High-Frequency Trading (HFT) giant Virtu has been the aim of the superficial clone scam, using its potentiality to interest and draw investors. The firm is now threatening to take legal action and have taken the matter to the relevant authorities.

The promotional material for the Virt “coin” which is in question is bizarre as it almost appears to be a parody of the present-day market or the result of an ICO whitepaper writing Artificial Intelligence gone rogue.

Virtu Financial which is one of the important high-frequency trading companies on Wall Street has now issued a cautionary against Virtcoin, explaining that it has no connection, relationship or affiliation with the company or its officers as well as directors.

Furthermore, Virtu notified the relevant authorities and made public its intention to begin all necessary legal actions to defend the firm from any attempted infringement on the copyrights of Virtu’s, trademarks and intellectual property.

This follows a fake press release that Virt sent out on Wednesday with images of Virtu team, attempting to link the two entities. The ambiguous press release also claimed that Virtu’s financial chief executive, Douglas Cifu, recently told the Wall Street that the company was going to issue a token VIRT for the exchange desk.”

According to the project’s website and whitepaper, Virt appears to be run by either a group of scammers from China that do not know basic English and entirely rely on the auto-translation software or a body pretending to be uneducated for some reason.

The fake press release ended in a nonsensical testimonial that, “The forthcoming VIRT, a trading counter token, is promising. Deutsche Börse, operator of the Frankfurt Stock Exchange, even prepared a $ 60 million financing for Digital Asset Holdings. Elmer Funke Kupper, ASX’s chief executive, also expressed his deep concern and support.”

This issue has raised so many concerns, and the person behind the whole thing should pull it off if it is some prank or something. In a short time, the lawsuit might go through and augment matters, but the truth about everything is yet to be known.