‘HoweyCoin’: SEC trolls Crypto fraudsters with fake ICO campaign
‘In a landmark embrace of technological innovation, the US Securities and Exchange Commission (SEC) has announced that it will issue its own cryptocurrency – HoweyCoin – through an initial coin offering (ICO).
Okay, that’s not actually true, but the agency has constructed a clever campaign intended to teach investors how to identify ICO scams – and troll the fraudsters who continue to operate them.
The SEC unveiled HoweyCoin in a statement titled “The SEC Has an Opportunity You Won’t Want to Miss: Act Now!,” and the token sale documents promise that the coin will leverage blockchain technology to revolutionize the travel industry.
From the eight-page whitepaper:
“HoweyCoins will spearhead this digital revolution into the travel industry by passing along the savings of cryptocurrencies to you. Because of its finite supply and dedicated use in the travel industry it will be the coin of the realm for travel. These savings will be passed on to you and the earlier you get in on the HoweyCoins ICO the greater the discounts are going to be.”
The website reveals that HoweyCoin is currently in the middle of its ICO presale, giving investors just a little more than two weeks to purchase their tokens at a 15 percent discount.
The token sale documents further assure investors that they will reap significant returns on their tokens – as great as two percent per day – with a minimum growth rate comparable to those of high-performing mutual funds.
“HODL! We also forecast a minimum growth rate of between 7% to 15% annualized, making HoweyCoins attractive for long-term investment. In addition, HoweyCoins can serve as a GUARANTEED hedge against inflation and market loss.”
HoweyCoin even has endorsements from athletes, social media influences, and other celebrities who are obviously the top authorities on the quality of the underlying technology.
However, the fun ends once prospective investors click the “Buy Coins Now” link, which instead directs them to an SEC investor education website that provides information on how to identify and avoid common ICO scams.
“The SEC was able to build the HoweyCoins website in-house in very little time,” the agency said in a statement, “which demonstrates just how easy it is for someone to create a scam opportunity.”