Sign In Password Login

Find passwordVerification code will be sent to your phone

Set your new password

Bind mobile phone numberVerification code will be sent to your phone


Send code
Send code

Create an account


I have read and agreed User Agreement , Privacy Policy

Other login methods

User Agreement


Privacy Policy


The Currency Circle Is Very Popular, and the Scams in It Are Getting Feverish

Put on your headphones and enjoy podcast ~!
In recent years, Bitcoin has been so popular that outsiders don't invest in it all know Bitcoin.
After the Huobi circle, it naturally attracted a large group of investors. But for this group of people, the huge profits in the currency circle are in the middle of the spectacle: some people were cut off by large institutions because of poor admission or insufficient funds; some people got into the wrong place and were cut off by scammers, Chinese chives. The former is a problem of technology and luck, which is widespread; the latter is purely a disaster and should be avoided completely.
This article will talk about the virtual currency fraud case developed by the popularity of the currency circle.
Scammers also have their own methods of rubbing the currency circle. Based on actual fraud cases, this article summarizes the following three types:

1. Mining machine leasing

Everyone knows that Bitcoin can be obtained through "mining", but for small retail investors, there is no capital to build a mining farm, and even the cost of a mining machine is too high. And the price of Bitcoin is terribly high, renting a mining machine for mining is undoubtedly a good way.
Scam groups have thought of this approach, and "Future Mine" is one of them. Future Mine announced that its founders were members of the Saudi royal family and endorsed the "international effect" to win the trust of investors.
The fraud products launched by the mining farms in the future are "computing power packages". There are mainstream currency rental computing power packages and SFM super computing power packages. There are different series under the two computing power packages, and the monthly return rate ranges from 6% to 15%, and different levels of rental fees are also different.
But in the future, the mining farm has nothing to do with Bitcoin mining. It has designed its own gameplay: investors can produce a certain amount of platform currency FM with a certain amount of usdt. The final outcome is that the currency price returns to zero, and the platform runs away directly.
Charity currency AOT is also a virtual currency scam similar to the future mining farm leasing model.
Investors should pay attention: scammers are accustomed to meeting needles. They understand investors’ desire for Bitcoin, and they also know the difficulties of most retail investors in buying Bitcoin and mining, so as to design mining traps and wait for investors to enter urn.

2. Virtual currency value-added services

The blaze of virtual currencies such as Bitcoin, and its related investments are naturally also favored. However, many new investors actually do not have a deep understanding of Bitcoin or virtual currency, which makes them unable to distinguish the investment meaning behind related virtual currency concept products. Just follow others to buy investment products and be deceived.
In April this year, China exposed the "Plus Token" virtual currency scam. According to the investigation, the fraudulent activities of "Plus Token" started in May 2018. The platform claims to provide digital currency value-added services. Users transfer mainstream currencies such as Bitcoin and Ethereum to PlusToken to obtain a corresponding proportion of Plus currency dividends.
Moreover, if users want to join PlusToken, they have to pay a threshold fee-get the platform member account from the online recommendation, and pay more than 500 US dollars in digital currency. PlusToken claims to the public that every person who participates in the investment can get a static income of 0.5%-2% by moving bricks with a smart dog every day, and a monthly income of up to 60% can be obtained.
But in fact, PlusToken does not have any actual business activities, nor does it have the function of "smart dog moving bricks". Its real purpose is to lure people into the market through high-yield temptation.
Three months after the launch of PlusToken, the total number of PlusToken members exceeded 1 million, attracting nearly RMB 5 billion.
In June 2019, the PlusToken virtual currency wallet announced the cessation of withdrawals, and an arrogant message in English in a note of the transfer address: "Sorry, we have run (sorry, we have run)."

3. Bitcoin and love scams

The love scam, known as "killing pigs", was originally a way of long-term fishing. Many scammers have also followed the investment trend and changed their investment-inviting platforms to be related to virtual currencies such as Bitcoin. This has made unknown deceived targets more interested and more willing to invest, and the amount of fraud involved is therefore greater.
Ms. Wu met a man on the Internet in December last year. He was in good condition in all aspects. After chatting on the Internet for a period of time, the two developed a lover relationship.
After that, the man said that he made a lot of money by trading Bitcoin on the virtual currency website. And based on the reason that he is busy with work, he asked Ms. Wu to help with trading operations on the platform. In the process of operation, Ms. Wu found that the platform can withdraw cash and profit is also very impressive, so she also registered an account and started trading on the platform.
In the end, under the temptation of "boyfriend"'s sweet words and high profitability, Ms. Wu not only invested millions of her own, but also invited her girlfriends to invest together. After investing 15 million, the website had problems and the funds could not be withdrawn, evaporating.
In fact, whether it is a real currency circle or a scam group that relies on the currency circle to dig traps, investors must be vigilant:
The real currency price fluctuates sharply, and it is not a safe investment product for ordinary investors to easily be cut off.
The scam in the currency circle captures the mentality of investors who do not understand the currency circle and want to share a piece of the pie, or design false currency circle investment products, or play with new concepts, making it difficult for investors to distinguish between the false and the real and fall into a trap.
Still jealous of the high returns in the coin circle? You have to know: the currency circle is very hot, but if the wind changes, it is easy to be countered by the fire.


Post comment after logging in

Short Comments

  • Scammers always jump on the bandwagon, and investors need to be more vigilant.

  • oh,I get it!Every must be careful!


Short Comments

No comments yet, comment now

I want to contribute

ForexSoul - An online magazine for forex traders

Podcast of quality content assists your trading journey

Current Issue(Total of 10 articles)



We value your suggestions

  • Select your problem

  • Content(0/200)

  • Contact

  • Submit

Add website to favorites

Quality content to hone your trading skills!

Add to favorites