The Securities and Exchange Commission launched a spoof cryptocurrency website on Wednesday to warn investors about the risks of participating in "initial coin offerings," or ICOs. The website — called " HoweyCoins.com " — mirrors marketing materials published by actual cryptocurrency promoters. It includes a countdown timer, promises of outsized investment returns, and even a "Meet the Team" section with SEC employees posing as cryptocurrency developers. When visitors click a button that reads "Buy Coins Now!" they are routed to an Investor.gov site that breaks down the spoof and outlines how each element is commonly used to trick unsuspecting investors in ICO schemes. Initial coin offerings are a way for upstart cryptocurrency firms to raise...
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SEC Creates Spoof Cryptocurrency Website To Warn Investors