Over 70,000 users were tricked by a phoney $15,000 offer on Trump’s crypto platform.
The platform quickly warned users to avoid suspicious links and ads about the fake giveaway.
Concerns grow as scams target crypto platforms like World Liberty Financial on social media.
Donald Trump's cryptocurrency company, World Liberty Financial, was subjected to a major fraud in which over 70,000 members were persuaded into accepting a misleading $15,000 gift. Fraudulent ads on the platform’s official Telegram messaging service directed users to a bogus group promising cryptocurrency rewards. This incident raised serious doubts about the platform’s security.
World Liberty Financial’s Quick Response
World Liberty Financial responded swiftly to the scam. The platform warned users on its Telegram channel not to click on suspicious ads or links. They clarified that no airdrops or token sales were taking place. Yet, the fake ad for the giveaway stayed up for several days.
The platform also updated its bio on X, formerly Twitter, to alert followers about ongoing scams. They specifically warned users about fake tokens and airdrop offers. They urged followers to stay alert and cautious.
Scam Follows Major Milestone
The scam came just after World Liberty Financial celebrated gaining 100,000 subscribers. The platform had launched a meme contest to mark this achievement. The contest encouraged participants to create content supporting Trump’s presidential campaign. However, the scam overshadowed this milestone and led to criticism from some participants.
https://twitter.com/jdice03/status/1831015946322092165
The timing of the scam right after the milestone has sparked more scrutiny over the platform’s security. It shows the increasing challenges in keeping online platforms safe, especially those linked to well-known figures.
Rising Concerns Over Telegram’s Role in Crypto Scams
The app's role in crypto fraudulent activities is now under more scrutiny. Recently, its co-founder and CEO Pavel Durov faced legal issues related to criminal activities on the website. He was arrested in France on these charges. This incident added to the concerns about Telegram’s security.
The scam at World Liberty Financial is part of a broader trend where cryptocurrency scams target social media platforms. Facebook and TikTok have also seen similar incidents. Users are now advised to do thorough research before engaging in any crypto activities. The risks in the cryptocurrency world are growing, making vigilance more crucial than ever.
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