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Double Your Bitcoin SCAM (11 Viral Cryptocurrency Doublers in 2020)

Welcome to this Double Your Bitcoin regularly updated review of the cryptocurrency industry’s most viral cryptocurrency doublers/multipliers.

If you were looking for ways to make money online, then most probably you ran into at least some of the offers we are going to cover here.

Many of you were asking about one site or another. Whether they are legit schemes, and is doubling your Bitcoin amount in such a short period of time even possible.

In this post, we would like to tell you what we really think about those questionable services, and expose the truth about them.

Are they legit or merely scam attempts to manipulate innocent victims? Keep reading.

It’s no secret that the Bitcoin and cryptocurrency field holds some great opportunities for making money. We all know it. However, you must keep in mind, that as in any other trending niche, there are the ones that try to take advantage of the positive reputation and hype around it.

The products and software that claim to teach you how to double your bitcoins fast are a classic example for that. They all pretty much use the same principle and present false promises. But when you dig further, you’ll almost always get to the same unfortunate conclusion.

Let’s go over some of the main ones and see what’s they are all about.

1. Doubler.zone

This is a Bitcoin doubler product in which you invest your money and supposedly get back twice the amount you deposited.

They claim that until you receive it, you’ll earn interest rate as a percentage of your capital.

In reality, however, there is no sophisticated trading algorithm that operates with your money.

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Instead, it all built on users’ deposited coins, and the people you refer.

Here is just a small taste of what people who tried Doubler.zone had to say online in comments on Doubler.zone reviews:

TAKE CARE. This is a SCAM. I sent a deposit an NO CREDIT was done”, or “just sent a small amount just to test if they are going to pay. They did pay the first transaction. after depositing for a second and third transaction, no payouts were received. Don’t fall for this. It’s a scam

2. 96hDoubler.biz

A doubler service that already manipulated many people.

According to real users who tried them, they pay you at first. They do it with small amounts and in order to earn your trust.

But then they stop paying.

And if you have any complaints, you will suddenly have no one to talk with. Once they got your money they have no interest in you or your problems.

Don’t be surprised…

The reputation of this program is terrible. In repdigger.com, they got 7 down-votes and only 1 up-vote. That, in addition to extremely low 41% reputation score.

In scamadviser.com it’s even worse. After calculating different parameters, they consider this double your Bitcoin site as only 21 percent safe for using.

3. Multiply-Bitcoins.eu

Another known scam that sadly was able to mislead quite many.

It’s easy to find out about the true nature of this money making scheme when you search online.

Users who tried it describe their experience and it appears to be very negative.

In both BitcoinTalk.org and reddit.com, which are among the biggest communities, we found related threads.

One person even reveals exactly the way they operate.

First they ask you to fund an account with certain amount of Bitcoin, promising you’ll double it in 1 to 3 days. According to them, the profits should be generated thanks to their special forex trading skills. Then, once you send your coins, they deliver a very problematic email. It says that for some reason your transaction look suspicious, and that in order to process it they need a confirmation. They ask for many documents to “prove” your transfer. Of course it’s just a way to buy time and you don’t get any money eventually. So in addition to take your money without any return, they continue with fraudulent activity after stealing your identity. How bad!

4. BitcoinDoubler.tech

We wrote about this fraud in a detailed review here on ScamBitcoin.com.

We presented the ridiculous claims behind this system, but were sorry to hear about more people who fell into this type of traps.

As mentioned in our post, the crooks behind this program want you to believe they found some kind of loophole in the blockchain. It allows them to take any amount of BTC and get a return of 1,000 times more. They keep most of it for themselves, and generously share some of the gains with you.

Of course if there was anything real about it, the cryptocurrency industry would have been crashing long time ago.

Note that there are other domains with similar name. We are not sure if all of them belongs to the same gang, but we do know they are all scammers.

5. DoubleBitcoin3hours.com

Few emails we received made us wonder about this service. They were all sent from people who had a very bad experience with it. They were all tempted to put their hard earned money at risk, while hoping to get a decent reward.

But a short research helped us to understand what it’s all about.

This is a non legit offer and you can clearly see signs for it just from visiting their domain.

Scamadviser.com does nice work here. They analyze different parameters of websites in order to validate their legitimacy.

In this case, the trust rating is no more than ZERO. It means that not only they will not pay you what they promise, but it’s also not safe to even enter their domain. It’s full with malware and suspicious related servers.

That’s another reason we recommend to completely ignore and not even look at these scams.

6. BTC2Double.com

Behind this fake site stands a person, or maybe several people, who operate mainly on social platforms and forums.

What they do, is to open multiple users that talk with each other. Usually there is one who presents the scam, and the others reply and add positive comments. They are all allegedly happy with the product and report how much money they earn by using it.

Other people who come to see those posts and threads might think that the conversations are genuine, and that the service is actually legitimate.

Apparently it worked on some. Others, however, such as this guy in a BitcoinTalk thread, fight to expose those thieves.

They do it usually because they lost money themselves, and want to help others not to fall to the same trap. So if the scammers use these platforms, so should we in order to expose their stupid lies.

7. BTCx2.com

Supposedly basing on a an upgraded protocol of blockchain, these scammers offer to double your bitcoins amount quickly.

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Users report that they never pay, and we can’t be surprised.

This is definitely not a sophisticated scam. Presenting themselves as some kind of ICO, they don’t even make an effort in the small pieces of information.

None of the details they published since the domain was created was proven the be true. There is no one to contact for support, and all the ownership data is hidden.

There is no white paper, no wallet, not even a source code. All of these are very basic for a project of this type.

Lacking them is a big screaming red flag.

8. InstantDoubler.pro

First, there was something called the Instant Bitcoin Doubler. Someone posted about it in some forums and told people it’s a beta testing version of a new amazing software.

It supposed to double your capital right after you put your money in.

Then, he showed them on blockchain.info that a transaction which is twice bigger was sent to them.

The only problem was that these transactions were never confirmed. It was merely to make people think they are getting some reward for their investment.

And now there is this site called instantdoubler.pro, which we are not actually sure if it’s related, but we assume there might be a connection.

Anyway we know that this is another fraudulent web application.

In addition to people’s complains, the site itself marked as unsafe.

Scamadviser even warns you: “The website has been newly registered with a short life expectancy, which follows the pattern used by many fraudulent and fake selling websites.”

9. Bitcoin-Fast.com

This project claims to be the best platform for Bitcoin investment.

However, their page is the only place where you’ll see anyone who agrees with that statement.

In practice, this is another nasty attempt to trick you and steal your money.

According to the site, you first make a payment and then get rewarded within only one hour. After the first sixty minutes you get 2% on your investment, and after 100 hours you earn 200% back.

When you do that, you actually see your capital rising, two percent at a time.

The only problem is that what you see is simply a virtual presentation they put there in order to keep you satisfied.

But when it comes to the “money time” no client was ever able to double his money or even withdrawal his initial funding amount.

10. 8hDouble.com

We were very glad to see that this website is already not operative and is offline because it is a known scam that was already exposed.

But we will not be surprised if the same crook who is in charge of this fraud, is still out there deceiving people under other domains.

Here is what basically happened there: They took advantage of most innocent online visitors, and talked them into giving away their money.

It was all under the promise that they are going to get 200% gains and double their initial Bitcoin invested amount within no more than 8 hours.

There is not even an explanation of how it works. Without telling you something about the type of methods they use in order to generate this unreasonable outcome, they expect you to trust them.

Unfortunately, many have fallen for this silly suggestion.

11. BitcoinDoubler.expert

One of the many scams that tells you how to double your Bitcoin.

By using false statements and presentations, they mislead the public and take their money.

Unfortunately, some people think that every opportunity in the cryptocurrency market is worth trying. They get excited just because they read the word “Bitcoin.”

Hopefully, lessons are taken and no more frauds will be allowed to be around. It currently seems that this site is not active. But as you could see there are other with almost identical names and they are all fraudulent.

In addition to this one, and bitcoindoubler.tech that we mentioned earlier, there are others. So far we ran into BitcoinDoubler.me, BitcoinDoubler.we and BitcoinDoubler.fund.

If you know of similar others, please let us know in the comments below.

Double Your Bitcoin Bottom Line

As you could learn in this review, all of the above software and programs are clearly scam services.

They are all full with great promises and big words. But in reality they deliver nothing.

No one can double or triple your BTC account so fast, with no risk, and with such an absolute certainty.

And even if they could, they have no reason to do so. Why should someone do it for free? Do you know anyone who is willing to give away free money to random people across the web just like that? Stay away from these nonsense.

Any cryptocurrency doublers we forgot to mention? Let us know by comment below and we shall add them to this review!

This is not the way to earn money in crypto. If you want to be profitable, you need to either find a legit service that would do the work for you, or develop your own skills so you’ll be able to generate your own income independently.

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BTC100X.WIN is a SCAM!

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Here are 2 more sites for you. dual.ink a pure doubler site and btc_doubler.com Instagram based the uses Telegram to place your trades. Constant updates from the people who have made successful trades throughout the updated on the telegram channel.

Plese check this site, name coinstic

Here’s our coinstic review. Please let us know what you think.

Boa, peço me ajudar avaliar a coingrow.site, que diz que multiplica 10 vezes o btc

what about double 96 do you have any info a relatively new site

They are all scams, mate… but give me the URL and I’ll check it out.

2xbitcoin.io Review: 2xbitcoin is Another Bitcoin Doubler Scam!

Warning : You are in the Gambling section. You are likely to eventually lose any money that you gamble/”invest”. Additionally, moderators do not remove likely scams. You must use your own brain: caveat emptor. Do not gamble more than you can afford to lose.

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.


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.

Note the vague and meaningless claims. “Regulated.”


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.


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 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.

Pay Attention to These 7 Bitcoin Scams

Bitcoin – the possible Pandora’s Box of the currency world – has never been short of controversy. Whether it be aiding the black market or scamming users out of millions, bitcoin is no stranger to the front page.

Still, the jury is out on the legality and usefulness of bitcoin – leaving it in a proverbial grey area. Bitcoin’s price has fluctuated throughout its history, falling and rising, currently hovering near $10,000. Perhaps you’ve found bitcoin while it looks to be on the rebound and find yourself interested in it as an investment.

However, there have been several legitimate bitcoin scams that have become infamous, and you need to know about them – but, what are the top 7 bitcoin scams? And how can you avoid them?

What Is a Bitcoin Scam?

For most cases, it may be pretty obvious what a scam is – but with bitcoin, and cryptocurrency in general, things become murkier. Bitcoin itself is an unregulated form of currency that essentially is a mere number that is only given value because of an agreement. It’s basically like a moneybag with a lock on it – the code of which is given to the recipient of the bitcoin (an analogy drawn by Forbes in 2020).

Bitcoin scams have been famously criminal and public in nature. With no bank as a middleman in exchange, things become more complicated; so hackers and con men have had a heyday.

Top 7 Bitcoin Scams

There have been (and undoubtedly will be) nearly countless bitcoin scams, but these frauds make the list of the top 7 worst bitcoin scams to date. Take note.

1. Malware Scams

Malware has long been the hallmark of many online scams. But with cryptocurrency, it poses an increased threat given the nature of the currency in and of itself.

Recently, a tech support site called Bleeping Computer issued a warning about cryptocurrency-targeting malware in hopes of saving customers from sending cryptocoins via transactions, reported Yahoo Finance.

“This type of malware, called CryptoCurrency Clipboard Hijackers, works by monitoring the Windows clipboard for cryptocurrency addresses, and if one is detected, will swap it out with an address that they control,” wrote Lawrence Abrahams, computer forensics and creator of Bleeping Computer.

The malware, CryptoCurrency Clipboard Hijackers (which reportedly manages 2.3 million bitcoin addresses) switches addresses used to transfer cryptocoin with ones the malware controls – thus transferring the coins to the scammers instead. And, according to Asia Times, even MacOS malware has been connected to malware scams involving cryptocurrency investors using trusted sites like Slack and Discord chats – coined “OSX.Dummy.”

2. Fake Bitcoin Exchanges – BitKRX

Surely one of the easiest ways to scam investors is to pose as an affiliate branch of a respectable and legitimate organization. Well, that’s exactly what scammers in the bitcoin field are doing.

South Korean scam BitKRX presented itself as a place to exchange and trade bitcoin, but was ultimately fraudulent. The fake exchange took on part of the name of the real Korean Exchange (KRX), and scammed people out of their money by posing as a respectable and legitimate cryptocurrency exchange.

BitKRX claimed to be a branch of the KRX, a creation of KOSDAQ, South Korean Futures Exchange, and South Korean Stock Exchange, according to Coin Telegraph.

BitKRX used this faux-affiliation to ensnare people to use their system. The scam was exposed in 2020.

3. Ponzi Scheme – MiningMax

“Ponzi bitcoin scam” has got to be the worst combination of words imaginable for financial gurus. And, the reality is just as bad.

Several organizations have scammed people out of millions with Ponzi schemes using bitcoins, including South Korean website MiningMax. The site, which was not registered with the U.S. Securities and Exchange Commission, promised to provide investors with daily ROI’s in exchange for an original investment and commission from getting others to invest (basically, a Ponzi scheme). Apparently, the site was asking people to invest $3,200 for daily ROI’s over two years, and a $200 referral commission for every personally recruited investor, reports claim.

MiningMax’s domain was privately registered in mid-2020, and had a binary compensation structure. The fraudulent crypto-currency scam was reported by affiliates, resulting in 14 arrests in Korea in December of 2020.

Korea has long been a leader in technological developments – bitcoin is no exception. However, after recent controversy, it seems as though this is changing.

“But a lot of governments are looking at this very carefully,” Yoo Byung-joon, business administration professor at Seoul National University and co-author of the 2020 research paper “Is Bitcoin a Viable E-Business?: Empirical Analysis of the Digital Currency’s Speculative Nature,” told South China Morning Post in January. “Some are even considering putting their currencies on the blockchain system. The biggest challenge facing bitcoin now is the potential for misuse, but that’s true of any new technology.”

4. Fake Bitcoin Scam – My Big Coin

A classic (but no less dubious) scam involving bitcoin and cryptocurrency is simply, well, fake currency. One such arbiter of this faux bitcoin was My Big Coin. Essentially, the site sold fake bitcoin. Plain and simple.

In early 2020, My Big Coin, a cryptocurrency scam that lured investors into sinking an alleged $6 million, was sued by the U.S. Commodity Futures Trading Commission, according to a CFTC case filed in late January.

The CFTC case further details that the suit was due to “commodity fraud and misappropriation related to the ongoing solicitation of customers for a virtual currency known as My Big Coin (MBC),” further charging the scam with “misappropriating over $6 million from customers by, among other things, transferring customer funds into personal bank accounts, and using those funds for personal expenses and the purchase of luxury goods.”

Among other things, the site fraudulently claimed that the coin was being actively traded on several platforms, and even mislead investors by claiming it was also partnered with MasterCard, according to the CFTC case.

Those sued included Randall Carter, Mark Gillespie and the My Big Coin Pay, Inc.

5. ICO Scam – Bitcoin Savings and Trust and Centra Tech

Still other scammers have used ICO’s – initial coin offerings – to dupe users out of their money.

Along with the rise in blockchain-backed companies, fake ICOs became popular as a way to back these new companies. However, given the unregulated nature of bitcoin itself, the door has been wide open for fraud.

Most ICO frauds have taken place through getting investors to invest in or through fake ICO websites using faulty wallets, or by posing as real cryptocurrency-based companies.

Notably, $32 million Centra Tech garnered celebrity support (most famously from DJ Khaled), but was exposed for ICO fraud back in April of 2020, according to Fortune. The company was sued for misleading investors and lying about products, among other fraudulent activities.

The famous DJ wrote his support in a caption on Instagram back in 2020.

“I just received my titanium centra debit card. The Centra Card & Centra Wallet app is the ultimate winner in Cryptocurrency debit cards powered by CTR tokens!” Khaled wrote.

The U.S. Securities and Exchange Commission even issued a warning in 2020 about ICO scams and faux investment opportunities, brought on by a slew of celebrities who promoted certain ICOs (like Paris Hilton and Floyd Mayweather Jr. to name a few).

“Any celebrity or other individual who promotes a virtual token or coin that is a security must disclose the nature, scope, and amount of compensation received in exchange for the promotion,” the SEC wrote in an Investor Alert in 2020. “A failure to disclose this information is a violation of the anti-touting provisions of the federal securities laws.”

Another example is Bitcoin Savings and Trust, which was fined $40.7 million in 2020 by the SEC for creating fake investments and using a Ponzi scheme to scam investors. According to Coin Telegraph, Trenton Shavers, the organization’s leader, allegedly scammed investors into giving him 720,000 bitcoins promising a 7% weekly interest on investments – which he then used to pay back old investors and even fill his personal bank accounts.

6. Bitcoin Gold Scam – mybtgwallet.com

Nothing catches the eye of the naïve quite like the promise of gold – bitcoin gold, of course.

That is exactly what mybtgwallet.com did to unsuspecting bitcoin investors.

According to CNN, the bitcoin gold (BTG) wallet duped investors out of $3.2 million in 2020 by promising to allow them to claim their bitcoin gold. The website allegedly used links on a legitimate website (Bitcoin Gold) to get investors to share their private keys or seeds with the scam, as this old screenshot from the website shows.

Before the scam was done, the website managers (slash scammers) was able to get their hands on $107,000 worth of bitcoin gold, $72,000 of litecoin, $30,000 of ethereum, and $3 million of bitcoin, according to CNN.

Bitcoin Gold, the site’s wallet used in the scam, began investigating shortly after, but the site remains controversial. Still, firm released a warning to bitcoin investors.

“It’s worth reminding everyone that it will never be truly safe to enter your private key or mnemonic phrase for a pre-existing wallet into any online website,” Bitcoin Gold wrote. “When you want to sweep new coins from a pre-fork wallet address, best practice is the same as after other forks: Send your old coins to a new wallet first, before you expose the private keys of the original wallet. Following this basic rule of private key management greatly reduces your risk of theft.”

7. Pump and Dump Scam

While this type of scam is certainly not relegated to just bitcoin (thank you for the education, “The Wolf of Wall Street”), a pump-and-dump scam is especially dangerous in the internet space.

The basic idea is that investors hype up (or “pump up”) a certain bitcoin – that is usually an alternative coin that is very cheap but high risk – via investor’s websites, blogs, or even Reddit, according to The Daily Dot. Once the scammers pump up a certain bitcoin enough, skyrocketing its value, they cash out and “dump” their bitcoin onto the naïve investors who bought into the bitcoin thinking it was the next big thing.

Bittrex, a popular bitcoin exchange site, released a set of guidelines to avoid bitcoin pump-and-dump scams.

While “stackin’ penny stocks” may sound like an appealing way to earn an extra buck (thanks to its glamorization by Jordan Belfort), messing in bitcoin scams is nothing to smirk at.

How to Avoid Bitcoin Scams

With the inevitable rise of bitcoin in current and coming years, it is becoming increasingly important to understand and be on the lookout for bitcoin scams that could cost you thousands. As more people become interested in Bitcoin, more people are also likely to try and pull off a scam.

There is no one formula to avoiding being scammed, but reading up on the latest bitcoin red flags, keeping information private, and double checking sources before investing in anything are good standard procedures that may help save you from being duped. Cryptocurrency can be a confusing topic even for the experienced Bitcoin enthusiast, so the more you read up on the world of Bitcoin, the more prepared you can be. After all, knowledge is power.

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