This video documents the "Fake Justin Sun" (no relation to the real Justin Sun) who is trying to scam me to buy his fake Tron Stablecoin.
Details of the scam are covered here in CoinTelegraph:
Gumi Cryptos Capital partner, Miko Matsumura, recently spoke with a scam artist pretending to be Justin Sun. The imposter was attempting to sell a supposed privacy-focused crypto-asset pegged to the value of real Tron TRX coins.
Upon initial inspection of the project and its token sale, Matsumura jumped on Skype for a call with someone who claimed to be Justin Sun. "The impostor was very realistic as you can see," Matsumura told Cointelegraph referring to a video he provided of his chat.
Matsumura also provided Cointelegraph with a copy of the fake project's white paper. The fraudulent token positioned itself as a privacy solution.
Called TRZ, the asset claimed a price pegged to the TRX coin. It used similar technology to other known privacy assets. TRZ also claimed a total token supply of 99 billion — just 281,283,754 less than the total TRX supply listed on CoinMarketCap. The white paper showed a "seed sale date" of "May - June."
"TRZ is the first privacy token on Tron and it realizes the complete privacy protection of the Tron network through non-interactive zero-knowledge proof," the scam white paper said.
"Compared to the existing blockchain privacy protection technologies, TRZ can help realize the privacy protection of account and transaction information," the white paper added, proving a point of irony — an asset touting security actually looked to harm participants in reality, as part of a fake offering.
Matsumura noted the sale as a purported Binance initial exchange offering or IEO. Matsumura said that the scam was persuasive:
"Overall I thought it was a fairly convincing fake. I have met the real Justin Sun in person so this is a fairly high standard IMO."
