Domain registry company NJAL.LA aka “Njalla” has been in the spotlight in cryptocurrencies due to its sophisticated fraud on Mollars.com by “Mollars Cryptocurrency Project”. Now he has moved to Mollars.CC, but the project’s original domain was suddenly shut down without any explanation. This strange occurrence worried some crypto investors, but a PSA was issued to clarify the matter.
Today, via Twitter, an answer was shared for everyone wondering what happened Via X (formerly Twitter)).
Why Mollars.com switched to Mollars.CC
“The domain http://Mollars.com was hijacked from us by a fraudulent domain registry service that states in its terms of service that it actually owns our domain. We will take the domain back. Until then, we are focused on building out our new domain brand: http://Mollars.cc.”
This is just part of the full tweet, but after seeing this, it’s clear what traders should do is investigate who NJALLA Domain Registry is and whether they are legitimate. A simple search for this company using the words scam or “Njal.la domain theft” will yield shocking results.
Apparently, “decentralized” domain registries aren’t really registries, but they do retain the appearance of a shell. Instead, the company buys a domain for a client, calls it their own name, and retains ownership of the domain without the client knowing.
Unless a customer happens to read your “About Us” page, which has nothing to do with the normal buying process. Njalla’s About Us page explains that the company does not reveal who owns the domains, effectively protecting itself from lawsuits.
“For example, when you register a domain name in our system, we can register it using our own data. We become the actual registrant of the domain. However, you do have full control over your domain name. You can use our information (and nameservers), or you can use your own custom data. And you can move it whenever you want. Simple and flexible.”
The Mollars.com domain is at risk due to the company’s clever description that is not made clear on its customer-facing sales page. And it’s not just Mollars, hundreds of other people have complained about the company as well on SEO forums, TrustPilot, and reddit (see here).
Who owns NJAL.LA?
Also recently discovered by some, the founder and owner of this company is none other than Peter Sunde. If the name isn’t familiar to you, he’s the co-founder of the conscientious internet site, Pirate Bay. Another project with a disgusting past.
But the crypto backers of the Moraz project may be the biggest rival they’ve ever faced. Losing a domain could result in thousands of investors losing a small percentage of their potential ROI profits. “.com” tends to be considered more trustworthy than something like Mollars.CC, but “CC” better represents cryptocurrency.
On the other hand, while pre-sale investors may be unfazed, no investor generally wants to see a company. try In any case to tarnish the “diamond jewel” they found.
Investor money will not be stolen from Mollars token pre-sale wallet
All investments are still secured for the nearly $500,000 raised so far for the $MOLLARS token project. A tweet from the Mollars developer earlier today made it abundantly clear that not all investor funds are suffering from the domain debacle.
“All funds are 100% safe. This event will not negatively impact or negatively impact funds donated in real token projects or token pre-sales,” the second line of the tweet reads. It is written.
The uninitiated may not understand how token pre-sale funds are stored, but they are not stored on the actual domain itself. All cryptocurrencies, even those from initial coin offerings, are stored in crypto wallets that have special keys to access them. In addition to wallet keys, the smart contracts used to bridge payments provide added security to ensure funds go to the right place.
The Pirate Bay and Njal.la founders cannot steal the Mollars.com domain and access Mollars funds.
Why are Njal.la and Peter Sunde stealing domains?
The reason why so many domains are stolen from clients is probably some kind of backend benefit to domain hijackers. When a domain’s brand becomes big enough to generate hundreds of thousands or millions of dollars through input and his SERPS, that brand has enormous value. Domains like Mollars.com can be resold on the black market for large sums of money.
In competitive niches like cryptocurrencies, Peter Sunde and his company could also benefit from receiving backdoor payments from rival brands. His five-figure payments to “snipe” competitors’ domains are lucrative business for “fake domain registry” companies.
Where can I buy a mauler now?
In any case, investors can visit www.Mollars.cc to stay updated on the presale of Bitcoin alternative tokens. The original domain may be returned to the creator of the Mollars token project in the future.
To date, the $MOLLARS ICO has raised approximately $520,000 (USD) and plans to sell all 4 million tokens supplied pre-sale by the end of this month.
Disclaimer: The Industry Talk section features insights from cryptocurrency industry insiders and is not part of editorial content. cryptonews.com.