Scamming can’t be completely eradicated in any financial sector. Fraudulent activities are evenly distributed in both fiat and crypto currency trading. TokenStore, a runaway cryptocurrency exchange reportedly holds 96,807 ETC presently. According to PeckShield, Another 11,245 ETC has just flowed into the fake Exchange.

Fraudulence has been around a long time ago. The perpetual reports of scamming in the crypto sphere are enough to give digital currency holders the sense of alertness. Investors should be very watchful before involving any trade with exchanges.

Fake cryptocurrency exchanges are all over the internet. Confirming the legitimacy of exchanges before any business transaction is quiet important.

11,245 ETC Sent To an Address That Likely Belong to TokenStore Exchange

It was reported about two days ago that TokenStore, a cryptocurrency exchange, allegedly run by scammers, has ended its service by eloping with billions of investors’ funds in its control.

The alleged fake exchange had accumulated a lot of unsuspecting investors’ fund ranging from Bitcoin (BTC), Ethereum (ETH), Ripple XRP and other top digital currencies.

According to a report from PeckShield, TokenStore wallet presently holds about 96,807 ETC worth $825,000. The address holding the funds is said to start with 0x5b2091.

The report also has it that a total of 11,245 ETC has recently been transferred to an address which possibly belongs to the fake exchange.

MGC Wallet Begins Customers’ Fund Movement

Another runaway cryptocurrency exchange, by the name MGC Wallet, has moved parts of the funds it allegedly stole from customers to Bittrex.

The exchange, according to AML PeckShield, was suspected of carting away with customers’ fund on June 12 with the whole funds moved into just two accounts starting with 0x4f9cxx and 0x2b29xx, respectively.

As observed by PeckShield on June 13, the address that starts with 0x4f9cxx is now being used for the laundering operation.

Now, some parts of the funds amounting to 1,480 ETH (approximately $375,852) is now resident on Bittrex exchange.

As at now, there are another 1,680 ETH locked in a different address, which begins with 0x2b29xx.

Cryptocurrency Scammers Also Come Up with Impersonating Legitimate Exchange

These internet thieves have diverse means to have their way. They sometimes adopt the means of impersonating legitimate exchanges, in order to get access to the wallets of their customers, with the motive of siphoning their investments with no leftover.

The plot of some impersonating hackers was reported some days ago on this news channel. This was about the launch of a fake Cryptohopper trading platform. It was purposely created to distribute malwares such as miners, clipboard hijackers and others.

Cryptohopper is a legitimate cryptocurrency trading platform that gives customers means to create models that makes trading of cryptocurrencies easy on diverse markets.

The attackers went ahead to create a website that looks like Cryptohopper trading platform. It is meant to automatically download a Setup.exe once any unsuspecting customer visits the fake crypto trading platform.

The malware that is programmed to download automatically will install two Qulab Trojans, which would leave devastating impact on the host’s cryptocurrency asset wallet.