


It’s sort of like identity theft in reverse. The UK’s National Crime Agency recently warned of a surge in a new type of investment scheme known as the "clone firm" scam.Ī clone company scam is when criminals impersonate legitimate investment firms in order to defraud their victims. For instance, celebrities are often paid to publicly support new altcoins, and hackers also hijack the accounts of well-known personalities and trusted sources in order to spread false information to either pump or short a security. Prominent figures may be used in these schemes, either wittingly or unwittingly. While the founder of the channel may claim to be an expert, insider, or some kind of altruistic person with a larger mission in mind, in reality they are just manipulating others to drive up the price on a stock or altcoin they already own, and which they will sell as soon as it hits the right price. (Photo by Jaap Arriens/NurPhoto via Getty Images) The Telegram cloud-based instant messaging application is seen on an iPhone.
