The Association of Financial Users of Spain (AFUE) has filed a lawsuit against Twitter, TikTok, YouTube and Instagram alleging that social media platforms allow the misleading promotion of cryptocurrencies. The lawsuit, which was filed in a Madrid court, requests compensation of 10 million euros for users who have been harmed by misleading advertising.

The AFUE claims that social media platforms have not taken adequate measures to prevent the promotion of scams and fraud related to cryptocurrencies. The lawsuit cites several examples of deceptive cryptocurrency advertising that has been allowed on the platforms, including ads that claim to offer guaranteed returns on investment or that use celebrity endorsements to promote scams.

The AFUE is not the first group to take legal action against social media platforms for their role in promoting cryptocurrency scams. In 2021, the Federal Trade Commission (FTC) filed a lawsuit against YouTube, alleging that the platform had failed to adequately monitor its advertising policies and had allowed scammers to run ads that scammed consumers out of millions of dollars.

The lawsuit filed by the AFUE is a sign that regulators and consumers are increasingly concerned about the risks associated with investing in cryptocurrencies. Social media platforms have a responsibility to protect their users from scams and fraud, and must take steps to ensure that cryptocurrency advertising is accurate and transparent.

Here are some of the things that social media platforms can do to prevent the promotion of cryptocurrency scams:

Implement stricter advertising policies: Social media platforms must implement stricter advertising policies that prohibit the promotion of scams and fraud. These policies must be clearly communicated to advertisers and must be applied consistently.

Provide more transparency about cryptocurrency advertising: Social media platforms should provide more transparency about cryptocurrency advertising. This could include requiring advertisers to disclose more information about their products and services, such as the risks involved in investing in cryptocurrency.

Educate users about the risks of investing in cryptocurrencies: Social media platforms must educate their users on the risks of investing in cryptocurrency. This could include providing information on how to spot scams and fraud, and how to protect yourself from financial loss.

#crypto #scams #scam #scamcoins

Cryptocurrency scams are on the rise and it is important to be aware of them in order to avoid them. Here are some tips on how to avoid cryptocurrency scams:

Don't invest more than you can afford to lose. Cryptocurrency is a volatile investment and there is always the possibility of losing money.

Do your research. Before investing in any cryptocurrency, learn as much as you can about it. This includes reading white papers, following news and developments, and talking to other investors.

Beware of promises of high returns. If someone promises you easy or guaranteed earnings, it's probably a scam.

Don't give out your private keys. Your private keys are what give you access to your cryptocurrency. Never give them to anyone, not even a company you trust.

Use a trusted exchange. When buying or selling cryptocurrency, use a trusted exchange. This will help protect you against fraud.

Keep your software up to date. Software updates often include security patches that can help protect you from scams.

Be careful what you click. Scammers often send phishing emails or create fake websites that look legitimate. Be careful what you click on and make sure you are on a secure website before entering any personal information.

Report scams. If you think you have been scammed, report it to the authorities and to the cryptocurrency exchange or wallet you used.

By following these tips, you can help protect yourself from cryptocurrency scams.

Here are some additional tips to help keep you safe in the world of cryptocurrency:

Use strong passwords and two-factor authentication. This will help protect your accounts from unauthorized access.

Keep your computer and mobile devices up to date with the latest security patches. This will help protect you from malware and other threats.

Be careful about the information you share online. Scammers can use your personal information to steal your identity or target you with scams.

Be skeptical of any investment opportunity that seems too good to be true. If it sounds too good to be true, it probably is.

If you're unsure about something, ask a trusted friend or adviser. There are many resources available to help you learn about cryptocurrency and stay safe.

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Blockchain researchers note the “incredible diligence” of the developers of scam dubious coins. And they note that every day several new cryptocurrencies are released from the address scammer.

One scammer launched 114 scam meme cryptocurrencies in the past 45 days, a blockchain researcher under a nickname ZachXBT reported on Twitter. According to him, each time the funds received as a result of the fraudulent scheme were sent to the same address.

“I suspect that there are even more of them [issued cryptocurrencies]. These are just the ones sent to the same address,” ZachXBT added.

He attached a diagram that shows the “scam tokens” with names. Which refer to famous brands, such as KingKong, BBC, TrumpMind, Arbitreum, Mozilla, SpeechAI, PEPAPIG, are redirected to one address on the Coinbase exchange.

Users on social media noted that the scammers are acting like “criminal geniuses,” sending funds to a large centralized exchange, thereby giving themselves away. ZachXBT suggested that Coinbase had not detected the fraud because the transfers were coming in small amounts.

On April 27, a social network user under the pseudonym Guru also reported another similar case. In doing so, pointing to the address of a cryptocurrency wallet, which allegedly launched 2-5 memcoins daily for almost two years in a row.

“These developers have an incredible work ethic. Make sure you take note of their address on Etherscan. So you don’t fill their pockets with your money. Absolute insanity,” he wrote.

Our experts point out that scammers take advantage of the fact that meme tokens are popular in the cryptocurrency community. And in doing so, despite the fact that they do not bear any practical benefit. For example, new meme coins were launched in mid-April. Which are associated with famous Internet memes – Pepe the frog and Wojak the character. Their value rose by hundreds of percent after the launch. And now dozens of projects are launched every day that use PEPE, etc. in the name. Be careful 99% of these projects will be shut down within days of launch.

#Meme #memecoin #crypto2023 #cryptonews #scamcoins

The Fintoch project team has withdrawn its assets and announced. That due to the transition to the new network in the coming days on the platform there may be temporary problems with the deposit or withdrawal of funds

The creators of the crypto project Fintoch stole 31.6 million USDT from customers, on-chain detective ZachXBT reported. The platform’s team withdrew funds to various addresses on Tron and Ethereum networks. Users then began complaining that they couldn’t access their assets.

The Fintoch platform positioned itself as a project of Morgan Stanley, a multinational corporation. And it provided diversified financial services. Also among other things, it offered a 1% daily return on investment. The platform assured that HyBriid’s exclusive blockchain security technology allows users to “enjoy blockchain investments with zero risk.

ZachXBT recalled that Morgan Stanley previously said it had nothing to do with Fintoch. And the Singapore government had warned investors that the project was falsely presented as licensed.

The blockchain analyst also revealed that someone like Bobby Lambert. Who is listed as the CEO on the project’s website, does not actually exist. His role was probably played by actor Mike Provenzano, ZachXBT suggested, attaching a photo.

Also the Fintoch project was widely advertised and held large-scale conferences and other events in various countries. For example in Vietnam, Malaysia, South Korea, UAE and Indonesia (in Bali).

Fintoch page in the Medium social network is now closed. And in the May 24 telegraph channel of the project was published an announcement of the upcoming launch of the public network FTC. According to the announcement, there will be a “migration and deployment of system data” in the coming days.

Our experts warn that it is necessary to check each project very carefully. And if there is news that the company is cheating somewhere, it should be the first signal to withdraw your money from such a project.

#cryptoscam #scamalert #scamcoins #cryptotrading #cryptocurrency