Your current location is:Fxscam News > Foreign News
Malta's Financial Authority warns of potential scam risks in 'Libra' AI trading tool.
Fxscam News2025-07-22 21:52:43【Foreign News】9People have watched
IntroductionHow do Forex brokers make money,What kind of people usually use HSBC,In the spring of 2024, the Facebook platform witnessed the emergence of a remarkable new player - a
In the spring of 2024,How do Forex brokers make money the Facebook platform witnessed the emergence of a remarkable new player - a cryptocurrency project named Libra, which quickly became the center of attention. Libra claimed to be a new type of cryptocurrency, focusing not on maintaining a stable exchange rate with major currencies such as the US dollar, but on keeping the purchasing power stable, backed by a basket of low-volatility assets including the US dollar, British pound, euro, and Japanese yen.
Since Facebook announced the Libra project on June 18, 2019, it has been mired in controversy. In the following months, it underwent scrutiny by the US House Committee on Financial Services, faced outright opposition from France and Germany, and saw initial supporters like PayPal withdraw their support. Despite facing a host of regulatory and policy challenges, Libra made a series of high-level appointments in 2020 in an attempt to push the project forward.
However, when Libra started to heavily promote its artificial intelligence-powered trading tools on Facebook, claiming to offer unprecedented opportunities for investors, the Malta Financial Services Authority (MFSA) issued a warning on March 15, 2024, stating that there was no direct connection between Libra and Facebook and that the legitimacy and promising prospects claimed were filled with doubts.
After a thorough investigation, MFSA found that Libra had not obtained any permission or authorization to provide financial services in Malta, posing a direct threat to consumer financial safety. Further investigations revealed that Libra could be using advanced AI technology to manipulate information with the apparent aim of misleading the public for unjust gain. These findings led MFSA to strongly suspect that Libra might essentially be a well-orchestrated scam, potentially leading to significant financial losses for investors.
Given this, MFSA strongly recommends that consumers thoroughly investigate and verify any financial service transactions before proceeding and remain highly vigilant about financial services offered through unconventional channels, such as unsolicited calls or social media private messages. In today's complex and ever-changing financial environment, with evolving scam tactics, the importance of safeguarding personal assets is evident.
Moreover, MFSA's warning also aims to remind the public not to overlook potential risks and threats while enjoying the convenience of financial services. It calls for a heightened awareness of financial services among the public, encouraging information sharing among consumers to raise awareness of potential risks. In this era of information explosion and emerging technologies, staying vigilant and well-prepared is key to protecting oneself from financial fraud.
Risk Warning and DisclaimerThe market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.
Very good!(3199)
Related articles
- In the first half of the year, Asian hedge funds had the lowest ability to attract investments.
- What is Overnight Interest? Five Common Questions about Overnight Interest
- Bank of America: Bank stocks are expected to lead the market gains.
- Fed cuts rates by 25 basis points, boosting gold; market eyes future policy directions.
- Synopsys plans to acquire Ansys for 35 billion dollars
- Trump considers announcing the new Federal Reserve chairman ahead of schedule.
- The best time to trade gold: Master key periods, optimize trading strategies, and maximize profits.
- Assets in US ETFs surpass $10 trillion, reshaping the investment landscape.
- LONMARKETS Trading Platform Review: High Risk (Suspected Fraud)
- The Bank of Japan may raise rates by 25 basis points, but the stock market rebounds strongly.
Popular Articles
Webmaster recommended
Market Insights: April 7th, 2024
UK and US bonds under pressure: UK yields hit new highs, raising fiscal concerns; US bonds near 5%.
The Reserve Bank of New Zealand holds rates steady, may cut in the future.
Argentina relaxed currency controls, but agricultural sales have been slow to respond.
This week's FxPro mini video: A very important historical moment for the Bank of Japan.
What is the Break Line? Five Tricks You Need to Know About the Break Line
Gold ETF demand rebounds, Peru’s silver production surges, signaling new trends in precious metals.
U.S. CPI May Rebound Sharply, Deepening the Fed