In the last couple of weeks, there have been various regulatory measures that have been put in place by government and regulatory bodies. One of these happens to be the creation of a phony cryptocurrency called "HowieCoin". This scam coin was developed by the Securities and Exchange Committee of the United States and it was developed to ensure that investors are aware of the various differences between legitimate cryptocurrencies and their ICO projects and the scam ICO projects. This scam coin is just like every other cryptocurrency, the difference being that it seeks to warn investors as well as educate them on how to identify these fake projects. The next government to take this measure is the government of Belgium. As at June 5, 2018, the authorities in this country launched a scam website which according to them will raise awareness and warn crypto investors of the various fake or scam cryptocurrencies.
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The body responsible for the creation of this scam website is the "FPS Economy" and according to them, the fame and popularity these digital tokens have gotten in the past few years has caused more individuals to be scammed. This comment is in line with a report that was revealed last year that over $2.5 million was lost by Belgian investors to scam or fake cryptocurrencies in just 2017 alone. They went further to describe this report as a tip of the iceberg. They state that only about 4% of the total fraud cases are reported in a year. By the estimation that was released by the FPS Economy, it was revealed that over $150 million was lost by Belgian investors to fraud or scam crypto projects.
This website has been called "Too good to be true" and according to the FPS Economy, this website will warn the general public about crypto investment risk. They emphasize the fact that these scam crypto projects usually promise these investors huge profits and most of them look very reliable. The website on its own encourages these investors to carefully examine the various details of the various crypto projects before investing their money and also encourages them to be cautious when making payments online with cryptocurrencies. The website went further to state that the absence of warning about a crypto projects does not mean that the platform is valid or reliable. The website stated that most of these fraud or scam projects would change their names to ensure that they do not appear on the list of fake cryptocurrency platforms.
This scam ICO project happens to be same with the HowieCoin that was released by the Securities and Exchange Committee of the United States. They both seek to warn investors and also they are both out there to identify and enlist all fake crypto projects. This website was launched on June 5, 2018, and will be active for a long time as it seeks to ensure that all investors in the country and beyond are able to recognize these fake platforms for what they are.