3 Telegram ICO Scams You Should Know & Avoid

In the second week of January this year, Telegram announced its ICO. This news was picked up by Techcrunch, after which we saw major publications talking about it.

This attracted top-tier institutional investment firms along with scammers. And these scammers have found attractive ways to steal your money.

And in this post, we uncover these scams. We share with you these Telegram ICO scams for your awareness, so you can see what to avoid now and in the future:

Scam #1: Fake Token Sales

At the time of the private pre-sale of the Telegram Open Network (TON), the CEO of Telegram raised $850 million. This was when we saw phishing websites like Gramtoken.io appearing online.

There was an ongoing pre-ICO on this website:

Plus, the phishing website used the original Telegram whitepaper, which attracted hundreds and thousands of investors. Over $5 million worth of Ethereums were transferred to the scammer’s address.

Pavel Durov, the founder of Telegram, confirmed this as a scam.

 

Sites similar Gramtoken should be avoided. Other scam sites such as ton-gramico.io and grempreico.com have appeared and disappeared.

Source: Finance Magnates

Scam #2: Someone Plagiarized Telegram ICO

Telegram’s ICO project name — Telegram Open Network — was registered in the UK under the name of Pavel Durov. It happened in the month of Feb and Pavel Durov was mentioned as the company’s sole shareholder, director and secretary.

Clearly, there was a strategy behind this. On Twitter, fortnately, Telegram exposed this scam and confirmed it was fake:

Source: QZ

Scam #3: Pavel Giving Away Free Cryptocurrencies

This one is easy.

And you will see it even today.

Scammers promise to giveaway cryptocurrencies if you fill a form, or send Ethereum to a certain address. In this case, someone impersonated Pavel, and announced a fake promotion to giveaway Ethereum and Bitcoin.

If you notice the username, you can spot the scammer.

 

What is interesting is the verified symbol. Apparenty, scammers hijacked a verified Twitter account of a musical band. Then they changed its name, photo, and description to make it look like the official Pavel’s account.

Conclusion

Is simple:

Telegram ICO scams appear and disappear all the time. And if you have been in the crypto industry for a long time, you already know about these scams.

You have seen other forms of them. And you ignore them most of the time.

But there are newbies out there — people who have just joined the crypto revolution — falling for these scams. There are gullible investors. And scammers target them.

Our task is to make you — and everyone else — aware of these scams as awareness creates a change.

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