The SEC isn’t exactly the cryptocurrency industry’s best friend, but it seems to have accepted the fact that digital currencies are here to stay. It has launched an ICO for its own cryptocurrency dubbed HoweyCoin.
HoweyCoin, however, is not your typical crypto. The ICO is, in fact, a fake one. While the website looks legitimate and will pass (cursory) muster, there is nothing real about it.
The aim of the SEC is to use HoweyCoin to educate investors about the possible dangers involved in ICOs. One cannot ignore that there are risks, and it is especially important for individuals new to the cryptocurrency world to understand these risks.
HoweyCoin’s website is designed to highlight red flags that may point to a scam.
Its premise looks solid enough – using blockchain for luxury travel:
Combining the two most growth-oriented segments of the digital economy – blockchain technology and travel, HoweyCoin is the newest and only coin offering that captures the magic of coin trading profits AND the excitement and guaranteed returns of the travel industry. HoweyCoins will partner with all segments of the travel industry (air, hotel, car rental, and luxury segments), earning coins you can trade for profit instead of points.
“Massive potential upside benefits” are listed as:
- HoweyCoins are officially registered with the U.S. government;
- HoweyCoins will trade on an SEC-compliant exchange where you can buy and sell them for profit;
- HoweyCoins can be used with existing points programs;
- HoweyCoins can be exchanged for cryptocurrencies and cash;
- HoweyCoins can be spent at any participating airline or hotel;
- HoweyCoins can also be redeemed for merchandise.
They even have a link to their whitepaper, which is expected of every ICO.
However, when you click on the Buy button, you will be directed to a page showing you just how easily you can get scammed. With the screaming headline “If You Responded To An Investment Offer Like This, You Could Have Been Scammed – HoweyCoins Are Completely Fake!“, the site will open your eyes to reality and hopefully help you invest wisely.