The police have been alert over the trading of bogus cryptocurrencies, advising the people against becoming victims of the scam.

According to the police, it is tracking issuers of bogus cyber currencies, These issuers are allegedly setting their prices at an alarmingly high through manipulation of trading volume.  They allegedly hire the middleman to induce innocent investors into buying the bogus virtual currencies. These middlemen are reportedly receiving fees by the amount of investment they attracted.

These bogus cyber currencies are not traded on the exchange. They cannot be cashed and used in the settlement, the police aid.

These fraudsters often copy the White Paper of the ‘real’ cryptocurrency. They often falsely claimed that celebrities and big companies have participated in their companies.

Investors are often misled by the advertisement that they can generate the return of several hundred times in such a short time and their principal will be guaranteed.

The Financial Supervisory Service said these swindlers neither openly make public their source codes on cryptocurrency nor the issuers.

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