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KuCoin Warns of Impersonator Website Offering Incentives to Deposit Crypto

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Cryptocurrency exchange KuCoin has issued a warning to users regarding a fraudulent website using its branding in an attempt to steal cryptocurrency.

According to the report, posted Aug 19, the website is offering false incentives to entice users to deposit digital assets.

It further clarifies that the web address “https://c.yrsm.net/app.php/MzI1” has no relationship to the KuCoin Group and is not authorized to use its trademark or other intellectual property.

Reminding users to be particularly wary of this type of scam, KuCoin stated that it does not organize any activities outside of the official platforms (kucoin.com and kucoin.io) without official notification:

“Under no circumstances […] intend to disclose any deposit address and instruct users to transfer digital assets to the designated address.”

Users who have transferred digital assets to any deposit address published on the fraudulent site are instructed to report this to the police or relevant authority as soon as possible in order to recover their losses.

Scams whereby criminals impersonate figures or institutions within the cryptocurrency community in an attempt to purloin funds are unfortunately fairly common.

One of the most notable recent such scams was last month’s notorious Twitter hack which took over several accounts on the social networking site requesting users to send Bitcoin (BTC) and receive double in return.

Scammers have also been known to impersonate Cointelegraph journalists, offering positive coverage in return for cryptocurrency. This should always be a red flag as it is not how Cointelegraph operates and a full investigation is currently underway.



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‘Nakamoto’s innovation is real,’ says SEC Chair Gary Gensler

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Gary Gensler, the Chair of the United States Securities and Exchange Commission, or SEC, believes that the blockchain revolution started by Satoshi Nakamoto in 2008 is more than just a fad, but a real value proposition for the future of the internet. 

In an interview with the Aspen Security Forum on Tuesday, Gesler talked about his role at the Massachusetts Institute of Technology teaching about the intersection of finance and technology:

“[…] in that work I came to believe that though there was a lot of hype masquerading as reality in the crypto field, Nakamoto’s innovation is real.”

Gensler noted that, while some within the public sector wish that cryptocurrency would just go away, the technology likely has a big role to play in the future of finance.

“I really do think there’s something real about the distributed ledger technology, moving value on the internet,” he said.

Related: Today marks the 10-year anniversary of Satoshi Nakamoto’s final message

Some within the crypto community took Gensler’s comments to mean that he’s studied the entire field of blockchain and concluded that Bitcoin is the only real innovation. A transcript of Gensler’s address to the Aspen Security Forum appeared to be hyper-focused on the Bitcoin (BTC) whitepaper published by Satoshi Nakamoto more than a decade ago.

“At its core, Nakamoto was trying to create a private form of money with no central intermediary, such as a central bank or commercial banks,” Gensler said in his remarks. Although he acknowledged that no single cryptocurrency broadly fulfills all the functions of public monies like the dollar, he said assets like Bitcoin provide a different value proposition:

“Primarily, crypto assets provide digital, scarce vehicles for speculative investment. Thus, in that sense, one can say they are highly speculative stores of value.”

After being confirmed by the Senate Banking Committee in April of this year, Gensler assumed the role as SEC Chair in June, replacing the outgoing Jay Clayton, whose term expired the same month. Gensler’s five-year term is scheduled to last through 2026. He believes in creating a “robust” regulatory framework for cryptocurrencies in the United States, especially in emerging DeFi markets such as lending.

Related: SEC Chair wants robust crypto regulatory regime for the US