The old saying “if it’s too good to be true, it probably is” is certainly true in this case.
Hundreds of New Brunswickers found a website called TydeCoyn.ca enticing enough to check out but it wasn’t real.
It was created by the Financial and Consumers Services Commission to warn prospective investors about the dangers of cryptocurrencies and other frauds.
Did you hear about Tydecoyn? It’s a once-in-a-lifetime opportunity to invest in New Brunswick’s local environment – AND, it’s completely made up. Can you spot the red flags of this scam? https://t.co/tzQuH3wsQr pic.twitter.com/HORRq2tZXv
— FCNB (@FCNB_) December 3, 2018
Erin King from the FCNB tells us they wanted to show how realistic some of the fraudulent websites and scams can appear.
“Fraudulent sites have lots of common red flags that are dead giveaways and we show New Brunswickers what to look for before they part with their money so they don’t fall victim to a real scam involving initial coin offering,” King says.
King says interested investors should know there is a very high risk of failure for ICOs.
