Crypto Wallet Provider Files Complaint Against for Copycat Website

The famous virtual currency wallet provider Blockchain, has filed a new complaint in a U.S. federal court. Apparently they explain that there was an attempted deception generated by a copycat website.

In a blog post, Blockchain has identified the platform as an impostor. This fake website is trying to rebrand itself and continue insincere practices.

The company Blockchain is worried about this issue since users believe that they are ‘Blockchain.’

Both of them have similar domain name, similar colors, similar logo, and a new tagline that says ‘connecting the world to crypto.’ Blockchain says that the new establishment is an old platform known as Paymium or ‘Instawallet.’

As per Blockchain, Paymium is working in order to launch an Initial Coin Offering (ICO), and this might be the reason behind the name change.

The cryptocurrency market has experienced different scams and attacks. The industry allows for attackers to use fraudulent tactics and hide behind relative anonymity.

Regulators from all over the world should work in order to create a clear framework to protect investors and companies in the space. The U.S. Securities and Exchange Commission is trying to protect users, however, it will have to increase regulations if it wants to achieve its goals.

Blockchain explains that in a litigation procedure, it protects its brand name and also customers. Moreover, investors are also going to be protected since they would not have to invest in a fake company.

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