LAToken trolled over

In a classic case of misunderstanding which plays havoc with a company’s reputation, the popular crypto exchange LAToken came in the line of fire, by being alleged that it was resorting to scam.

There have been many incidents where smart and malicious hackers resort to potentially unseen ways to steal funds from unsuspecting individuals or exchanges. In the case of LAToken, the issue was that a person from the firm got in touch with the top executive of a blockchain company, only later to be censured for being a fake deleted Telegram account.

The issue came to light through a LinkedIn message from Tim, CEO of Blockscart, who warned the crypto community of an apparent fraud attempt enacted by LAToken. On February 1, Tim received a message from a person named Vincent in Telegram. After the usual pleasantries, Vincent asked Tim whether he would be interested to list his token on LAToken exchange.

LinkedIn screenshot Telegram Screenshot

Tim shared his email address but remained skeptical and cautious about any misstep. Added to his worry, he later discovered that Vincent who had represented LAToken actually became a deleted account in Telegram, due to reasons unknown. Tim was rather upset in his LinkedIn post advising readers never to trust identities who claim they are a part of reputed entities.

However, Wimplo was able to shed light on the incident and reveal that this was a case of mere misunderstanding and it was just a normal marketing outreach on the part of LAToken exchange. Wimplo’s senior journalist KMS Ganesh in a candid interview (refer to the above video) with Yan Stavisski, Director of US Operations for LAToken helped remove any stigma associated with LAToken.

Speaking solely on the issue, Ganesh asked Yan about the details of the news floating around. Yan clarified that Vincent was indeed marketing personnel of LAToken and had positively contacted Tim with the proposition. The issue arose because Vincent’s Telegram account had been deleted after his conversation with Tim, which led him to suspect Vincent to be a scammer.

Yan highlighted that such cases are quite common in the realm of Telegram, where if an individual contacts another and gets reported as spam, there is a probability of the Telegram account getting deleted. Vincent’s account would most probably have fallen prey to this incident.

Yan emphasized that the need of the hour in security was reaching out to the authorities and maintaining due diligence. He acknowledged the presence of “bad apples” and pointed out how to reach authorities in the case of LAToken.

LAToken has an official email address in their ‘Contact Us‘ section of their website which can be used to ascertain the credentials of individuals posing as representatives. Also, Yan shared an idea that you must ask that representative to tweet out from an official Twitter handle to your Twitter tag.

Yan was positive when he said that although there could be nefarious actors who might want to try to damage the reputation of LAToken, LAToken would stand tall and is here to stay. LAToken’s position stands testimony to the fact that Tim’s LinkedIn post has been removed.