A fraudster is spreading a fake YouTube video to advertise Amazon Coin scam in the name of a presale. People are talking about Amazon making its own digital money called Amazon coin. It has been a hot topic on Google for some time with different names.
But what’s the reason for Amazon to create its own currency when it already possesses a robust payment system known as ‘Amazon Pay’ and various other methods for receiving payments, such as:
- Visa (including the Amazon Rewards Visa Signature Card)
- Amazon Store Card
- Amazon Secured Card
- Discover Network
- American Express
- Diner’s Club (U.S. billing addresses only)
- China UnionPay (credit card only)
- Visa, MasterCard, or American Express prepaid credit or gift cards
Perhaps they aim to appeal to individuals involved in Web3, or maybe there’s another motive behind it.
Alert: Amazon Coin Scam
To check if this project is real, we tried searching for it on Google. At the top of the search results is a video about the coin. It’s on the YouTube channel ‘CoinMarketCap’, and it shares information about the project and the presale.
According to the video, Amazon is making Amazon Coin, which you can use in an Amazon crypto wallet. This wallet lets you trade the top 50 coins with the highest value and earn up to 200% interest by buying AMZ tokens. One AMZ token costs $1 USD.
The video also shows a teaser and links to the presale, where you can buy the token in the first public sale. The presale website looks legit and accepts cryptocurrencies like BTC, DOGE, XRP, etc.
But if you look closely, you can spot some warning signs in the video and on the presale website, especially if you are a Web3 user. The YouTube channel that posted the video isn’t connected to CoinMarketCap.
If you watch the videos carefully, you’ll see lots of videos talking about Amazon coin with different names like AUZ100x, zed400x, aze300x, atz500x, awt33x, AZR100x, amr90x, GPT66x, ADA200t, GPT55X, amazons gpt55x, AZV55X, GPT44X, ABN100E, AMQ600E, AMA44X, AWS44x, ALT400E, XRM5T, AZN44X, AZ55XP, amazons gpt44x, AZN66X, AZ100TX, AZ66TX, AZP300X, AMC400X, AMZk20, ATR44X, arp44k crypto $aoe300x, and many more. But the biggest warning sign is the presale page of the website.
Strangely, there’s no whitepaper on the page, and information about how the token works is missing. The high rewards they promise are another red flag. Also, check the token’s deposit address on different chains.
Most addresses on the website have yet to be used before and look new. The video about Amazon coin and its presale is a trick to get clicks and is a scam. Why must Amazon use YouTube when it’s already a big company?
In summary, Amazon is not planning to create its own cryptocurrency soon. There has yet to be an official announcement this year. The cryptocurrency market is risky, and big companies like Amazon are not getting involved.
How to Analyze Cryptocurrency
Do some research before you put your money into any cryptocurrency or NFT project. Here’s what you can do:
- Learn the Basics: First, understand what cryptocurrencies and NFTs are. They’re digital assets, like online money and unique digital items.
- Check the Project: Look into the specific cryptocurrency or NFT project you’re interested in. Find out what it’s meant to do and why it exists. You can often find this information in a document called a whitepaper.
- Look at the People: See who’s behind the project. Are they experienced and trustworthy? A good team is a positive sign.
- Online Community: Check if people discuss the project online, like on social media. An active and involved community is usually a good sign.
- Technology: Understand the technology it uses. Is it secure and proven, or is it new and risky?
- What’s It For?: Think about what the cryptocurrency or NFT can be used for. Does it have real uses, or is it just for speculation?
- Partners and Friends: See if the project has partnerships with other companies. This can make it more reliable.
- How the Money Works: Understand how the cryptocurrency or NFT is made, how many there are, and how they’re used.
- Future Plans: Look at what the project plans to do. Do they have clear goals?
- Laws and Rules: Make sure the project follows the rules and regulations in your country. Some projects might need to be legal.
- Safety: Check how they keep everything safe from hackers.
- Market Trends: Consider how the project fits into the bigger picture of cryptocurrencies and NFTs.
- Reviews and Ratings: Read what other people say about it on websites and forums.
- Risks: Remember that putting your money into cryptocurrencies and NFTs can be risky. Only use money you can afford to lose.
- Spread Your Money: Put only some of your money into just one cryptocurrency or NFT. It’s safer to spread it out.
- Keep Learning: Stay updated on what’s happening with the project and cryptocurrency world. Things can change quickly.
In simple terms, be careful and informed when you invest in cryptocurrencies and NFTs. Don’t rush, and only use money you can afford to lose. It’s always good to get expert advice if you need more clarification.