KuCoin Warned Of Fake Website Offering Incentives To Deposit Crypto

Kucoin warned of a fake, impersonator website that started offering incentives to deposit crypto as the scams continue to swamp the crypto space as we are reading more in the following blockchain news.

Cryptocurrency exchange KuCoin warned its users regarding an impersonating website that uses the branding of the exchange in an attempt to steal cryptocurrency and according to the report, the website offered false incentives to entice the users into deposit digital assets. It further clarifies that the web address “https://c.yrsm.net/app.php/MzI1” has no connection to the KuCoin Group and is not authorized to use the trademark or any other kind of intellectual property.

Reminding the users to be wary of these types of scams, KuCoin stated that it did not organize any activities outside of the official platforms without official notification:

 “Under no circumstances […] intend to disclose any deposit address and instruct users to transfer digital assets to the designated address.”

The users who have transferred crypto assets to any deposit address that was published in the scam site are instructed to report this to the police or any other authority as soon as possible in order to recover their losses. The scams where criminals impersonate figures or even institutions in the crypto community in an attempt to drain funds are unfortunately common. One of the most notable scams was the major Twitter hack which took over several accounts on social networking including the ones of politicians and celebrities, requesting users to send BTC and receive double in return.

The scammers also impersonated journalists and offered positive coverage in return for crypto. This could always be considered as a red flag because websites don’t operate that way. In the other KuCoin news, however, the users of the platform can now purchase leading cryptocurrencies such as ETH, USDT, and BTC with US Dollars through PayPal. The inclusion of new options will add support to the number of fiat payment options available on the KuCoin P2P exchange which so far added Indonesian Rupiah, Chinese Yuan, and the Vietnamese Dong as well as the Canadian dollar.

By including the US dollar option on the Fiat marketplace, will add more convenience to the users by enabling more people to purchase crypto thus promoting the mass adoption of crypto and their underlying blockchain technology.