KuCoin Warns of Impersonator Website Offering Incentives to Deposit Crypto

Published at: Aug. 19, 2020

Cryptocurrency exchange KuCoin has issued a warning to users regarding a fraudulent website using its branding in an attempt to steal cryptocurrency.

According to the report, posted Aug 19, the website is offering false incentives to entice users to deposit digital assets.

It further clarifies that the web address “https://c.yrsm.net/app.php/MzI1” has no relationship to the KuCoin Group and is not authorized to use its trademark or other intellectual property.

Reminding users to be particularly wary of this type of scam, KuCoin stated that it does not organize any activities outside of the official platforms (kucoin.com and kucoin.io) without official notification:

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

Users who have transferred digital assets to any deposit address published on the fraudulent site are instructed to report this to the police or relevant authority as soon as possible in order to recover their losses.

Scams whereby criminals impersonate figures or institutions within the cryptocurrency community in an attempt to purloin funds are unfortunately fairly common.

One of the most notable recent such scams was last month’s notorious Twitter hack which took over several accounts on the social networking site requesting users to send Bitcoin (BTC) and receive double in return.

Scammers have also been known to impersonate Cointelegraph journalists, offering positive coverage in return for cryptocurrency. This should always be a red flag as it is not how Cointelegraph operates and a full investigation is currently underway.

Tags
Regulation
Crimes
Scams
Fraud
Kucoin
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