Fake Bitfinex White Papers Reportedly Surface Online

| Publish date: 05/06/2019

Bitfinex is definitely stirring the entire industry, especially after the controversial allegations from the New York Attorney General’s office. And as speculation and impatience grow bigger, opportunistic individuals are starting to create bogus white papers.

Fake White Papers Explained

According to the official report, these fakers are bringing the above-mentioned papers online, especially since there is huge anticipation revolving around the forthcoming Bitfinex token sale. These papers, in particular, purport to explain the details of the said sale. Unfortunately, it is not exactly what they are after – they are designed to scam any potential buyers out of their own hard-earned cash.

The titular Bitfinex shareholder named Dong Zhao warns that these white papers surfacing online are nothing but “fake.” As far as the authentic one is concerned, it is yet to be released by the company. And, as far as the official name of the token is concerned, it is called LEO – the white paper seems to suggest it is BFX when it is not.

Apart from the aforementioned, the offering is expected to accept USDT. The company did not mention anything about accepting Bitcoin (BTC) or Ether (ETH). And for the amount that is said to be raised, it still remains at one billion.

Releasing the Official White Paper

Interestingly, the fake papers really look authentic in the sense that they contain comprehensive details. Although they can easily be digested and deemed fake, there is a possibility an individual can be fooled by these papers. For instance, they contain bios of the company’s very own founders – a detail that is somehow consistent with to the one on the company’s official site.

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Apparently, though, the language appears to be flooded with lazy lines. For example, at least 20 percent is expected to be kept in reserve in order to cope with an emergency or unexpected scenario. This one, in particular, only suggests a lack of editorial expertise.

Unfortunately, these white papers have started to invade a variety of social media platforms. That is why people across space are being warned. Zhao claimed before that investors will obtain the opportunity to review the token’s white paper. From there, they are expected to be provided with the option to either cancel their soft commitment or deem it a hard one. If they decide to move forward with the latter, there is a need for them to provide at least 10 percent deposit.


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