BRICS is making global news for challenging the US dollar and planning to usher into a new era in the global financial order. The BRICS alliance is aiming to end the traditional financial system and create a new world order dominated by developing countries. Leveraging the global financial news, scamsters recently launched a decentralized fake cryptocurrency named BRICS.
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The fake BRICS cryptocurrency was in its initial stages as scammers offered an Initial Coin Offering (ICO) to promote the coin, reported Security Affairs. The cryptocurrency made its way into Telegram and other social media channels attracting investors from the developing world.
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Besides scamming investors, the developers also spread fake information about new countries planning to join the alliance. The fraudsters made use of the geopolitical narratives by spinning their own chronicles of a new world order dominated by BRICS. The fake narratives made their profit from investments poured in by holders from developing countries.
Fake BRICS Cryptocurrency Rug Pulled On Day 1 of Its Launch
After attracting investments during the ICO days, fraudsters launched the fake BRICS cryptocurrency in the markets. To attract new investors, the scammers promised fake airdrops of XLM tokens and cashbacks worth thousands of dollars.
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In no surprise, the developers’ rug pulled the fake cryptocurrency and made away with gullible investors’ money. Their Telegram channel and other social media handles are deleted and no longer accessible to anyone. The only thing that investors own now is screenshots of their chats, the charts, and nothing else.
The fraudsters disappeared without a trace by simply making use of a global development called BRICS. There are hundreds more stories like these where innocent investors are lured into putting their money into unbelievable returns.
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It is advised to remain alert and cautious and not to invest in obscure cryptocurrencies out of the blue. Remember, it is easier these days for scammers to get your money than at any time before.