A Google forum claims to have lost $15,000 in an alleged scam they found via Google ads

Recently, a user named Kazuo Kusunose claimed to have been tricked into losing $ 15,000 while trying to participate in a scam new Chinese cryptocurrency sale – a website operated by Yuan Pay Group.


A Google forum claims to have lost $15,000 in an alleged scam they found via Google ads

The suspicious site is reportedly trying to capitalize on China’s DC/EP digital yuan with the promotion of “China Launched New Yuan,” intriguing this particular use.


Source: Coindaq.io

According to Kazuo Kusunose, the alleged cryptocurrency scam was carried out through a platform called Coindaq.io. When users clicked on the ad, they visited the Yuan Pay Group page. According to them, the alleged withdrawal took place on the site Coindaq.io. Users are directed to the platform to open an account and deposit money to participate in digital yuan sale.

The Yuan Pay Group page looks similar to other ICO-like crypto projects and presents itself as the only entity approved to sell and trade China’s digital yuan. The alleged scammers also used pictures of Peter Thiel and Richard Branson as part of the legal response.


Source: Yuan Pay Group

The advertised site appears to be used as a buffer before the user appears to be automatically redirected to the Yuan Pay Group page. This user seems to have fallen into a false sense of security.

The alleged scammers are also using the “Coindaq” name, a crypto analytics platform but not an exchange platform and resides under the .net top-level domain. In their complaint, the investor is requesting Google check into the ad to help prevent further fraud.

Google has imposed strict guidelines and has previously been wary of advertising cryptocurrencies. Although Google does allow some cryptocurrency advertising, they are restricted to crypto hardware products and cryptocurrency exchanges.

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