Kraken, one of the biggest US crypto exchanges, has developed an innovative way to flag fraudulent activities - it has created a fake crypto asset account to dupe scammers. The strategy was put into action with the help of renowned streamer, Kitboga. On May 10th, 2020, he published a post on Twitter, where he revealed that Kraken provided him with a fake crypto account with about $450,000 worth of Bitcoin. Kitboga is a well-known Twitch streamer who has 1.2 million followers, and plays characters to frustrate scammers.

Previously, Kitboga ran into an individual who was impersonating President Joe Biden. Using his fake crypto account, he frustrated the particular scammer even further and on the video that Kitboga posted on Twitter, he can be seen entering the wrong wallet address, leaving the scammer highly unhappy. When the scammer supplied a Kraken-hosted wallet address, Kraken was able to identify and flag the knock-on activity.

Kitboga often uses his character to make light of the dark situations some scammers exploit. This includes the ‘social security scam’ that targets victims via text message or email about strange purchases, and ask them to withdraw their money and purchase Bitcoin to be sent to a “secure government wallet”. He even pretended to get their "grandson" to buy 10,000 BTC and sending it to the wrong address.

Overall, this collaboration between Kitboga and Kraken has shown to be an effective way to fight fraudsters and bad actors. Not only can they detect and stop fraudulent activities, it's also a fun and exciting way to frustrate the scammers, who have tried to scam innocent people.



Other News from Today