Welcome to week 20 of the Crypto Alert of the Week series by AMLT, a series dedicated to documenting interesting or high profile frauds/hacks etc that recently happened and have been reported into the AMLT Network and show how the AMLT Network can help track and prevent it in the future.
The links lead to a notorious fake exchange - “CoinPro”. The site is already known for straight up refusing any withdrawals to it and is set up only to drain unsuspecting clients money. Even the registration form is a complete fake, letting through anything that wants to register. Oddly enough, the fake-advertised “Singapore Coin” isn’t even there. In an email the exchange claims that it appears only after funding the account, which is another trick to get people into throwing money at this financial black hole of a site. These scammers even go as far as to contact people on their telephone number, constantly trying to get anyone to deposit.
This is a great example of an AMLT use case. Whenever a person is unsure if the entity they’re transacting with is trustworthy, they can generate a Coinfirm AML Risk Report, which, thanks in part to the data provided by AMLT Network Members is able to accurately assess the risk in trading with that counterparty. Below you can see an AML Risk Report generated for a fake exchange:
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The AMLT Team