Its not a elliptic curve but was a type of winternitz (Curl-P) before, then blackhat came:

https://i.blackhat.com/us-18/Wed-August-8/us-18-Narula-Heilm...

And then they changed it....and no you create a iota seed just like that:

cat /dev/urandom |tr -dc A-Z9|head -c${1:-81}

And talking about scam....ethereum-classic? Bitcoin-cash?

Your talking about a flaw when you just can use a receiving seed once? Please just read the DAG article, and understand what winternitz-ots means hint (one time signing)

EDIT: Here the winternitz paper: https://eprint.iacr.org/2011/191.pdf