The SEC set up a website, HoweyCoins.com, that mimics a bogus coin offering to educate investors about what to look for before they invest in a scam. Anyone who clicks on “Buy Coins Now” will be led instead to investor education tools and tips from the SEC and other financial regulators.
The website’s name, HoweyCoins, is a bit of an Easter egg—a tongue-in-cheek reference to the Howey test that’s used to determine whether a transaction is an investment contract.
The SEC was able to build the HoweyCoins website in-house in very little time, which demonstrates just how easy it is for someone to create a scam opportunity.
The website also shows the names and photos of a team of developers who are not linked anywhere, as well as three celebrities who support the project but who have very little to do with financial advice (an influencer, a drummer and a champion boxing).
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