TaiFu Indexes’ Leon Fu falls prey to a scam involving 3 fake websites

Leon Fu, a veteran trader falls prey to a scam involving 3 fake websites. He apparently saved himself owing to the security measures he took.

By · Nov 23, 2020 . 6min read

Leon Fu Fake website scam news

The scammers in the crypto ecosystem eagerly wait for opportunities to discover vulnerable users. They devise various ways to hack and trouble users. The point that the industry is nascent makes it simple for scammers to trick various crypto community members, particularly the novices. Veteran Trader Leon Fu recently falls prey to a scam involving three fake websites. Leon Fu of TaiFu Indexes nearly lost a substantial sum to a scam including three counterfeit websites. He did not fall into the trap owing to his security precautions. Leon Fu took it to Twitter on Nov. 19 to explain how he visited what he considered was the CoinDesk website, neglecting to see a small modification to the letter “e” in the domain name.

The fake website attracted Leon Fu to the fraudulent Cardano Foundation website and AdaLite staking site.

In accordance with his narration, the fake website additionally lured him to a fraudulent Cardano Foundation website, with the word “Foundation” misspelt in a form that is hard to notice. Following Leon Fu’s satisfaction with the data on the website, he clicked the link to what seemed like the AdaLite staking site, without speculating that “.io” has been exchanged for “.org”. The outcome of the situation reported by Fu was the resultant loss of a few dollars. Nevertheless, he could have exposed himself to a significant loss if he did not take the security measures he took. While he didn’t observe the fraudulent domains, his other security measures defended him from any significant loss.

Recently, DeFi traders are losing thousands of dollars to a fake Uniswap DEX app. It is available on the play store by scammers. Alex Saunders, the founder of Nuggets News, revealed that one of its users lost approximately $20,000 to the fraudulent application. Uniswap DEX, the asserted fake application is still accessible on the Google application store. 

Moreover, earlier, Donald Trump’s website was prone to hack, prior a week to the election. Hackers broke into Donald Trump’s campaign website on Tuesday. Hidden attackers took over large sections of the page. Thus, substituting them with scam content to obtain cryptocurrency Monero.

However, the learning from Leon Fu’s experience is that one needs to take extra caution when viewing links is a requirement for anyone opening financial account details or conducting a transaction. One can prevent losses by verifying URLs, and Twitter handles. Moreover, one can send a test transaction before sending the full amount to bypass falling prey to a scam.

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