China Has Found 421 Fake Cryptocurrencies

[felixesteban]

A Chinese government-backed industry organization has published a report on fake cryptocurrencies. As of April, its monitoring platform has found 421 fake cryptocurrencies, 60% of which are deployed overseas. The Committee has also outlined major red flags of these cryptocurrencies.

421 Fake Cryptocurrencies

China Has Found 421 Fake CryptocurrenciesThe National Committee of Experts on the Internet Financial Security Technology (IFCERT), a Chinese government-backed industry organization, published the results of its analysis on fake cryptocurrencies on Friday.

China Has Found 421 Fake CryptocurrenciesCiting that “In recent years, virtual currencies represented by bitcoin, litecoin, ethereum, etc. have received continuous attention,” IFCERT pointed out that “some criminals are engaged in financial fraud or pyramid schemes under the cover of virtual currency.” The Committee added that fake cryptocurrencies frequently appear, “causing investors to suffer major losses.”

https://news.bitcoin.com/china-fake-cryptocurrencies/

[btyco]

I think fake is a harsh word as some are not intended to be fake, they just haven't succeeded as it is a tough market now. increasing saturation means there isn't much hope for new projects without big backers

[Bitcoinjambi]

I think this kind of thing should be eradicated, I salute the Chinese government that is capable of screening about this industry. that's a pretty big amount by the way..