come across anyone else in the world with my exact name.)

The real irony, though, is that blockchain technology is supposed to enable us to gain control over our own identities; I can use a cryptographic signature to prove I am really me. Theoretically, I should be able to use the same methods to protect my copyrighted material—if YouTube had a blockchain on which my videos lived, the only way someone could gain access to my content would be if I authorized it.

Clearly, there’s a lot of work to be done before that will be possible. In the meantime, if you see me or my name attached to anything other than Fortune or The Ledger, stay away.

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Send feedback and tips to ledger@fortune.com, find us on Twitter @FortuneLedger or email/DM me directly at the contact info below. Please tell your friends to subscribe.





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