Doubler.cc Review Is Doubler CC Scam Should I Invest In DoublerCC

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Doubler CC is an innovative financial solution providing automated AI-oriented trading which aims at high profits within a very short period of time. Our service provides user the opportunity to make profitable return from cryptocurrency and forex market without any prior knowledge through our smart AI trading bot.

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1. Save your personal Link to access your contracts later

2. Connect with our Telegram Bot to get real time notification

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What is Doubler CC?

Doubler CC is an advanced system and successful company in the exciting world of trading crypto currencies. Doubler CC is using automated and self-learning trading program and aims at bringing high profits, passively and within the shortest possible time. By using our AI, you can take advantage of the opportunity to benefit from hundreds of profitable trading decisions in matters of seconds. The entire process is managed by a team of professional and experienced traders, this way eliminating the possibility of wrong decision.

How to start with Doubler CC?

It is very easy to start your first investment with doubler.cc . Follow this following steps 1. Select your preferred crypto currency 2. Enter Your personal address 3. Send us any amount in the given address 4. Sit back, Relax and watch your profit grows!

What is the minimum deposit and withdraw amounts?

Currently, the minimum investment is as low as 0.005 BTC/ 0.2 ETH/ 0.5 LTC/ 0.2 BCH/ 0.2 DASH / 10,000 DOGE / $50 Perfectmoney / $50 Payeer. Whenever you want to start a contract, just enter select your currency, Enter Preferred wallet and send the desired amount to the specified address we provide. After 1-2 confirmations it will be immediately added in your account. Each withdraw will be processed automatically in just a matter of seconds. The total amount of deposits is unlimited as well as the maximum investment value. Our current minimum instant withdrawal limits are 0.002 BTC/ 0.1 ETH/ 0.2 LTC/ 0.1 BCH/ 0.1 DASH / 5,000 DOGE / $5 Perfectmoney / $5 Payeer.

Where can I find my personal Pin?

Profitable AI-Trading Bot

Our automated AI trading bot software brings high profits in a very short period of time, returning our clients investment with high profit. Guaranteed profit up to 200%

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Registered Business

Doubler CC is a conern of Crypto Engineering Limited, a registered company in Hong Kong. Doubler.cc is hosted in a secure server with professional security protection providing 99.99% Uptime.

Lucrative Affiliate commissions

Doubler CC provides 15% Referral commissions everytime referrals opens a contract, where deposits and withdrawals are Automatic and Instant, happening in just a matter of seconds in Doubler CC.

Smart Telegram Bot

Get Instant Notifications! Doubler.cc provides Smart Telegram Bot, which you can use to better control your account and get instant notification of what happening. You can connect your Telegram account with the bot and enjoy the superior experience. Through Telegram bot, you can make payments and payouts, see daily profits, referral commissions and get additional daily booster!

Trading Packages

    Min. Investment: 0.005 BTC Profit Interval: 3 hours Breakeven: 30 Days Package ends: 60 Days Total Return: 200%
    Min. Investment: 0.15 BTC Profit Interval: 6 hours Breakeven: 22 Days Package ends: 44 Days Total Return: 200%
    Min. Investment: 0.9 BTC Profit Interval: 12 hours Breakeven: 15 Days Package ends: 30 Days Total Return: 200%
    Min. Investment: 0.2 ETH Profit Interval: 3 hours Breakeven: 30 Days Package ends: 60 Days Total Return: 200%
    Min. Investment: 5 ETH Profit Interval: 6 hours Breakeven: 22 Days Package ends: 44 Days Total Return: 200%
    Min. Investment: 30 ETH Profit Interval: 12 hours Breakeven: 15 Days Package ends: 30 Days Total Return: 200%
    Min. Investment: 0.5 LTC Profit Interval: 3 hours Breakeven: 30 Days Package ends: 60 Days Total Return: 200%
    Min. Investment: 10 LTC Profit Interval: 6 hours Breakeven: 22 Days Package ends: 44 Days Total Return: 200%
    Min. Investment: 70 LTC Profit Interval: 12 hours Breakeven: 15 Days Package ends: 30 Days Total Return: 200%
    Min. Investment: 0.2 DASH Profit Interval: 3 hours Breakeven: 30 Days Package ends: 60 Days Total Return: 200%
    Min. Investment: 8 DASH Profit Interval: 6 hours Breakeven: 22 Days Package ends: 44 Days Total Return: 200%
    Min. Investment: 40 DASH Profit Interval: 12 hours Breakeven: 15 Days Package ends: 30 Days Total Return: 200%
    Min. Investment: 5000 DOGE Profit Interval: 3 hours Breakeven: 30 Days Package ends: 60 Days Total Return: 200%
    Min. Investment: 300000 DOGE Profit Interval: 6 hours Breakeven: 22 Days Package ends: 44 Days Total Return: 200%
    Min. Investment: 2000000 DOGE Profit Interval: 12 hours Breakeven: 15 Days Package ends: 30 Days Total Return: 200%
    Min. Investment: 0.1 BCH Profit Interval: 3 hours Breakeven: 30 Days Package ends: 60 Days Total Return: 200%
    Min. Investment: 3 BCH Profit Interval: 6 hours Breakeven: 22 Days Package ends: 44 Days Total Return: 200%
    Min. Investment: 25 BCH Profit Interval: 12 hours Breakeven: 15 Days Package ends: 30 Days Total Return: 200%
    Min. Investment: 20 PM Profit Interval: 3 hours Breakeven: 30 Days Package ends: 60 Days Total Return: 200%
    Min. Investment: 750 PM Profit Interval: 6 hours Breakeven: 22 Days Package ends: 44 Days Total Return: 200%
    Min. Investment: 4900 PM Profit Interval: 12 hours Breakeven: 15 Days Package ends: 30 Days Total Return: 200%
    Min. Investment: 20 PYR Profit Interval: 3 hours Breakeven: 30 Days Package ends: 60 Days Total Return: 200%
    Min. Investment: 750 PYR Profit Interval: 6 hours Breakeven: 22 Days Package ends: 44 Days Total Return: 200%
    Min. Investment: 4900 PYR Profit Interval: 12 hours Breakeven: 15 Days Package ends: 30 Days Total Return: 200%

Transactions

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Date Currency Address Amount
Date Currency Address Amount
Currency Address Balance Reinvest Payout
Date Currency Address Amount Completion Status Money Back Guarantee
Date Currency Address Amount Status
Currency Address Balance Reinvest Payout
Date Currency Amount Address Commission Percentage

Referral System

15% Referral
Commission

Each time you refer a new user to Doubler CC, you will receive a 15% commission (5% instantly and 0.5%, daily paid for 20 consecutive days) directly to your wallet from every deposit the user makes. Payments are instantly sent making our referral program a great way to fine-tune your earnings.

Instant
Payment

Doubler CC is fully automated. Our top-notch Hosting services guarantee NO delays or down-time. We are aiming at making this experience as smooth as possible for everyone!

Secure and
Professional

Doubler CC is using a daily-updated DDoS Protection and Global CDN Acceleration. Our Web Application is protected with strong firewall and EV SSL certificate. The safety of your funds has the biggest priority for us!

Testimonials

Please send us your feedback, comments and suggestions here [email protected]

Doubler.cc is providing me the best return of my investment. What I understand by profitable investment is: Daily returns, long term, easy to use platform with experienced support team. Doubler.cc has everything of it. I am getting a daily return of 5.55% which is amazing. The project is surely long-term based because of their highly experienced support teams. I have tried many HYIP before, but I must say doubler.cc is the best among them.

Diego Pinto

Through smart AI trading bot, the return of investment in doubler.cc is amazing. I really like the platform as it’s very flexible and secure to place any investment here very easily. what I like most is, their instant payouts, whenever I need funds I just click on withdraw and in a matter of seconds I recieve it in my external crypto wallet. With Doubler.cc I am getting new hope to make profit out of this crypto industry

Farooq Qasim

United Arab Emirates

Doubler.cc is very profitable and trusted investment platform. It can be easily judged by their appearence. Most of all contacting with them is very easy and they are always available. I often contact through either telegram or by directly calling them in their support number. Whenver I have issues, they immediately solve it. I would give the support team 10 out of 10 for their professional support. Highly experienced support team.

Arnou Pelchat

This website is secure and verified by almost all the major trust network available. Since they have different Cryptocurrency and also two other popular payment system like payeer and perfectmoney, I find it very easy to place my investment here. Also their automated payout system is truely amazing. I would recommend everyone to try this platform at least with 0.01 btc or more, you surely won’t regret. this is the best program of 2020.

Alief Fathoni

Frequently Asked Questions

What is Doubler.cc?

Doubler.cc is a crypto investment platform with an advanced AI trading system and a registered company operating the business behind it. Doubler.cc is using automated AI trading bot for trading crypto currency as well as in the forex exchange market to bring high profits passively within very short spam of time. By using our platform you can easily double your investment within very short time. The entire process is managed by our expert team of professional traders and developers, developing AI trading bot for some efficient trading.

How to start with Doubler.cc ?
Which currency Doubler.cc supports?

Doubler.cc has 6 amazing cryptocurrency and 2 regular trusted payment method. Total 8 payment processors. You can use these to make investment as well we instantly withdraw your profit in these currencies. 1. Bitcoin 2. Ethereum 3. Litecoin 4. Dogecoin 5. Bitcoincash 6. Dashcoin 7. Payeer 8. Perfectmoney We are in process to add many other popular cryptocurrency in our network. Let us know which one you would like to have next? Your feedbacks are always welcome. contact: [email protected]

What is the minimum Investment and withdrawal amounts?

Currently, the minimum investment is as low as 0.005 BTC/ 0.2 ETH/ 0.5 LTC/ 0.2 BCH/ 0.2 DASH / 10,000 DOGE / $50 Perfectmoney / $50 Payeer. Whenever you want to start a contract, just enter select your currency, Enter Preferred wallet and send the desired amount to the specified address we provide. After 1-2 confirmations it will be immediately added in your account. Each withdraw will be processed automatically in just a matter of seconds. The total amount of deposits is unlimited as well as the maximum investment value. Our current minimum instant withdrawal limits are 0.002 BTC/ 0.1 ETH/ 0.2 LTC/ 0.1 BCH/ 0.1 DASH / 5,000 DOGE / $5 Perfectmoney / $5 Payeer.

How the system generates profits?

The Doubler Artificial Intelligence trading bot is connected to many of the most popular exchanges out there and it is closely supervised by our experts who control every single step, in order to make sure the profits are optimized properly.

Does Doubler.cc has any referral program?

Yes, it does! We would be pleased to have you as our partner and join our exciting referral program, which brings you a 15% commission after every single deposit your referral makes; the percentage is paid on a daily basis until the 15% target is reached (5% instantly and 0.5%, daily paid for 20 consecutive days). The more users you refer, the more profit you gain – it is as pure and simple as that.

How can I connect my account with Telegram bot?

In order to use the Telegram Bot, all you have to do is to start the bot and submit your personal link, or click on the “Connect with Telegram” button at the web page to connect automatically.

Am I allowed to have more than one account?

No, you are not! Having multiple accounts under one holder or more holders in one household is a strict disregard against the terms and conditions! We use several security features to fetch multiple accounts. Should we recognize any suspicious occurrence, then all accounts related to this will be permanently blocked unless there is evidence that militates against blocking.

I lost my personal link, where can I find my link again?

Nothing to worry about. It happens all the time! Just add your transaction ID inside the “Your Last Transactions” text field and simply click on ‘Search’. Immediately after, your complete payment History will be retrieved and shown.

How can I find my personal pincode?

Each user account has its own pin, which is necessary to make a reinvestment or package releases. The pin will be automatically sent to your email after registration or an investment. You can request for your pin on the homepage at any time.

How can I see my team or sponsor?

You can see your team and your sponsor in our Telegram Bot. Connect the Telegram Bot with your personal link, go to Referral and then click on Team.

What is the advertising materials do I have?

We offer advertising materials for our partners like ad banners and videos; feel completely free to use our advertising material. We also encourage creativity, so if you feel that you have an idea that could attract more referrals, then why not shoot videos about our company, advertise on appropriate banners, create a page or anything else. We like creative surprises!

When will my deposit show up on Doubler.cc Homepage?

Your deposit will appear as quickly as the Blockchain network confirms receiving your deposit. Immediately after, you will be able to see under the “ Transactions” History window, under the “My Investments” tab. You can also use your personal link or paste your wallet address in the search field to track your deposit.

What is the money back guarantee and how to avail it?

The money back guarantee is provided by us with complete transparency, To apply for the Money Back Guarantee, you must release a package in the my investments table on the website and click on the release button and enter your personal pin for confirmation. We deduct 40% fees in case you want to release your investment immediately.

How much time does it take for a withdrawal request to be processed?

All withdrawals to external wallets are absolutely instant!

Are there any fees for withdrawals?

Yes for each withdraw thath you make the fee is 1% ( Fee for payment processor)

How to contact support team?

Email us : [email protected], We have live support, Contact in Telegram group or Facebook, Twiiter

How to Red Flag Scams: Bitcoin Doubler Club, Cryptomia247, Mining Cheap, Orelex, and Wintrust

Last week’s news.Bitcoin.com post warning about common bitcoin scams like “The Bitcoin Code” elicited a plethora of comments and suggestions from readers, asking about and reporting other platforms and services claiming to provide bitcoin investment opportunities. This article examines some of these, and most importantly seeks to provide readers with basic tips for recognizing the general MO of these scam sites before their wallet is SOL.

How to Spot a Scam

When the bitcoin price goes up, and times are already hard for so many individuals financially, scammers have an ideal market for working their wiles and taking naive and unsuspecting victims for all the crypto they can.

As was emphasized in the previous article on the topic, the number one giveaway that something is a scam remains unchanged: if it sounds too good to be true, it almost always is. So before ending up rekt by trying to get rich quick, readers should have a look at the popular scams below and get a feel for their respective modi operandi.

Bitcoindoubler.club

As will quickly become apparent, many scams operate on this template:

  1. Wow victims with too-good-to-be-true promises of financial gains and returns.
  2. Get the user to register an email address or bitcoin address to provide an air of legitimacy.
  3. Have users make their first (and last) deposit.

Bitcoindoubler.club is no different. It is easy to recognize as a scam from the concept itself. Nobody can double someone’s bitcoins in 24 hours as a free service. The introductory text on the website also gives it away:

“We produce bitcoin mining machines that work extremely high levels,” is a vague statement with no real meaning. Notice the awkward English, big promises and bad grammar:

Yes you did not hear wrong, now this service is still paying. Surprisingly, you cannot experience unwanted events. Remember, our goal is to please you .. There is no better advertising marketing than this. Attention: There are many similar sites on the market. Ignore them! Check your address bar! It is a certified and verified system!

This site says there is no way to lose. In investing, however — as any experienced individual knows — there are always many ways to lose. Bitcoindoubler.club demands a minimum 0.003 BTC deposit to participate which, if sent, will be gone forever in a flash.

Wintrust Expert Options

The “Wintrust Expert Options” scam provides a little comic relief with its unique selling point of “beautiful managers in video chat.” It should go without saying though that such a detail is probably impertinent to the operations of any legit forex and crypto investment service.

Like the bitcoin doubler club site, this one promises returns in crypto trading (which are never a guarantee) in a remarkably short time period: “Invest and earn up to 95% in 60 seconds.” Though the sales pitch is different, with Wintrust focusing on trading, and the doubler site focusing on some vague mining magic, the underlying ripoff is the same: sign up, deposit money (either crypto or fiat in this case) and lose it.

When news.Bitcoin.com attempted to use the 24/7 live chat assistance to ask about a platform demo, not surprisingly, no one answered.

Note the vague and meaningless claims. “Regulated.”

Orelex

When your team looks this stock photo-y, watch out — you’re probably a scam. The page for “Orelex Financial Services” features a stock image that is easily reverse image searched on Google, revealing that the airbrushed characters in the picture are certainly not the Orelex team.

Investing in “crypography technology” the site promises users ” Sustainable Earnings = Master Business Plan X Customer Certainty.” If the spelling errors and bad grammar are not convincing enough, questionable testimonials from users (another common element of scam pages) saying things like “everythin is good” and multiple repeated comments are further red flags. Plus, the social media links do not lead anywhere. In short, users who don’t want their crypto wallets to be as broke as the site should steer clear.

Miningcheap.io

Another common front for bitcoin scams is to pose as a mining pool. While mining bitcoin can indeed be profitable, it is not effortless, and the fake mining websites give themselves away in the same manner as the others, promising easy gains via vague language designed to dupe those who haven’t done their due diligence in learning about the topic.

Mining Cheap says they are “an industry leading Bitcoin mining pool,” but a quick check of prominent bitcoin pools doesn’t show them anywhere to be found. The site also tries to combine gambling with mining, by giving those that make a deposit “free spins.” Similar fake mining sites exist, so those interested in joining a real mining pool as an investment should be sure to examine all possible options with a very critical eye. Like the other scams Mining Cheap has users sign up, make a deposit, and then promises quick returns which never come.

Cryptomia247

Cryptomia247 is a fake trading website promising an alluring lifestyle of wealthy digital nomadism:

After you have made a deposit, there is nothing else to do except watch your earnings grow in your account every day. This can be fun, because it means you can be anywhere you want to be in the world, and your capital will still be growing in your account every day, even without you doing anything!

The site features the now familiar one-two-three pattern of promise, register/deposit, lose. The giveaways of poor web design, broken links, and nonsensical offers described in poor English are also present.

Cryptomia247’s plan description is accidentally honest. The money deposited will indeed be gone forever.

Noticing Patterns to Stay Safe

It would be impossible to list all the hundreds or possibly thousands of similar bitcoin and crypto scam sites on the internet today. Those who have shiny bitcoin “B” signs in their eyes would do well to step back and closely examine any site promising them the financial world on a platter for next to nothing; because while investing in the scams listed above may pay for a yacht or nice lifestyle, rest assured it won’t be the victim’s.

Thankfully there are plenty of sound investment, trading, and mining opportunities out there, but they all require something scam platforms do not: hard work, time, and due diligence in research.

What other scam sites are you aware of? What are some other common red flags? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images courtesy of Shutterstock, fair use.

Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

Pay Attention to These 7 Bitcoin Scams

Bitcoin – the possible Pandora’s Box of the currency world – has never been short of controversy. Whether it be aiding the black market or scamming users out of millions, bitcoin is no stranger to the front page.

Still, the jury is out on the legality and usefulness of bitcoin – leaving it in a proverbial grey area. Bitcoin’s price has fluctuated throughout its history, falling and rising, currently hovering near $10,000. Perhaps you’ve found bitcoin while it looks to be on the rebound and find yourself interested in it as an investment.

However, there have been several legitimate bitcoin scams that have become infamous, and you need to know about them – but, what are the top 7 bitcoin scams? And how can you avoid them?

What Is a Bitcoin Scam?

For most cases, it may be pretty obvious what a scam is – but with bitcoin, and cryptocurrency in general, things become murkier. Bitcoin itself is an unregulated form of currency that essentially is a mere number that is only given value because of an agreement. It’s basically like a moneybag with a lock on it – the code of which is given to the recipient of the bitcoin (an analogy drawn by Forbes in 2020).

Bitcoin scams have been famously criminal and public in nature. With no bank as a middleman in exchange, things become more complicated; so hackers and con men have had a heyday.

Top 7 Bitcoin Scams

There have been (and undoubtedly will be) nearly countless bitcoin scams, but these frauds make the list of the top 7 worst bitcoin scams to date. Take note.

1. Malware Scams

Malware has long been the hallmark of many online scams. But with cryptocurrency, it poses an increased threat given the nature of the currency in and of itself.

Recently, a tech support site called Bleeping Computer issued a warning about cryptocurrency-targeting malware in hopes of saving customers from sending cryptocoins via transactions, reported Yahoo Finance.

“This type of malware, called CryptoCurrency Clipboard Hijackers, works by monitoring the Windows clipboard for cryptocurrency addresses, and if one is detected, will swap it out with an address that they control,” wrote Lawrence Abrahams, computer forensics and creator of Bleeping Computer.

The malware, CryptoCurrency Clipboard Hijackers (which reportedly manages 2.3 million bitcoin addresses) switches addresses used to transfer cryptocoin with ones the malware controls – thus transferring the coins to the scammers instead. And, according to Asia Times, even MacOS malware has been connected to malware scams involving cryptocurrency investors using trusted sites like Slack and Discord chats – coined “OSX.Dummy.”

2. Fake Bitcoin Exchanges – BitKRX

Surely one of the easiest ways to scam investors is to pose as an affiliate branch of a respectable and legitimate organization. Well, that’s exactly what scammers in the bitcoin field are doing.

South Korean scam BitKRX presented itself as a place to exchange and trade bitcoin, but was ultimately fraudulent. The fake exchange took on part of the name of the real Korean Exchange (KRX), and scammed people out of their money by posing as a respectable and legitimate cryptocurrency exchange.

BitKRX claimed to be a branch of the KRX, a creation of KOSDAQ, South Korean Futures Exchange, and South Korean Stock Exchange, according to Coin Telegraph.

BitKRX used this faux-affiliation to ensnare people to use their system. The scam was exposed in 2020.

3. Ponzi Scheme – MiningMax

“Ponzi bitcoin scam” has got to be the worst combination of words imaginable for financial gurus. And, the reality is just as bad.

Several organizations have scammed people out of millions with Ponzi schemes using bitcoins, including South Korean website MiningMax. The site, which was not registered with the U.S. Securities and Exchange Commission, promised to provide investors with daily ROI’s in exchange for an original investment and commission from getting others to invest (basically, a Ponzi scheme). Apparently, the site was asking people to invest $3,200 for daily ROI’s over two years, and a $200 referral commission for every personally recruited investor, reports claim.

MiningMax’s domain was privately registered in mid-2020, and had a binary compensation structure. The fraudulent crypto-currency scam was reported by affiliates, resulting in 14 arrests in Korea in December of 2020.

Korea has long been a leader in technological developments – bitcoin is no exception. However, after recent controversy, it seems as though this is changing.

“But a lot of governments are looking at this very carefully,” Yoo Byung-joon, business administration professor at Seoul National University and co-author of the 2020 research paper “Is Bitcoin a Viable E-Business?: Empirical Analysis of the Digital Currency’s Speculative Nature,” told South China Morning Post in January. “Some are even considering putting their currencies on the blockchain system. The biggest challenge facing bitcoin now is the potential for misuse, but that’s true of any new technology.”

4. Fake Bitcoin Scam – My Big Coin

A classic (but no less dubious) scam involving bitcoin and cryptocurrency is simply, well, fake currency. One such arbiter of this faux bitcoin was My Big Coin. Essentially, the site sold fake bitcoin. Plain and simple.

In early 2020, My Big Coin, a cryptocurrency scam that lured investors into sinking an alleged $6 million, was sued by the U.S. Commodity Futures Trading Commission, according to a CFTC case filed in late January.

The CFTC case further details that the suit was due to “commodity fraud and misappropriation related to the ongoing solicitation of customers for a virtual currency known as My Big Coin (MBC),” further charging the scam with “misappropriating over $6 million from customers by, among other things, transferring customer funds into personal bank accounts, and using those funds for personal expenses and the purchase of luxury goods.”

Among other things, the site fraudulently claimed that the coin was being actively traded on several platforms, and even mislead investors by claiming it was also partnered with MasterCard, according to the CFTC case.

Those sued included Randall Carter, Mark Gillespie and the My Big Coin Pay, Inc.

5. ICO Scam – Bitcoin Savings and Trust and Centra Tech

Still other scammers have used ICO’s – initial coin offerings – to dupe users out of their money.

Along with the rise in blockchain-backed companies, fake ICOs became popular as a way to back these new companies. However, given the unregulated nature of bitcoin itself, the door has been wide open for fraud.

Most ICO frauds have taken place through getting investors to invest in or through fake ICO websites using faulty wallets, or by posing as real cryptocurrency-based companies.

Notably, $32 million Centra Tech garnered celebrity support (most famously from DJ Khaled), but was exposed for ICO fraud back in April of 2020, according to Fortune. The company was sued for misleading investors and lying about products, among other fraudulent activities.

The famous DJ wrote his support in a caption on Instagram back in 2020.

“I just received my titanium centra debit card. The Centra Card & Centra Wallet app is the ultimate winner in Cryptocurrency debit cards powered by CTR tokens!” Khaled wrote.

The U.S. Securities and Exchange Commission even issued a warning in 2020 about ICO scams and faux investment opportunities, brought on by a slew of celebrities who promoted certain ICOs (like Paris Hilton and Floyd Mayweather Jr. to name a few).

“Any celebrity or other individual who promotes a virtual token or coin that is a security must disclose the nature, scope, and amount of compensation received in exchange for the promotion,” the SEC wrote in an Investor Alert in 2020. “A failure to disclose this information is a violation of the anti-touting provisions of the federal securities laws.”

Another example is Bitcoin Savings and Trust, which was fined $40.7 million in 2020 by the SEC for creating fake investments and using a Ponzi scheme to scam investors. According to Coin Telegraph, Trenton Shavers, the organization’s leader, allegedly scammed investors into giving him 720,000 bitcoins promising a 7% weekly interest on investments – which he then used to pay back old investors and even fill his personal bank accounts.

6. Bitcoin Gold Scam – mybtgwallet.com

Nothing catches the eye of the naïve quite like the promise of gold – bitcoin gold, of course.

That is exactly what mybtgwallet.com did to unsuspecting bitcoin investors.

According to CNN, the bitcoin gold (BTG) wallet duped investors out of $3.2 million in 2020 by promising to allow them to claim their bitcoin gold. The website allegedly used links on a legitimate website (Bitcoin Gold) to get investors to share their private keys or seeds with the scam, as this old screenshot from the website shows.

Before the scam was done, the website managers (slash scammers) was able to get their hands on $107,000 worth of bitcoin gold, $72,000 of litecoin, $30,000 of ethereum, and $3 million of bitcoin, according to CNN.

Bitcoin Gold, the site’s wallet used in the scam, began investigating shortly after, but the site remains controversial. Still, firm released a warning to bitcoin investors.

“It’s worth reminding everyone that it will never be truly safe to enter your private key or mnemonic phrase for a pre-existing wallet into any online website,” Bitcoin Gold wrote. “When you want to sweep new coins from a pre-fork wallet address, best practice is the same as after other forks: Send your old coins to a new wallet first, before you expose the private keys of the original wallet. Following this basic rule of private key management greatly reduces your risk of theft.”

7. Pump and Dump Scam

While this type of scam is certainly not relegated to just bitcoin (thank you for the education, “The Wolf of Wall Street”), a pump-and-dump scam is especially dangerous in the internet space.

The basic idea is that investors hype up (or “pump up”) a certain bitcoin – that is usually an alternative coin that is very cheap but high risk – via investor’s websites, blogs, or even Reddit, according to The Daily Dot. Once the scammers pump up a certain bitcoin enough, skyrocketing its value, they cash out and “dump” their bitcoin onto the naïve investors who bought into the bitcoin thinking it was the next big thing.

Bittrex, a popular bitcoin exchange site, released a set of guidelines to avoid bitcoin pump-and-dump scams.

While “stackin’ penny stocks” may sound like an appealing way to earn an extra buck (thanks to its glamorization by Jordan Belfort), messing in bitcoin scams is nothing to smirk at.

How to Avoid Bitcoin Scams

With the inevitable rise of bitcoin in current and coming years, it is becoming increasingly important to understand and be on the lookout for bitcoin scams that could cost you thousands. As more people become interested in Bitcoin, more people are also likely to try and pull off a scam.

There is no one formula to avoiding being scammed, but reading up on the latest bitcoin red flags, keeping information private, and double checking sources before investing in anything are good standard procedures that may help save you from being duped. Cryptocurrency can be a confusing topic even for the experienced Bitcoin enthusiast, so the more you read up on the world of Bitcoin, the more prepared you can be. After all, knowledge is power.

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