North Dakota securities regulators have haunted down the Union Bank Payment Coin (UBPC), an ICO whose website IP address is located in Russia and registered to an individual. The regulatory body subsequently ordered the owners to stop selling “unregistered and potentially fraudulent securities.”
The ICO project called UBPC is allegedly impersonating a Union Bank AG, a commercial bank based in Liechtenstein. Apart from copying some features of the Union Bank AG website, there is a high chance of investors putting money in the project while under the impression that the bank was behind the project.
The scammers behind the fraudulent ICO are acting under the guise of an original announcement made by Union Bank AG in August in which the Bank states that it is going to launch a security token for their called Union Bank Payment Coin (UBPC).
The ICO project is using the same name for it’s coin and claims they are issuing the “world’s first security token backed by a fully licensed bank” which doesn’t reflect reality.
In addition, the fraudulent ICO project’s website uses a phishing address similar to the original one.
ICO Investors In North Dakota Urged To Be More Cautious
Speaking on the matter, Karen Tyler who is the commissioner of the North Dakota Securities Department, urged investors to “be exceedingly cautious” when choosing which ICO projects to invest.
“Because ICOs are sold over the internet and pitched heavily through social media platforms, North Dakotans can be exposed to the offers whether the promoter is down the street or on the other side of the globe.”
At the time of compiling this report, we noticed that the Twitter account belonging to the ICO project had been suspended, while the project website issues a privacy warning to internet users.