One of the most advantageous, yet most potentially vulnerable aspects of the cryptocurrency atmosphere is its purported ease of access. The intentions of cryptocurrency are to be easily integrated into everyday society that even the most basic and simplest users are able to get a hold of it and start using it for its pure advantages; however, this is also, unfortunately, its downfall, as those who are more experienced and vetted within the industry can target the lesser-knowledgeable in order to steal from them. The Malta Financial Services Authority (MFSA) has recently with its newly issued government document warned the general public of the revolving Bitcoin Revolution scam, an easy to fall for get rich quick project being spread amongst the masses.
False & Deceiving Claims
The reasoning for the warning is because the company has been claiming to be a registered Maltese financial company; Malta is one of the leaders as far as the jurisdictional advantage for the cryptocurrency landscape. They are a tightly knit community that has publicly displayed interest and a generalized approval of a regulated and more overseen cryptocurrency framework. They have worked with partners such as Binance, even meeting with CZ, the project’s founder, to purport their support of Binance pursuing a legitimized framework and advancing the sector.
The MFSA stated in its new document that the platform is in fact not a registered company is claiming it operates legally under the Maltese financial framework. The MFSA also stated in their released document that the platform is “…falsely reporting profits made by users of the platform”.
After luring in unsuspecting victims, the platform claims it is overseen by the MFSA and subsequent financial regulators. At first look, the claims can see deceiving, however, they’re false and in actuality, the company is nothing but a scam, with unclear and complexly hidden domain ownership.
Attempts – Uncovered
The Bitcoin Revolution platform works by placing itself on easily accessible advertising platforms that the general public may originally not have previously heard about. The rogue platform pays these other platforms who are also unknowingly enabling ad placement for a fraudulent company. Then, once the unsuspecting users log on to the platform, the first meeting message they are traditionally greeted with involves the platform’s claims of being a “regulated Maltese financial organization”, and offering above-average returns through a passive income like stylization. It has several sister scams such as the Bitcoin Profit which is especially popular in Germany and uses the Hohle Der Lowen (the country’s equivalent of the Dragon Den) to falsely promote the website.
The Bitcoin Revolution platform has been reeling in the general public by creating advertisements that look to be created by prominent cryptocurrency, finance, and blockchain technology enthusiasts. Newcomers to the market are then easily lured into the platform, encouraged to deposit cryptocurrency to the platform’s wallet in exchange for “consistent, verified profit”, that which outpaces the general market. After depositing, however, users will find that their general balances are not actually updated and that the funds are kept by the platform. A very similar scam is the Bitcoin Loophole scam, which has resulted in users losing thousands of dollars of their investment. The Bitcoin Code robot, is also responsible for fooling thousands of individuals into thinking that they have appeared on TV, with searches such as Bitcoin Code Dragon’s Den being very widespread.
The Get Rich Quick Cryptocurrency Scam Track Record
Those who engage in the cryptocurrency market traditionally do so as to pursue a new wave of infinite riches, however, many fall victim to the get rich quick cryptocurrency-like platforms that surround the platform. This isn’t the first time something like this has happened either; previous platforms like Bitconnect ran off with billions in user funds, however, the main difference with “Bitcoin Revolution” is that instead of accumulating and then dumping funds, “Bitcoin Revolution” simply takes funds and leaves.
Despite everything, be sure to do proper due diligence on projects within cryptocurrency, especially when it comes to HYIP or “get rich quick” type platforms. Most of these will end up scams at one point, and because the market is new and in many cases unregulated, it’s a lot easier to fall for it.