It is no longer a secret that the BRICS are thinking of minting their own currency with possibly a crypto option. Obviously, scammers have taken advantage of the concept. They launched a crypto allegedly supported by the organization of States. Analysts are sounding the alarm even though they have already caused numerous victims.
A fake BRICS crypto…
As everyone knows, the BRICS have made it their leitmotif to put an end to the domination of the dollar in international transactions. The realization of this ambition involves the issuance of a common currency of which a crypto option has been mentioned.
While the issue is still debated within the organization, some smart people have decided to ride the wave to launch a crypto. An asset allegedly supported by BRICS countries.
As several observers of the crypto industry point out, this asset is simply rubbish. And this is obviously for all those who follow financial news around BRICS. The latter is still deeply divided on the monetary question.
In this context, how could it have issued or even supported a crypto project? In reality, they are scammers, of which there are so many in the ecosystem, who make money off the backs of the least vigilant or least informed users.
…Targeting developing countries.
Pretending to promote a decentralized currency at the initiative of the BRICS, the scammers launched an Initial Coin Offering (ICO). This is a practice of raising funds to support the realization of a crypto project. But they didn’t stop there.
Indeed, when the fake BRICS crypto was launched, fraudsters intensified their deception by offering fictitious incentives to attract investors. The scheme ensnared several investors from developing countries, their main targets.
The pot aux roses will be discovered when they carried out a “rug pull”, disappearing overnight with the investors’ funds. Attempts to track down the fraudsters proved futile, leaving victims with the remnants of their failed investments.
This incident should serve as a serious warning and draw the attention of crypto investors to the importance of exercising vigilance and discretion. Particularly when considering investing in unfamiliar or speculative companies. Because, it must be remembered, opportunistic scams in the crypto industry are legion. Caution and in-depth research must be the compasses of users.
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