The regulator announced Wednesday it has launched a mock ICO called HoweyCoin, presumably named after the Howey Test, which “touts an all too good to be true investment opportunity.”
However, the company notes, “the offer isn’t real.” Users who try to invest in the token sale will instead be redirected to the regulator’s education tools, which are aimed at pointing out the signs of fraudulent token sales.
According to the HoweyCoin website, most travel businesses “require processing, centralized currency, and most importantly, nickel and dime fees that add up to literally billions.”
HoweyCoin is different, the fake site says, because:
“HoweyCoins utilize the latest crypto-technology to allow travelers to purchase all segments without these limitations, allowing HoweyCoin users to buy, sell, and trade in a frictionless environment – where they use HoweyCoins to purchase travel OR as a government-backed, freely tradable investment – or both!”
The website goes on to report that investors will receive 1-2 percent returns, and advises them to “HODL,” mimicking websites for existing fraudulent or potentially fraudulent token sales…