Watch out! There’s a Justin Sun impostor trying to flip a fake Tron privacy coin
Someone posing as Tron CEO Justin Sun recently tried to lure investors to buy a fake Tron privacy asset as part of a token sale offer.
Gumi Cryptos Capital partner Miko Matsumura recently spoke to a scammer posing as Justin Sun. The impostor was trying to sell a purported privacy-focused crypto asset tied to the value of real Tron TRX coins.
Upon initial inspection of the project and its token sale, Matsumura jumped on Skype to call someone who claimed to be Justin Sun. “The impostor was very realistic as you can see,” Matsumura told Cointelegraph, referring to a video she provided of their conversation.
The video seemed very suspicious.
The video of the web chat showed a person who looked like Justin Sun talking to Matsumura. Using a faulty internet connection as an excuse, the impostor appears to have taken an old low-frame-rate video of Sun and imposed his own voice on it. It is also possible that this person was very similar.
“Only after the adversary or interlocutor made a mistake and used CC: firstname.lastname@example.org, the TRON network saw this scam and warned me,” said Matsumura. “Her warning was my first indication that this was false,” she explained. “I didn’t intend to invest anyway, but I was curious to find out more because it seemed strange.”
The impostor slipped, putting the real Justin Sun in an email with Matsumura. After viewing the email, Sun’s personal assistant responded to Matsumura, confirming that the project and token offer were a scam, according to the email sent to Cointelegraph.
The project was completed with a technical document or White Paper
Matsumura also provided Cointelegraph with a copy of the white paper or technical document of the fake project. The fraudulent token was positioned as a privacy solution.
Called TRZ, the asset claimed a price tied to the TRX currency. It used similar technology to other known privacy assets. TRZ also claimed a total token supply of 99 billion, just 281,283,754 less than the total TRX supply listed on CoinMarketCap. The white paper showed a “seed sale date” of “May – June.
“TRZ is the first privacy token in tron and realizes the complete privacy protection of the tron network through a non-interactive zero-knowledge test,” says the scam white paper or Wthite Paper.
“Compared to existing blockchain privacy protection technologies, TRZ can help realize privacy protection for account and transaction information,” the document added, demonstrating a point of irony: a security of Asset promotion really seemed to harm participants actually, as part of a bogus offer.
Matsumura pointed to the sale as an alleged initial exchange offer from Binance, or IEO. Matsumura said the scam was persuasive:
“Overall, I thought it was a pretty convincing fake. I met the real Justin Sun in person, so this is a pretty high standard.”
Since its inception more than 10 years ago, the crypto industry has produced no shortage of scams, hacks, and dirty games. However, overall Internet crime has increased since COVID-19 took center stage in March 2020.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.