VeChain grows +26%, new related frauds emerge amidst the hype

Reports coming from the financial and cryptocurrency outlets suggest that another fraud scheme is now in the spotlights - a specific website posing as the VeChain Foundation and offering to change Ethereum units (ETH) for 150 VeChain altcoin units (VEN).

The main and very obvious red flag is that the site asks for a private wallet key of the visitor which is comparable to the PIN of the credit card - nobody should share this information with third parties. This is not the first scam related to VeChain, messages about similar sites have been posted in February.

The choice of altcoin is very likely connected to its growth - VeChain is now +26% due to the rumors about its addition to one of the world’s most popular digital currency exchanges called Bithumb.

It might be very easy and amusing to find and detect new frauds in cryptocurrency, as the quantity of such schemes is absolutely incomparable to the regular market these days. Fraudsters on the regular markets try to hide their activity and seem legal as good as they can, while their counterparts in the crypto world act as if nobody would ever guess their intentions. A cryptocurrency organization in South Korea is now even rewarding those who find completely new frauds with almost $1000. More on this report mechanism can be read in a separate material by Bitnewstoday.