Digital Currency Scam Site Warning: UpLibra

The Libra digital currency project has gotten a lot of attention. While there is still no regulatory approval or official launch date, Facebook continues to make headlines with it. It now appears there is a potential scam making the rounds called UpLibra. It claims there is an airdrop underway, even though this currency does not exist as of yet. 

What Does UplIbra Offer?

It is always interesting to see how numerous companies will claim users can get product X, Y, or Z before it even launches. This is no different in the cryptocurrency and digital currency industry. Facebook has announced it would introduce Libra to the masses at some point in 2019. While an ambitious claim, the currency still doesn’t exist at this time. Nor will it for some time to come, given all of the pending investigations. 

Keeping that in mind, it is all the more remarkable how UpLibra will offer 1 million Libra to users who sign up for their platform. This is an alleged airdrop of Facebook’s currency, where users will earn up to 3 Libra each for completing various tasks. It is evident this has all the signs of a scam or phishing site, as there is no currency to give away. Nor will Facebook allow anyone to airdrop this currency until further notice. 

An OTC Trading System?

Another audacious claim uttered by this platform can be found on its main page. UpLibra claims it will provide a Libra-based OTC trading system. Hundreds of millions of users will be able to benefit from this trusted and secure platform for all their trading needs. It is interesting to see companies aim to become so ambitious, although it is evident this claim should also be scrutinized first and foremost.

Moreover, the company claims users will be able to trade Libra on any device and on a global scale. Interestingly enough, this company will also allow users to buy and sell Libra in exchange for cryptocurrency. It seems safe to say Facebook wants nothing to do with cryptocurrencies at this point. As such, it seems rather unlikely they would actively seek trading pairs with Bitcoin, Ethereum, and others. While not impossible, it further confirms the UpLibra platform should not be trusted blindly. 

Who is Behind it?

Finding out who is pulling the strings of what appears to be a potential scam is no easy feat. It appears the information of the domain registrar is hidden from the public, albeit that is not uncommon. The domain was created just a few months ago and got an update in late August. That in itself shows everything was put together with intent, albeit it remains uncertain if that intent is indeed malicious. 

On Bitcointalk, there is an entire thread about this particular platform. Most of the comments are not positive, albeit that was certainly to be expected. There does not appear to be any KYC protocol in place to verify new users, which should immediately trigger alarm bells. Considering how Uplibra also has a Bitcointalk account, it seems all the more likely this is a site should be best avoided altogether.