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Cryptocurrency Blockchain's web portfolio provider has filed a lawsuit in a US federal court that allegedly attempts to deceive a copy website.
In a blogpost Blockchain – whose website is hosted on blockchain.com – identifies the platform, blockchain.io, as a deliberate impostor who is trying to postpone himself to continue in his usual practices insincere from years back.
Attempted attempt to mislead
Blockchain's main concern for this development as reported includes the fact that the establishment is confusing customers and causing them to think they are "Blockchain". This concern derives from the similarities of the brand that are thought to be deliberately designed.
Include:
- Domain name similar to the website (blockchain.io)
- Website-like colors (shades of dark blue)
- Similar logo (a cube instead of a square) formed by shapes similar geometries (circles instead of rounded boxes).
- Taglist reproposed "connecting the world to crypto" through a thesaurus to create "your gateway to the Internet of value
A familiar character
According to Blockchain, the alleged new plant is actually an old platform with the original Paymium name, also known as "Instawallet", which in 2013 lost its users' funds to a widely publicized hacker.
Blockchain claims from his findings that one of the main reasons for Paymium rebranding tends to his attempt to launch an initial coin offering (ICO). Having damaged his reputation due to the way he handled the 2013 hacking case, damaged customers could take it with them to re-emerge. Hence the reappearance under a new name entirely, even if in a suspicious manner.
The Bane of Anonymity
The relative anonymity that exists within the blockchain ecosystem has been blamed for most of the scams and fraudulent practices that have fallen a lot of participants. Very often, the victims are left to cry their losses without any hope or respite. This is one of the key issues that are presumed to be delaying the regulatory framework in most regions and by extension, delaying even generalized adoption.
Right now, the SEC framework is going a long way in protecting investors from fraudulent artists in the ICO space. This is one of the reasons why Blockchain is calling Paymium and is exposing what they claim to be another attempt to cheat and defraud the unsuspecting public. Blockchain notes that there is no registration statement for the exercise as claimed by Paymium, which means that not only does it not meet the requirements of SEC but it is also lying.
Blockchain states that, embarking on a litigation procedure, it does not only intend to protect its own brand but to protect its customers and the general public from investing in the promise of a technology that in the real sense does not exist at all.
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