Cryptocurrency News

Beware: Libra Frauds and Scams Are Already Here

It was only natural that Libra’s announcement would attract considerable attention. No longer can regulators turn a blind eye to Facebook’s cryptocurrency project. However, not all of the attention has been positive, as alarmingly well-made scam websites are already starting to pop up.

Libra Knockoffs Are Already Here

The world’s largest social media platform, Facebook, recently made it official that it would launch a cryptocurrency project dubbed Libra. 

What followed was a wave of euphoria felt throughout the entire industry and beyond. Regulators began to question if Libra would fit within the existing financial framework, and whether a new one should be in the making. Some leaders have been definitive enough to say that a project like this one shouldn’t see the green light at all. The UK’s Head of Treasury, on the other hand, said that he would do his best to regulate it properly instead of trying to stop it. 

In any case, the project has attracted the attention and cunning efforts of wrongdoers who are already trying to scam people out of their own money. 

What recently popped up is a website which looks alarmingly similar to Facebook’s Calibra website. Here’s what the knockoff looks like:

Fake Libra Website

Apparently, the website is claiming to sell Libra coins to the public. The main problem with that, however, is that Libra coins are not even close to being released. Moreover, the website is full of typos and mistakes, making its credibility questionable, to say the least. 

The Libra project, while in the making, has yet to see the light of day, and the cryptocurrency is nowhere near to being ready. 

In other words, if you see someone somewhere on the internet trying to sell you Libra coins, pitching them as the cryptocurrency of Facebook, you can rest assured that it’s a scam. 

How to Protect Yourself

The official website of Facebook’s cryptocurrency is Until Libra is launched, anything else which is not officially backed by Facebook or the Libra Association should be heavily scrutinized. 

As with all things crypto, you should make sure that you only buy cryptocurrency from verified sources. Do your own research. If one thing is clear, it is that the space has been subjected to many attacks which have made serious players particularly vigilant when it comes to user protection. 

Only use trusted exchanges and verifiable websites when you decide to purchase cryptocurrency, regardless of whether it’s Bitcoin, Libra, or any other digital currency. 

Additionally, we advise you to take a look at these 9 tips to keep your cryptocurrency wallet safe.

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