Dec 03, 2024 05:38 AM
FINANCE
BRICS Pay Cross-Border Payment System Exposed as Hoax by Crypto Currency Promoters
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Experts warn against crypto scams, including fabricated partnerships and manipulated token promotions.
Claims that the countries that make up BRICS, a grouping of emerging market economies, were backing a cross-border payment system known as BRICS Pay have been exposed as a hoax.
The ambitious ruse, involving fabricated news and a fake website, emerged during the group’s October summit in the Russian city of Kazan with claims that a pilot project had been launched in China.
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- Claims about a BRICS-backed payment system, BRICS Pay, were found to be a hoax, with fabricated news and a fake website involved.
- The Kazan Declaration mentioned a "cross-border payment initiative" but did not refer to BRICS Pay, instead focusing on studying local currency cooperation.
- Investigations revealed no involvement from Chinese authorities and linked the fraud to crypto promoters and a dubious Hong Kong company, highlighting common scams in the crypto sector.
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Who’s Who
- China Science and Technology Holdings Group
- China Science and Technology Holdings Group, linked to the BRICS Pay hoax, is a Hong Kong-registered company claiming state-owned backing, founded by alleged researchers from the Chinese Academy of Sciences. However, business data indicates it was registered in 2010 with a capital of HK$10,000 and lacks apparent state backing. Its shareholder, Jian Zezhong, is known for roles in Shanghai-based companies. No verified information supports its claims of launching a digital currency.
- Shanghai Langao International Trade Co. Ltd.
- Shanghai Langao International Trade Co. Ltd. is associated with Jian Zezhong, who has acted as its chairman. Additionally, he is an executive of the Shanghai Guizhou Chamber of Commerce. The company appears in connection with a potentially fraudulent scheme involving the promotion of BRICS Pay and other unverified digital currency efforts. There is limited verified information about its operations or legitimacy.
- Binance
- The article mentions that fraudulent crypto websites falsely claimed large investments from reputable companies like Binance. Investigations confirmed these partnerships were fabricated, highlighting common scams in the crypto sector involving false partnerships and manipulated promotions.
- Polygon
- Polygon, mentioned in the article, is a well-known cryptocurrency platform that aims to improve the scalability of Ethereum by providing a framework for building and connecting Ethereum-compatible blockchain networks. It is a reputable name in the crypto industry and was falsely claimed by fraudulent websites as a partner. Polygon's ecosystem supports a range of decentralized finance (DeFi) applications, gaming platforms, and other blockchain-based services, emphasizing scalability, security, and interoperability.
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What Happened When
- 2010：
- China Science and Technology Holdings Group was registered in Hong Kong.
- June 2024：
- A Bloomberg report mentioned a fraudulent use of Jakob-Moritz Eberl's photo in crypto startup websites.
- October 2024：
- BRICS summit took place in Kazan, Russia, where the hoax about BRICS Pay emerged.
- By October 2024：
- Claims about BRICS Pay were exposed as a hoax during the BRICS summit in Kazan, Russia.
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