Libra Scams Spreading Before its Launch

The idea behind cryptocurrency was to give people the financial freedom they are still deprived of today. But the whole logic of this has diminished over the years as the crypto world has taken hits from scams and incidents of repeated hacking. Cryptocurrency users cannot free themselves from scammers’ doggedness, and Facebook’s cryptocurrency Libra and its Calibra website are the latest example.

People still talk about cryptocurrency’s next big adoption, and Libra is certainly a big step in that direction. For one thing, the Libra cryptocurrency project is being introduced by Facebook, a communication giant that has brought onboard major market players like Visa, MasterCard, and Uber. But things don’t look that good for Facebook’s adopted child.

Scammers Taking Advantage of Libra’s Media Coverage

Online scammers are already encouraging people to buy fake Libra tokens using phishing websites. As a result, Facebook is already struggling to build user trust in their digital money platform. A Washington Post investigation recently revealed that at least a dozen fake accounts (pages, groups, and individuals) present themselves as members of the official Libra team and are asking users to access third-party websites to buy Libra tokens.

Facebook authorities are doing their best to take control of the situation, with efforts already underway to ban some of these accounts. But the situation could quickly get out of hand as some of these fake promotions have ended up on other platforms and are being broadcast on YouTube and Twitter.

These attacks against Libra send an alarming signal not only for Facebook but also for the global cryptocurrency market. The scams are likely to hurt the overall global adoption of cryptocurrency, mainly because it involves the biggest social media network. As such, large financial companies considering creating a cryptocurrency platform will think twice before adopting one.

We do not know if the scheme is coordinated by a well-connected network, but the most elaborate phishing site is calìbra.com with an ‘I’ with grave. This site copied exactly the Calibra wallet site. The authors had included a call to action that redirected visitors to a third-party site where targeted users would allegedly find an offer for Libra (LBR) coins in exchange for Ethereum. The site is now shut down but it seems to have been set up in Russia.

It is important to note that Facebook has not yet issued its tokens. Therefore, it is impossible at the moment to buy Libra. So beware of the platforms that are purportedly offering Libra tokens.

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