Washington wants you to know what a cryptocurrency scam looks like—so regulators made one up. The Securities and Exchange Commission—an 84-year-old agency not known for its digital communications savvy—on Wednesday launched a website that touts a fake initial coin offering, an unregulated way of raising funds that has raised over $12 billion. The SEC says many ICOs are probably fraudulent, with bad guys evading investor protections and selling digital tokens that turn out to be worthless for the buyers.

Source: Wall Street Journal May 16, 2018 20:48 UTC