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CoinCorner CEO: Facebook needs to do more to prevent crypto scams

Oliver Knight

The CEO of cryptocurrency exchange CoinCorner, Danny Scott, has criticised Facebook and Twitter for failing to prevent the rising trend in cryptocurrency-related scams.

Scott’s comment come after the exchange was recently the target of an aggressive phishing scam on Facebook, with fraudsters creating more than 100 new business pages before tagging genuine followers/friends/family of the company in misleading posts.

The scam informed people that they had just won a “bonus” and that they needed to follow a link to claim it.

This has since been resolved and customers are no longer at risk thanks to the host websites’ having removed the site after CoinCorner’s team reported it. However, the situation has caused frustration due to the lack of support from Facebook in addressing the issue.


Danny Scott commented: “Our team has been working to report all the fraudulent accounts over the last few weeks and has successfully had the main scam website taken down, however, nothing appears to have been done by Facebook to remove the fake company pages and we’ve had no response from them at all during this process.

“Trust and credibility has long been an issue in the cryptocurrency industry – something that we at CoinCorner have been working hard to build over our 6+ years in the space – so it’s incredibly  frustrating when something like this happens.

“The longer these fake accounts are left up, the more damaging potential they have – for unsuspecting people who fall victim to these scams and also to our reputation as a business. The likes of Facebook and Twitter need to do more to prevent cryptocurrency scams.”

Earlier this year Coin Rivet reported on another Bitcoin scam that originated on Facebook, with Money Saving Expert’s Martin Lewis being duped in an elaborate series of scams.

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