Tubeinvest.info Review Tube Invest, Another Scam Doubler, Short LifeSpan

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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.

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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.

Don’t Invest in Bitcoin Code, Bitcoin Doubler or Bitcoin Trader – They Are All Scams

Those new to crypto and with money signs in their eyes can easily be taken in by scams, and there are many, thanks to the decentralized nature of bitcoin and the lack of knowledge surrounding it for beginners. Promises of easy and incredible gains thanks to the guidance of some shadowy “bitcoin expert” or auto trading software abound, and the wise old rule of thumb still applies: if it sounds too good to be true, it probably is. This article describes three of the most infamous crypto scam sites, all of which promise to automatically trade for the user.

Common Bitcoin Cons

The word “con-artist” is shorthand for “confidence artist.” The way cons work is to gain the confidence of the mark, or victim, and then the rest is easy. The same holds true in the crypto space, and cons are especially easy to pull off when the victim knows little to nothing about the subject at hand.

What follows are descriptions of some of the most common con operations in bitcoin, and information on how to spot and avoid them.

The Bitcoin Code

The so-called “Bitcoin Code” is a scam operation whose website is continually changing. Like many scams, the website offers a service which is said to predict market trends and automate trading for users guaranteeing ridiculous gains such as “$13,000 in exactly 24 hours.”

While some may marvel at how anybody in their right mind could fall for such an outrageous claim, people knowing nothing about bitcoin often allow their lack of knowledge to woo them into thinking such things just might be possible. They also tend to imagine needing an expert’s guidance to “buy in,” or that crypto is a centralized affair like stock market brokerage. Many are too afraid of missing out.

Confirmation that Bitcoin Code is a scam is easy with a little internet sleuthing. Not only does a reverse image search of Bitcoin Code creator “Steve Mckay’s” picture show it to be a fake, but even the so-called testimonial videos on the site are phoney. The images below show a man featured in the Bitcoin Code’s promo video, who turns out to be an actor from e-gig website Fiverr.

“Investor” in the Bitcoin Code. banjoman15 on Fiverr.

Even top Google search results still give the Bitcoin Code good reviews and maintain it is not a scam. It’s important to remember that being a top search result does not mean a piece of content is reliable.

The multi-website, actor-leveraging scam that is Bitcoin Code is reported to have duped many already. The links lead to various websites all said to be the “Bitcoin Code.” Sometimes just to error messages. Bitcoin Code maintains “you must invest any amount you desire of $250 or more.” Just don’t expect to ever see it again.

Just because it’s a top Google search result, doesn’t mean the info is reliable.

Bitcoin Doubler

“Bitcoin Doubler” is another scam model, featured on multiple websites. Like Bitcoin Code, doublers promise insane gains in short periods of time, preying on the naivety and financial desperation of victims.

Spelling and grammatical errors such as those found on this “bitcoin doubler” site are common red flags.

These sites typically ask the user to enter an email and a bitcoin address, followed by a deposit. They are then instructed to wait for their big returns to arrive within mere days or hours. The returns, of course, do not arrive, and the only thing doubled is the mark’s financial woes.

Bitcoin Trader

Rounding out the list of scams sites is another “autotrader” scheme called “Bitcoin Trader.” As is common with crypto cons, urgent messages about a lack of time left to invest or get in, misappropriated images and video of famous millionaire or billionaire investors speaking highly of bitcoin, and location-customized “news” of the latest individual to make a killing are all present.

Common elements of bitcoin scams include urgent “time’s running out” messages, location-specific announcements of fake people nearby making money, and misappropriated celebrity endorsements of bitcoin.

Another dead giveaway that this “Bitcoin Trader” site is a scam is that it shares the exact same promotional text as featured on the Bitcoin Code site. Both sites maintain that “Like any business, you need working capital to get started,” and request the same amount of $250 to begin.

So whether a suspicious site promises exclusive use of “time leap” technology that is “ahead of the markets by 0.01 seconds,” or binary trading advantages that can’t be beat, remember: if it sounds too amazing, it almost always is. Binarysignalsadvise.com recently posted their own warning about Bitcoin Trader, stating:

The claims are so dumb that anyone can identify that they are false.

Staying Safe

For those genuinely interested in crypto, it’s important to learn about bitcoin’s underlying mechanics and the basics of how it works — and to vet all potential trading platforms and other crypto websites for authenticity — before making even the slightest move toward investment or trading.

Bitcoin allows users and users alone to hold their own private keys so the funds are never in the hands of some obscure “Steve Mckay.” It’s electronic cash that untrustworthy third parties cannot touch, if used properly. As far as the code underpinning the bitcoin network itself, it’s open source and viewable by all, and doesn’t require any sort of investment to investigate.

Did you know about these scams already? What are some other common methods crypto scammers use? 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. Bitcoin.com does not provide investment, tax, legal, or accounting advice. 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.

Fraud Risk Assessment: BTC Doubler

  • BTC Doubler
  • Reviewed by: Digiconomist

BTC Doubler (btc-doubler.com) provides Bitcoin investment services. The company’s legitimacy has been evaluated based on the items listed below. Every individual item has been checked for the presence of obvious red flags or warning signals. If these are present, an explanation detailing what triggered them has been included. A detailed description of the reasons to evaluate each of the included items can be found below the table.

Persuasion
Total Flags: 12 (3 Warnings = 1 Flag)
Phantom Riches The website leaves very little to the imagination by promising to double your money every 100 hours.
Scarcity N/A
Source Credibility N/A
Social Proof N/A
Reciprocity N/A
Products
Guaranteed Return N/A
High Return / Low Risk Being able to double your money every 100 hours means it wouldn’t take very long to be richer than Bill Gates if it were real. Obviously, that’s not going to happen.
Overly Consistent, Positive Returns The investment plan returns a perfectly steady positive income percentage regardless of any external variable such as price volatility.
Downplaying Risks BTC Doubler doesn’t feature any risk disclosure at all
Secretive or Complex Trading Strategy The company doesn’t really state what it does exactly.
Service
Website Available Yes
Website Registration Details btc-doubler was registered in April 2020
Website Design Good
Grammar on Website Good
Payments Options Bitcoin only
Service Disruptions & Unbusinesslike Conduct The company probably never bothered to register (see Business Registration)
Contact Information Not provided
Business
Verified Address Not provided/hidden behind WHOIS privacy protection
Verified Owner The name of the owner is unknown.
Business Registration BTC Doubler doesn’t provide any information on its location, making it impossible to verify whether it is a registered company.
Financial Regulator Registration Not even a business registration could be confirmed (see Business Registration)
Independent Audits None

Note that items with a warning instead of a flag indicate that these could occur at a legitimate company. For example, legitimate companies will normally try to persuade you into buying their products. Multiple warnings will, however, still trigger a flag. A description for the listed items is provided below. This list is meant to assist with identifying obvious scams, and therefore does not provide any guarantees that a company is truly legitimate.

Phantom Riches
The most common tactic used by fraudsters is called “phantom riches”. By dangling the prospect of wealth such as “big payoffs”, the scam artist tries to get you to stop thinking logically.

Scarcity
Using the fear of missing out, fraudsters create a false sense of urgency with statements such as “last chance” or “only so few available”. This causes people to agree hastily, before even having the opportunity to think about what they’re doing.

Source Credibility
Persuasion is more likely when the source presents itself as being credible, expert and trustworthy. Common tactics used by scammers to make themselves look legitimate include using fake websites or hacked emails and pretending to be someone they are not. Alternatively, sources can also be external with claims such as “Warren Buffet has already invested in this”.

Social Proof
Fraudsters take advantage of herd behavior by creating the illusion of consensus or social proof that the investment is legitimate with claims that “everybody is already doing it”, or referral programs in which members encourage their friends and associates to invest as well. This automatically triggers something in the head that says: “if everybody [or someone from the inner circle] wants it, it must be good”.

Reciprocity
A business is likely to receive far more of our trust when it provides a lot of free value, because of the rule of reciprocity which causes us to tend to feel obligated to return favors after people do favors for us

Guaranteed Return
All investments carry some degree of risk, so a guaranteed profit is a clear red flag.

High Return / Low Risk
Like a guaranteed return, a high return / low risk investment opportunity also defies the common risk-return relationship. The best advice is an old one: “if it sounds too good to be true, it probably is”.

Overly Consistent, Positive Returns
Cryptocurrency markets are among the most volatile markets, hence the performance of any related product or service is also expected to fluctuate.

Downplaying Risks
The fraudster will do anything to provide a false sense of security, such as presenting some form of external risk insurance for the investment. In reality, insurance is only seldom acquired and guarantees typically lack substance. Dummy companies are often used to act as the guarantor or insurer. Other actions may include misrepresenting, or even non-disclosure of risks involved.

Secretive or Complex Trading Strategy
Even in the world of cryptocurrencies one should be skeptical about special competitive advantages without any proper disclosure, or when the information is incomprehensible or incomplete. Too often only the positive elements are accentuated.

Website Available
Considering the importance of domains and websites in the internet age, there is almost no reason for a legit company not to have one.

Website Registration Details
Very few scam websites survive longer than one year, so domains are generally registered for just one year unless otherwise required for the specific domain. For the same reason, websites created less than one year ago should be considered suspicious.

Website Design
Amateurish, cluttered and disorganized websites can point to a scam as many scam sites use text and images from legit websites and other sources which may not work together very well.

Grammar on Website
Many scammers have limited English proficiency.

Payments Options
Even though cryptocurrency payment options are logical for a cryptocurrency company, it is also very convenient for scammers as the recipient essentially remains anonymous. The same goes for services such as Western Union and Moneygram. Hence a lack of alternative payment options should still be considered a warning signal.

Service Disruptions & Unbusinesslike Conduct
Especially Ponzi scheme promotors will encourage participants to “roll over” their investment. These schemes are not very fond of investors cashing out, which may lead to difficulties receiving payments and a non-responsive or difficult to reach customer service.

Contact Information
Legitimate companies have very little reason not to list their contact information.

Business Verification
First, you should never hand your hard-earned money over without knowing where it is going. Second, you should do a background check to avoid handing it to a known scammer. Be weary of people without an online identity. Scammers will typically try to hide their identity or conceal their true identity to avoid being easily discovered. Especially investment services are normally subject to strict regulatory oversight, so a registration should not be hard to find.

Independent Audits
Audits certainly do not root out every instance of fraud, but auditors do have a responsibility to detect errors or fraud in the company’s financial statements.

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