One of the world’s leading stock exchanges has warned the public about impostors who are attempting to defraud digital currency investors by exploiting its name. The Japan Exchange Group (JPX) stated that these con artists utilized its logo and brand name without permission.
The Tokyo Stock Exchange, the Tokyo Commodity Exchange, and the Osaka Exchange, a derivatives trading platform, are all owned by JPX. After the NYSE, NASDAQ, Shanghai Stock Exchange, and Hong Kong Stock Exchange, it is the fifth-largest stock, exchange operator.
The company stated in its public warning that it has received numerous inquiries from various sources about companies offering trades in digital assets such as virtual currencies, including Bitcoins, using company names/logos/URLs similar to ours, such as “JPEX,” “jpex,” and “Japan Exchange” on websites, social media platforms, and advertisements of all kinds.
It made it clear that it is not linked with any of these businesses and has been utilizing its brand name and emblem without its permission. JPX is the most recent in many companies and individuals impersonated by scammers that prey on digital currency users. Scammers use a variety of deceptive tactics, such as promoting digital currency giveaways and promoting better, cheaper, and more efficient trading platforms.
Tesla CEO and controversial memecoin backer Elon Musk, Prince Harry and his wife Meghan, Microsoft founder Bill Gates, and even former US President Donald Trump are among the more notable targets for these scammers.
The scammers also imitate local celebrities to give them a more genuine appearance. They used the photos of billionaire Lord Sugar, TV personality Simon Cowell and Dragon’s Den’s Peter Jones in the United Kingdom. They have impersonated Waleed Aly, David Koch, Karl Stefanovic, and others in Australia.
Some celebrities whose photographs have been utilized by scammers have filed a lawsuit against these platforms to target their audience. YouTube has been chastised by Apple co-founder Steve Wozniak, Qatari billionaire Wissam Al Mana, and the beleaguered blockchain payments business Ripple for enabling scammers to use their names and photos.