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Crypto Scam Suspected – New Website Could Be Fraud Since It Daily Pays Out 4X More Than BitConnect

  • Yuri Molchan
    📰 News

    The crypto community suspects a new crypto website to be a scam since it offers huge daily returns on investments. The suspected scam project uses a trading bot which claimed to be powered by an AI-algorithm


Crypto Scam Suspected – New Website Could Be Fraud Since It Daily Pays Out 4X More Than BitConnect
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Contents

A short while back, a Redditor published a post sharing an article about a website that shows all signs of a crypto scam.

Reddit

Too good to be true

The Doubly website has been reported on Reddit as a possible crypto scam. It claims to be using an artificial intelligence algorithm in the form of a bot. This bot accepts crypto assets from investors and in some fantastic manner managed to produce huge returns on those investments – 4 times bigger on a daily basis than Bitconnect offered to its clients.


The Redditor even posted an article which describes this website thoroughly. The author of the text claims that this Doubly website is a classic scam scheme, since it to cover its actual fraudulent activities it uses things that typical legal businesses also conduct. All legal businesses, after all, offer to invest your money for you and bring you a high and stable income.

Apparently, so far the assumed scam firm has been making regular payouts. However, Bitconnect worked in the same way until it crashed with all investors’ money.

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A profitable Ponzi scheme

The website offers the following returns. If an investor puts in $12,000 he will get $657 on a daily basis during a period of 57 days. Overall, the company promises to pay $24,000 within just two months.

This is the scheme that all other scams use – attracting new investors and paying the previous ones from the money they get from newly arrived ‘victims’. As a rule, scam investment companies also offer huge returns to those who give their money into asset management.

The trading bot of Doubly offers 400 percent. This seems to be a typical financial pyramid.

Presently, the article reports, the website is showing payouts that have been made already and are being conducted. But that does not mean anything, since scams also pay for a while – in the way described above. Then – suddenly for the deceived investors – these ‘highly profitable companies’ simply disappear.

Site that helps to identify scams

Earlier, U.Today reported that several Reddit users had launched the Crypto Canary website which allows users to leave comments regarding their impressions of working with crypto projects.

The Crypto Canary creator claims that the site helps to identify crypto scams.

Cover image via u.today
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Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak

  • Alex Morris
    📰 News

    Binance Coin is so far the second cryptocurrency (after EOS) that managed to rebound after January 2018's drawdown


Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak
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After surging by more than 14 percent over the last 24 hours, Binance Coin has managed to surpass its previous ATH that was recorded during the peak of the bull market in January 2018, according to the data provided by CoinMarketCap (CMC). The historic rally was triggered by numerous recent developments inside the exchange’s ecosystem.  

Binance Coin, CoinMarketCap
Binance Coin continues to register double-digit gains, image by CoinMarketCap

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BNB makes history

At the time of writing this article, the price of the BNB token is at $24.65, rising above its previous ATH of $24.46 that was recorded on Jan. 12. Hence, Binance Coin, the seventh largest cryptocurrency by market capitalization, becomes only the second asset to reach a new price peak after the crash of the speculation-driven bull market. EOS, which is sitting one spot above BNB on CMC, achieved a similar feat in May 2018.

‘Binance Coin is outpacing the overall crypto market. While Bitcoin is off 75% from its all-time-high, Binance Coin has recovered. There is fundamental growth and synergy taking place that is contributing to the rising price of Binance Coin,’ says BitBull Capital CEO Joe DiPasquale.

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Pumping other coins

On Apr. 18, Binance launched the mainnet of its custom Blockchain Binance Chain. The migration of BNB tokens from Ethereum to Binance Chain is scheduled to take place on Apr. 23. This is going to be the second largest token swap in history.

Binance, which is now completed with Ethereum, has already on-boarded some Blockchain projects, including Mithril (MITH) that experienced a 70 percent price pump after its launch on Binance Chain.

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