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Today's Gazette – Cryptocurrency, Bitcoin, Ripple, Tron, Verge, Cardano News

Today's Gazette – Cryptocurrency, Bitcoin, Ripple, Tron, Verge, Cardano News

Fake Crypto Project Scams Ethereum, Zilliqa (ZIL) and Maker DAO Users, Feigns Partnership

Altcoins

Fake Crypto Project Scams Ethereum, Zilliqa (ZIL) and Maker DAO Users, Feigns Partnership

A fake cryptocurrency project scamming unsuspecting Ethereum, Zilliqa (ZIL) and Maker DAO users has surface.

The fake crypto project, by the name Zollo, claims to be in partnership with Ethereum Zilliqa and Maker DAO to offer free “token distribution” of Zollo token (ZLO), asking users to input private/sensitive information during the cause of registration purposely to achieve a “scam token distribution”.

In response to the ongoing scamming, Zilliqa Research Pte. Ltd unveiled an in-depth report on the phising attack by the fake project using Zilliqa’s untainted name among other identity to scam users on April 6th, 2019.

Putting up a disclaimer, Zilliqa states clearly that it did not partner with Zollo, and so, did not give any entity the advantage to have access to any confidential information of its users.

Read: Tron (TRX) Price Prediction For 2019 Q2, Q3 And Q4. Know When to Hodl or Quit

Zollo uses a website, “zollo.io” and a mimicked Zilliqa blog “zilliqablog.com”, that were registered on March 12 and 20 respectively, to scam Zilliqa users.

The scammers, according to the report uses Telegram, its website and blog, to scam users. Zollo faked a Zilliqa blog that has a Medium layout, however, it is not hosted on Medium.

The website mentioned that Zollo was a joint venture between Zilliqa, Maker DAO, and Ethereum, adding that it is conducting a free token distribution event. Zollo project has around 6000 users on its Telegram group where users are scammed.

While urging it community to stay away from the fake project, Zilliqa state that its users password, private key, and mnemonic phrases are majorly confidential and should not be shared with anybody.

Read: Innovative “Mainstream” Blockchain App Set to Tackle Global Fraud

Meanwhile, for those who have provided their passwords, Zilliqa advices that they enable 2-factor authentication with a complex password for optimum security.

Also, for those who have provided their private key, transferring the remaining fund to a new address mitigates against the compromise.

In the same line, those who have provided their mnemonic phrase should consider accounts related to it as being comprised and take a measure by getting a new address.

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Oliver is an online publisher, managing various blogs through the years. He had contributed to multiple news portals in the US and the UK. His interest varies from Political Agendas to recent Technological advancements. He is now a full-time contributor to TODAY'S GAZETTE.

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