It’s been three weeks since headlines regarding the Libra digital currency have become prevalent, with the Facebook Corporation abandoning this project in January 2020. Not everyone has heard that this cryptocurrency was axed, prompting numerous imposter exchanges from online fraudsters. These individuals are claiming to sell Libra before the release date, giving consumers early access and attention to its growth. It’s estimated that twelve criminal organizations are operating illegal scams regarding Libra. Governing authorities provided information that CoinLibraToken on Twitter is an unlawful account, scamming individuals from their finances. Individuals are asked to provide detailed information, which then results in identify or financial theft.
CryptoSlate first released this information, with governing authorities like CySEC and the FCA following up on these claims. CryptoSlate claims that 40% of twelve thousand accounts regarding Libra trading are falsified and illegal. When engaging with one of these illicit entities, individuals sending them money can locate inbound transactions on their bank accounts. However, locating outgoing transactions for returned earnings aren’t ever found. Victims are instructed to send large quantities of digital or standard currencies to start their investment portfolio. This money is immediately stolen, with detailed information collected and sold to third-party entities.
Facebook hasn’t provided an official statement regarding Libra in twenty-one days, leading analysts to believe that they’ve abandoned this project. Subsequently, the monetary value of Libra most likely won’t ever grow. Individuals considering that Libra is created similarly to Bitcoin are investing into these scams, believing that by sending over 0.1 ETH or BTC, they’ll receive 300 million Libra tokens. Sending an entire block of Ethereum yields 30 billion tokens. Not only are these tokens never sent to investors, but Facebook themselves had full control over the development of Libra.
The Facebook Company will most likely abandon Libra because of the worldwide organizations tasked with providing regulatory hurdles. Lobbyists have created interference towards its growth, ensuring that Libra wouldn’t become the world’s first global currency. Since the European Union, United States, India and China have all banned the Libra token, all backers of Libra have terminated they’re associated with Facebook.