Stellar warns its Users about XLM Crypto Scams - Cryptonic News

Stellar warns its Users about XLM Crypto Scams

According to reports making rounds in the digital currency space, Stellar has posted an important notice for its users. The network has issued a warning to its users against the now frequent phishing scams. It is no secret that phishing scams have proliferated in recent times and these scams are aimed at the XLM users.

This warning from the Stellar organization comes at a time where the majority of the top coin has entered the red zone.

Scammers Have Been Using Two Links to Promote Their Scheme

A Reddit user was the first to take note of the issue. The user noticed two scam domains on the lines of the stellardrop.org as well as the xn--stelar-5db.org. Both were redirecting users to another website that uses the URL stełlar.org. Scammers are sharing this link a fake link.

The Malicious Domain Name Looked Similar to stellar.org

The issue here as discovered by the Reddit user is that the malicious domain name has a striking resemblance to the authentic stellar.org. As we all know, stellar.org is the official URL for the Stellar Organization. It was discovered that the only difference between the real thing and the malicious one is the l that has a stroke which is: ł.

And the eagle-eyed Reddit user was able to take note of that in places. This foreign character, ł is barely noticeable. This is because of the font type and size that it was presented in.

Any of the three malicious links redirected Stellar users to a fugacious Stellar Account Viewer. Any user who then enters their Secret Keys, into the malicious Viewer will immediately lose their Stellar holdings/funds. Hence, the reason why it is important that Stellar users manually type in domain names into any browsers to make sure that they are entering the correct website instead of a fake Stellar Account Viewer.

Stellar Shared a Notice to warn Users

As a result of the risks posed by the recent methods that cybercriminals used to scam users, the Stellar organization decided to take action. Stellar posted a notice to warn its users. They shared information about the ways scammers used to promote their schemes. The warning issued to Stellar users reads:

IMPORTANT: SDF will NEVER ask for your private keys. SDF isn’t holding XLM giveaways. We will NEVER ask you to make any fund deposits to any particular wallet addresses. Check all URLs moving forward!

The Stellar Development Foundation requested that XML users quickly report any suspicious activity. Users are to send information to SDF if they see the malicious link in use. They then linked XML users to Stellar’s security guide if they need more information about how to stay vigilant against these scammers attacking the crypto space.

One Twitter user went on to point out that a large number of fake advertisements like the phishing scam has been observed in social media giant Facebook. The user calls on the Stellar organization should take up the matter with the crypto giant.

As of press time the price of Stellar is trading at $0.068684.The digital asset is reportedly down by 5.63% in the last 24 hours of trade following a drop among the major tokens. This drop was initiated by BTC.

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Stellar warns its Users about XLM Crypto Scams Stellar warns its Users about XLM Crypto Scams Reviewed by Staff Reporter on August 16, 2019 Rating: 5

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