Bakkt Impersonator Attempts to Raise Funds

Bitcoin futures trading platform Bakkt is being poorly impersonated by someone to bilk individuals out of their Bitcoin.

On Wednesday, a news team has received an email (subject line: “Bakkt News!”) written in broken English and sent from a Gmail address. The message claimed the platform was scheduled to launch on March 12. It added that Bakkt would be aiming to raise $50 million in a second funding round and directed readers to bakktplatform.io.

Prospective investors are asked to register by providing their email address and name. After the process, a Bitcoin address is displayed for the visitors to send their money and asked them to enter their address to receive investment “profits.”

No money had been transferred to the wallet as of Thursday morning. “That is not a Bakkt website and we wouldn’t have communicated in that way,” an Intercontinental Exchange (ICE) spokesperson said.

Presently, Bakkt has no official launch date yet. It is still waiting for regulatory approval to start listing its futures product, and the CFTC is not at all near to such approval.

The CFTC hasn’t even released Bakkt’s self-warehousing proposal for comment. If the proposal is published, the public will be given 30 days to respond. Once the comment period ends, commissioners of the CFTC will likely take several days to review the feedback before voting to deny or approve the proposal.

Given that, a March 12 release date would be an aggressive target, and Bakkt has not made such commitment.

In addition, Bakkt has just raised $182.5 million less than two months ago. It strains credulity to think that a regulated institutional platform would solicit money from the public via a website, require only an email address and name to invest, and accept Bitcoin alone.

“We are at the stage of completing the testing of Blockchain on our platform, our tests have shown high results of efficiency and manufacturability using Blockchain technology in contrast to Fiat,” the fake Bakkt stated. “Тhe near future we plan to create the first regulated exchange of the institutional class in a developing industry and much more [sic].”

The site also promises investors a return within three days of Bakkt’s launch. Perhaps appealing to FOMO, it states the fundraising effort will be concluded on February 25, unless it reaches the target before that date.