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Crypto Scam Using Grayscale’s Name Outed

Crypto scams are on the rise, reasonably expected with the growing interest in cryptocurrencies at the moment. One such scam is using the Grayscale name to pump unknown coins. Grayscale Bitcoin Trust is a big name, and any coin that is mentioned alongside it is likely to create excitement in the market. For this reason, an imposter is using this name to drive up the prices of little-known cryptocurrencies.

The imposter has been claiming that Grayscale is creating financial products for Theta and Nahmii, two unknown crypto assets. They have also gone ahead to register trusts for these digital coins, thereby creating an impression that the popular company is the brain behind them.

Commenting on the issue, Grayscale has announced that while it has a list of assets it intends to include in its portfolio, Theta and Nahmii are not on that list. A spokesman for the company was very forthright about the issue stating that they had not filed trusts under the two cryptocurrencies. The Nahmii team has also come out saying that it was not in any engagements with Grayscale to create a Nahmii-based investment instrument.

The scam is so elaborate that it even escaped the scrutiny of some prominent crypto sites like Coindesk. The crypto news site had reported that Grayscale had filed for new trust for Theta and Nahmii.

Notably, the report had generated excitement because this would mean that the fund was in the process of creating investment vehicles for the two cryptocurrencies. However, in light of the denial of the existence of such trusts, it means an average investor in the crypto space has to be more vigilant.

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