Fraudulent Bitcoin mining machine seller tries to impersonate GMO Internet

Maria Nikolova

Fraudsters are abusing GMO Internet’s name and reputation by launching a fraudulent website and Twitter account purportedly offering Bitcoin mining equipment.

Bitcoin-related scams are becoming more aggressive and are now abusing the names of well-established businesses. The latest example is provided by Japanese online services provider GMO Internet Inc. (TYO:9449), which runs, inter alia, a number of businesses related to cryptocurrencies – a virtual currency trading business, a cryptocurrency mining business and a cloud mining business. GMO Internet has recently confirmed that Bitcoin mining scammers are making use of its reputation and brand.

The company has confirmed the presence of impersonation website selling Bitcoin mining machine and impersonation Twitter account redirecting to the fraudulent website.

This website and Twitter account are using GMO’s company name and logo without its permission, and are unassociated with GMO Internet. The Japanese online giant says it will not be liable for any activities on this impersonation site. The company notes that it does not sell its mining related machine.

GMO advises the members of the public that have used this impersonation site to contact the criminal investigation unit, that is, the police.

The official cryptocurrency mining related websites of GMO Internet are shown below:

  • Cryptocurrency mining business: https://mining.gmo.jp/en/
  • Cloud mining business “Z.com Cloud Mining”: https://cloudmining.z.com/en/

In the meantime, virtual currencies trigger a growing number of questions among investors in Japan, according to data provided by the FSA in December last year . The FSA Counseling Office for Financial Services Users said back then that it had received a total of 685 investor enquiries about virtual currencies in the quarter to September 30, 2017. This marks a rise of more than 26% from the quarter to June 30, 2017, when the FSA received a total of 543 such enquiries. The great majority of these questions are general enquiries, the FSA noted.

These data were released soon after Japan’s National Police Agency announced that cybercrime reports reached record high in the first six months of 2017. A total of 69,977 reports of cybercrimes were received by the police in the January-June 2017 period, up 4.9% from the equivalent period in 2016. More than 20 incidents involving the theft of Bitcoin and other crypto currencies were reported to the police, leading to losses of JPY 59.2 million. There were 13 cases involving Bitcoin hacks, 11 cases involving Ripple and 2 cases involving Ethereum. There was also a report about several digital currencies having been attacked at the same time. Crypto currency thefts were reported in 13 prefectures.

Read this next

Institutional FX

Robeco taps FlexTrade EMS to access Goldman Sachs pre-trade analytics

Broker-neutral technology firm FlexTrade Systems announced that its solution FlexTRADER EMS has been certified for integration with Dutch asset manager Robeco.

Executive Moves

B2C2 elevates Nicola White to CEO of US business

Cryptocurrency market maker and liquidity provider, B2C2 has elevated Nicola White to take an expanded role as CEO of its US business.

Executive Moves

Invast Global promotes Riana Chaili to head EMEA business

Sydney-based prime-of-prime provider Invast Global has once again made a key appointment to its executive personnel group, this time promoting Riana Chaili to head its EMEA business.

Retail FX

CySEC sounds regulation alarm on Sharesforextrade, GoldenShare and LevelProfit

The Cyprus Securities and Exchange Commission has once again stepped up its fight against unauthorized brokers.

Technology

Satellite Imagery Analytics: A Helping Tool For Financial Institutions

EOS Data Analytics provides agri-banks with satellite monitoring solutions to streamline loan risk assessment

Digital Assets

MultiBank’s cryptocurrency arm rebrands as MultiBank.io

MultiBank Group, which is in the midst of developing a “one-stop—shop” for cryptocurrency, has unveiled the new brand identity of its blockchain and digital assets arm.

Digital Assets

Frank McCourt’s crypto startup taps Polkadot to disrupt social media

Project Liberty, which leverages blockchain technology to democratize social media data, is joining forces with Polkadot to collaborate on the first implementation of the Decentralized Social Networking Protocol (DSNP).

Digital Assets

t3rn launches Smart Contract Hub Testnet on Rococo

t3rn, a cross-chain smart contract hub for Polkadot, has deployed its testnet parachain on the network’s primary testing bed, Rococo. Named t0rn, the network is now plugged into the rest of the ecosystem’s parachain testnets.

Interviews, Metaverse Gaming NFT

Exclusive interview with Play-to-Earn pioneer Shaban Shaame on gaming and NFTs

Spells of Genesis (SoG), generally regarded as the very first play-to-earn blockchain game, marked its fifth anniversary by opening a virtual NFT history museum.

<