Monex Warning Users About Imposter Scam

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Users of the newly regulated CoinCheck crypto exchange are being targeted by an imposter scam claiming to be from Monex – CoinCheck’s parent company. Monex bought CoinCheck in 2018 after the exchange suffered a fatal hack that resulted in the theft of more than $530 million in NEM tokens. After taking over the exchange, Monex has been hard at work restoring trader’s faith in the exchange and getting it back on track. Unfortunately, multiple users have reported an email claiming to be from Monex Coin Management in what looks like an imposter scam.

A New Automated Trading System

The imposter scam email tries to convince Coincheck users that Monex Coin Management is an automated trading system that will do all of the hard work and earn you thousands of Yen. However, Monex has come out with a statement distancing itself from any emails and it has instructed anyone who receives these emails to delete them immediately, as well as change the password on their CoinCheck account for added security. The statement read: “The Monex Group and (subsidiaries) do not have any relation with the above company.”

Another Attempt at CoinCheck Hot Wallets

Last time CoinCheck got taken to the cleaners, hackers went directly for the exchange’s hot wallets. It appears as if these new scammers are looking to coerce traders into handing over their login details and private keys in order to siphon off their hot wallet balances. Unfortunately, the email looks rather legitimate and many users are likely to have fallen for this imposter scam. Don’t forget the old saying, if it sounds too good to be true, it usually is. Following this credo will keep you fairly safe in a dog-eat-dog world such as the crypto market.

Fresh Regulations Hitting Japan

Japan is famed for its tight regulations, but that hasn’t stopped the Japanese Financial Services Authority (JFSA) is ramping the regulations up with a fresh wave of amendments. This new wave of regulation amendments will enhance trader security and help to prevent scams from happening. Under the new regulations, imposter scams will be much harder to do, as the marketing of third-party services will no longer be acceptable. Shortly after announcing the new regulations, the JFSA received a massive pile of requests for regulation – amassing more than 190 applications in the space of a week.
Monex has done the right thing by issuing a statement, and the JFSA is doing everything in its power to curb this kind of scam activity in the country. While we will never rid the crypto world of scammers and hackers, we can protect ourselves fairly well with a few simple rules. Never take something at face value, always do your own research, and never store your crypto long term on an exchange. Follow these two rules and your crypto will remain safe.