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Telegram Gram Token Scams Abound on Facebook and other news

Telegram Gram Token Scams Abound on Facebook and other news
By We Play Coins
Added on Sep 20, 2019

Telegram Gram Token Scams Abound on Facebook and other social media sites. Cryptomak reported on the issue of social media sites getting flooded by Telegram Gram Token get rich quick scams.

Telegram Gram Token is yet to be released but is already in the news for all the wrong reasons. Gram tokens are promised to unwitting social media users who believe that Gram will rise like bitcoin making them rich overnight.

Telegram’s Open Network (TON) Gram Token has appeared in multiple social media sites promising immediate high returns on investment. These scams were seen on Facebook today. However, they have been circulating on Russia’s Facebook-alternative Kommersant for a week now. Apart from promising high returns, it also features Telegram founder Pavel Durov on it.

How it works?

After users click on the links, they are directed to a site which mimics a popular news site. The URL’s are not the same but few may pay attention to that fact. The site shows the fake article of the Telegram Gram Token ICO or Initial Coin Offering. It promises returns of 15,000 rubles a day. The users were also made to fill a form with personal information like their emails and phone numbers.

The website has only been registered on 30th August 2019 which confirms suspicion that this is no mere clickbait fake news but something much more sinister.

The TON platform already finished its private sale rounds, receiving $1.7 billion from investors. Telegram is expected to launch the platform at the end of this fall. The public sale of Gram tokens was officially announced, and it will allegedly take place on the ATAIX exchange.

The Russian online space was targeted by the scammers as TON and Gram token generated a lot of interest amongst Russian users in Aug 2019.

The Telegram Open Network is a highly known project in the crypto space, but there is not much information about its team members, so it is rather easy to fool people with fake ads.

North Korean Crypto

Another story revolving around shady crypto uses is the news that North Korea will be releasing their own cryptocurrencies. In a similar fashion to Venezuela, North Korea is planning on releasing cryptocurrency to bypass US sanctions.

Similar to the Petro from Venezuela which is pegged to petroleum oil values, North Korea’s digital coin will be pegged to some commodity in the country.

North Korea has been alleged to be behind a lot of crypto scams on the internet. The US has been wary of crypto currencies due to misuse by criminal elements. The recent news of scams does not bode well for the acceptance of cryptocurrencies.

“Now we are in the phase of studying the goods that will give value to it,” Cao de Benos said, adding that there are “no plans” to peg a cryptocurrency to the North Korean won.

As reported, the nation will hold its second blockchain and cryptocurrency conference in February 2020.

North Korea has also been linked with major hacks that stole possibly $2 billion from banks and cryptocurrency exchanges (although the regime denies it).

Such activity suggests that Pyongyang does have the technological expertise to develop its own cryptocurrency.