There Is Bitcoin-Up.live That Comes Up With The Tell-Tale Signs Of A Scam Crypto Website
Scam crypto websites are on the rise. Why are investors being lured to these scams? What is the future of such scams?
What Is The Current Situation In Crypto Space?
In recent days as the global pandemic Covid-19 paralysed many economies, it was the appeal of cryptocurrencies like Bitcoin has grown from late March 2020. The increased interest is what several statistics show with downloaded wallet apps to peer-to-peer traded volumes.
Following this was an interest in bitcoin and altcoins whereas there is evidence that the policies of central banks are failing in many ways. Losing confidence in fiat currency systems are many professional investors as well as ordinary people.
Falling victim to scams is many that are exploring the idea of investing in crypto alternatives. Than bonafide cryptocurrency businesses, it seems more scam crypto sites are roaming the space.
Investing in Bitcoin is the new in-thing as more are aware, whereas it turns out that criminals also appreciate the shifting dynamics. Warning potential investors to be on the lookout for cryptocurrency-related scams, in fact, the FBI issued an alert in April.
Homebound individuals suddenly had more time to explore and experiment with different investment propositions, as the start of the severe lockdown measures meant. Here the challenge comes to identify whether the crypto-related website is genuine or not.
Subsequently, it was found that bitcoin-related scams thereby employ similar tactics that were used by those organised criminal syndicates to entice victims for the most part. Whereas it comes that investors need to look out for as some tell-tale signs are exposing potentially scammy crypto websites.
The Lure of Passive Income
If it fails to promise a healthy rate of return to investors for doing almost nothing, any scam websites would not be interesting. Starting by telling an investor that with just a small deposit they will be guaranteed returns of 10% and above per month is a typical scam. In this context, it comes that these investors are told the interest earned will be then compounded on a monthly basis as an extra inducement.
It may not be enough to lure many investors as still it comes with the mere mention of guaranteed passive incomes. The scam website must also promise investors a quick path to becoming the next crypto millionaire so to get even more people interested. Displayed on these types of schemes are oftentimes, the prominent individuals and businesspeople that became wealthy after investing in bitcoin. To obscure any concerns about the volatility of the cryptocurrency market that the potential investor might have is the chance to become the next millionaire that is enough.
Exemplified By The Scam Site Bitcoin-Up.Live. Are The Typical Overblown Promises Of Scammers,
Some in their target market might be hesitant to invest with an unknown entity as criminals are also aware. Criminal websites often display the logos of reputable organisations to get around this problem. To gain the confidence of the more circumspect investors is the objective.
Gullible investors will believe this to be an endorsement, therefore, when a site displays the logo of Visa or Mastercard. Usually erasing any lingering doubts an inexperienced investor might have are such perceptions. With pictures of Prince Charles of the UK taken together with one of the masterminds displayed is the infamous Plustoken crypto scam. From thousands of unsuspecting investors, the scam managed to steal billions.
Used to convince gullible investors to part with their funds, are the testimonials by other investors that have already made unrealistic returns. Helping to convince new investors to come on board are the tales of real people that turned a $250 investment to more than $10,000 in less than a month. Criminals also know that many people want easy money as it does not matter that there is no way of verifying this.
A Lax Registration Process
They are asked to register or open an account for free if an investor takes the bait and as many do. Investors are asked to deposit funds that are needed to activate the trading account to complete the process. The funds may be converted to bitcoin or any other cryptocurrency after this.
The investor actually loses control of the funds to the virtual investing platform, however, once the transfer is made. The investor is at the mercy of the investment company at that point. There will be no recourse for investors if the company decides to exit the scam.
One user says scammers’ registration processes sometimes fail to generate the confirmation email, meanwhile when discussing the usual signs of fraudulent crypto sites in a WhatsApp group. Getting an account verified without any form of KYC is even more bizarre. Other signs include promises of super high returns of $120 in less than 24-48 hrs usually 120% 150% as another user says.
Summing Up …
Promises of riskless investing like in bitcoin which is not possible are what the scam websites have one thing in common. The higher the anticipated return the higher the risk of losing everything as every form of investment carries risks. Lest they get conned, every potential investor must be aware of this fact