Popular social media platform Facebook announced in mid-2919 its plans to launch its digital currency named Libra. However, the project’s launch scheduled for this year remains uncertain because of constant scrutiny from regulators as they fear the cryptocurrency could wreak havoc on the global financial system.
Even though Facebook has not yet gained the necessary approval from regulators to launch the Libra token, scammers are adopting several techniques of defrauding investors who want to invest in the Libra project.
In the past, fraudsters have created websites, offering fake pre-sales of the Libra token to steal from unsuspecting victims. These bogus websites are professionally built and have launched intensive ad campaigns on numerous platforms, including Facebook, to lure more investors.
Overview Of Libraglobalcoin.io
In this review, Coinfomania takes Libraglobalcoin.io, a platform pretending to be the Libra project. The website promises early investors enticing benefits for their contribution to the birth of the digital currency.
Unlike other Libra scam websites, LibraGlobalCoin took a step further to integrate official materials of the Libra project, especially the project’s whitepaper, and image, to make it look authentic to unsuspecting investors.
On the website, the price of one Libra is sold at $0.74 and investors can purchase the token using either their credit card or selected cryptocurrencies, such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
What Makes Libraglobalcoin.io A Scam
As mentioned earlier, Libraglobalcoin.io has adopted several tactics that entice investors to put their funds in the project, and they include:
- Mouthwatering benefits
Libraglobalcoin.io promises to give early investors who participate in the Libra initial token sale lucrative bonuses ranging from 5% to 15% depending on the amount of Libra a user chooses to purchase. In addition, the platform further runs a referral program, which urges users to invite their family and friends in order to earn a bonus of $1.5 worth of Libra for every completed referral.
- Countdown
Libraglobalcoin.io has equipped its website with a one-month countdown to keep investors informed about when the token sale will end. Even though the countdown has a 30-day validity, the timer is not the same for every investor, as it usually starts counting from the first day a user registers.
This technique is mostly utilized by scammers to trick investors into believing that they could miss out on the enticing offering should they fail to invest within the timeframe.
- Unsecured platform
For a platform that deals with users’ funds, the website is not equipped with the necessary security apparatus to keep users’ personal and payment information safe. Libraglobalcoin.io does not have the Hypertext Transfer Protocol Secure (HTTPS) extension installed, which shows the platform is not concerned about users’users’ safety.
- Minimum token offering
Another tactic the platform uses to lure more clients is by convincing potential investors that the number of Libra tokens in the pre-sale offering is 100,000. With this, Libraglobalcoin.io has issued an indirect warning to investors that the token sale will end as soon as the 100,000 Libra tokens are sold.
- Users’ funds are moved immediately
Since Libraglobalcoin.io launched this year, the platform has succeeded in stealing from unsuspecting investors, who believe they are investing the legit Libra token.
Investigations conducted on the platform’s ETH address on popular Ethereum data provider, Etherscan, shows that it has amassed approximately 23 ETH ($10,945), with the funds being moved immediately to another ETH address.
- Fake Customer Service
Following the initial publication of this review, a certain user who wished to remain anonymous contacted Coinfomania with proof of another reason why many are apparently falling for the Libraglobalcoin.io scheme. The persons behind the scheme maintain a responsive fake customer service desk as shown in the screenshots he shared with us:
Worth noting is that there is currently no Libra token or pricing provided by Facebook or anyone at all. The $20 price provided is designed to make a prospective victim feel as if they’re missing out by not investing in the fake token.
Final Thought
Even though the Libraglobalcoin.io platform looks quite professional, there is no doubt that it is a scam.
Since Facebook announced its Libra initiative in 2019, the firm has been facing heavy regulatory scrutiny, which prompted the social media giant to put the project on hold pending when regulators give their approval.
On this note, Facebook has not given any person or group of persons the mandate to sell its Libra token, and investors should avoid schemes asking them to invest in the project.
See Also: Facebook Finally Revamps its Libra Crypto Project to Gain Regulatory Approval
Update: We updated this review to include information that the persons behind the scheme also maintains a customer service desk, in a bid to win people’s trust. That, however, only demonstrates how fraudulent the masterminds can be.
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