"Detectives are investigating a sophisticated fraud technique which involves several websites that claim to offer investment in new cryptocurrencies that could double in value, the Met Police said. The new cryptocurrencies are sold with promised returns in cash when they are listed on major exchange websites. But police officers have found the tokens listed on the highly convincing websites have no value and that there is no intention to actually list the cryptocurrencies on exchange sites."
"The list of sites involved in the Met investigation are: DTX Exchange: dtxexchange.com Intel Markets: intelmarkets.io Cryptids: cryptidsgame.io Algo Tech Trades: algotech.trade Unilabs Finance: unilabs.finance Scotland Yard warned some of the websites have previously had different domain names making them trickier to track. Met Police Detective Sergeant Stephen Bourne said: We recognise the devastating impact that fraud can have on people and that's why we're committed to investigating crimes of this nature and supporting those affected. These websites are highly convincing and use professional-looking content, fake endorsements and aggressive marketing tactics to lure people in"
Five men aged between 21 and 37 were arrested in London on suspicion of conspiracy to commit fraud on October 1 and were subsequently bailed pending further enquiries. Investigators are probing a scheme using multiple professional-looking websites that promise investment in new cryptocurrencies with cash returns when listed on major exchanges. Police found the tokens on those sites had no value and no intention to be listed on exchanges. A London-based boiler room is suspected of making follow-up calls to encourage further investment. Reported losses have run into millions of pounds and affected thousands of victims. Authorities urged prospective investors to research thoroughly and check the FCA warning list.
Read at www.standard.co.uk
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