Rogue UpLibra Project Most Probably a Scam

Ahead of Libra’s acceptance and launch, a dubious project has been inviting users to its site.

A fake site promises to send out one million Libra in advance, even as Facebook’s digital coin is nowhere near certain to appear. A Bitcointalk thread warns about the danger of signing up for the project.

The scam is distributed through social media, promising various tranches of Libra, ranging from one to three million Libra. In addition to faked coins, the site offers its own Aquarius token. But the biggest threat is the scam demands a login through a Facebook account. Users are warned not to share details of their social media profile, or risk getting their data abused.

“The fact that it is spreading in Telegram like disease, is a good indicator that we are talking about clear scam case, plus fake promise of sending 1,000,000 or 3,000,000 coins that don't even exist, and we don't know anything about it,” wrote one poster.

The Libra offering is also coming through Telegram groups, one of the most active channels for offering unchecked crypto activity. The message of UpLibra is that the promised airdrop is just a preliminary event. But the team also promises to distribute actual Libra once the coin appears. With a nominal price of $1, the team would have to supply millions to honor its airdrop, making it even more improbable.

The UpLibra profile on Bitcointalk explained away the coming airdrop in that Libra would be one day distributed “according to payment rules”. In any case, users may not receive the actual amount of the airdrop, and most likely, it’s a data gathering scam.

If the Libra digital asset is ever distributed, it will only be done through a list of licensed operators. The Libra coin will probably be backed by a basket of leading fiat currencies, and require full KYC to acquire. The scam in question does not require KYC, but sending personal documents to shady services would be another risk.

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