Way-btc.ltd Reviews Way BTC, Another Bitcoin Scam Doubler

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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.

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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.

The Complete Guide to Bitcoin Scams

May 23, 2020 – Posted by Suraya Zainudin on Guides

As we speak, bitcoin market capitalization is hovering around $6.4 billion dollars. That’s a lot of money, and you better believe scammers know this and want a slice of that digital pie.

Whether you are a bitcoin newbie, or someone who have been torched before, you should keep yourself up to date with the latest scam attempts. This is the complete guide to existing bitcoin scams you should be aware off. Credit to Coin Republic for compiling some of the scams in this infographic as well as to CryptoCoinNews for keeping an updated Bitcoin Scams page.

1. Fake website scams

In January 2020, one Reddit user posted his experience after being scammed out of some bitcoins after accidentally using a fake website that imitated the cryptocurrency exchange service ShapeShift.io. The website looks almost exactly like the actual website, except that it has a missing letter in the URL. ShapeShift was notified and posted a blog post about it to warn other users.

Scams involving fake websites like this is not an isolated incident. There were also fake websites for BitStamp, Bitcoin Foundation, Blockchain.info and others.

These websites make money by stealing login information from users, or mislead users into sending funds into their wallets. Some even go further by taking Google advertisements!

Solution: Do not click from unverified sources, especially from emails to avoid phishing attempts. Always check for correct spelling and SSL certificate – i.e. URL begins with https.

2. Cheating scams

Found someone online who have bitcoin to sell, or accept payments for goods and services in bitcoin? You might be sending your money to scammers and may receive nothing in return. This is one of the oldest tricks in the book, yet it still happens on a surprisingly regular basis.

Scammers try to win your trust in many ways. In order to dupe you, some might send fake IDs or even impersonate a respected member of the local community.

There are many variants of cheating scams involving bitcoin, including:

‘Advertise with us’ scam, where scammers impersonate reputable bitcoin websites and email bitcoin users with advertising opportunities.

Bitcoin for sale scam, where scammers pretend to be both seller and a previous (satisfied) customer in order to mislead. To make the offer enticing, they usually offer bitcoin under market price.

Pre-order mining equipment scam, where scammers collect money for equipment that never came.

Solution: Follow your instinct – if the deal is too good to be true, it probably is. Only use trusted companies or services, and make sure to always double check website URL and email address. When in doubt, contact customer support to confirm. When doing funds transfer locally, try to meet face-to-face or use reputable escrow services.

3. Ponzi (and MLM) scams

Ponzi scams are fairly easy to spot, no matter how professional the website looks. However, because scammers in elaborate Ponzi schemes know how to manipulate human greed and is great at giving sweet promises of easy money, it is easy for a person to be lured into it. Usually, bitcoin ponzi scams operate by:

1) over-promising ROI to the point of ridiculous
2) having an active recruitment scheme

There are many versions of ponzi scams involving bitcoin, but the most common – and most dangerous – are interest on bitcoin deposits scams and bitcoin mining groups scams.

Interest on bitcoin deposit scams operate by offering investors a fixed deposit-type arrangement. Investors are promised high returns on their deposits after a period of time. However, not only the promised returns will never come (or came in the beginning, but stops after a while), unlucky investors will also lose their bitcoin deposits. In 2020, 3000 investors suffered combined loss of HK$3 billion dollars in the MyCoin scandal. More recently in March 2020, 1000 investors lost NT$50 million after promised 250% returns on investment.

Bitcoin mining group scams, on the other hand, operate by offering investors the chance to ‘mine’ bitcoins without dealing with the hardware and maintenance required. Also called bitcoin cloud mining, these companies scam investors by promising fast and easy return on investment. While legitimate bitcoin mining groups do exist, there are very few left that can still turn a decent profit, if at all. They are best avoided altogether. Gavin Andresen even said that many bitcoin mining groups – even established ones with thousands of members – may be Ponzi scams after all because bitcoin mining is simply not sustainable in the long run.

On the same note, there are a lot of MLMs involving bitcoin as well. While not strictly scams per se, they do depend on ‘referral marketing’ and should be approached with caution.

Solution: Avoid anything that over promises. Legit investments will never ‘guarantee’ returns. Others’ testimonies are rarely reliable – some people don’t realise it until too late – so only invest if you are willing to lose the whole amount. Be skeptical of positive reviews of bitcoin companies online. Be extra wary of investment groups that appear cult-ish.

4. Phishing scams

One would assume that members of the bitcoin community are more tech-savvy than others and phishing scams would never work on us. However, phishing scams do and did happen – in December 2020, BitPay lost 1.8 million in bitcoin in a phishing attack. A quick check in Reddit reveals more recent phishing attacks – be especially cautious if you use any of the following services on a regular basis (this list is not exhaustive): Bitstamp, LocalBitcoins, Coinbase, and blockchain.info.

Solution: Don’t click from unverified sources, including from emails. Always check for correct spelling and SSL certificate (ie: https)

5. App & Plugin Scams

This is relatively new and pretty scary development. Scammers have stepped up their game – there are now bitcoin scams that operate as apps and plugins.

In November 2020, the Bitcoin community was warned against a fake Localbitcoin app, available on Android (since taken down) that phished for bitcoins. (image credit to CoinDesk).

More recently, in March 2020, the Bitcoin community was urged to uninstall a Chrome add-on called ‘BitcoinWisdom Ads Remover’ which can steal bitcoins by replacing QR codes in popular exchanges with fake QR codes.

Solution: It’s hard to predict what kind of scam apps or plugins (or something else?) to appear next. The fake app had plenty of (fake) 5-star reviews, so we know that we can’t even trust Android Play Store ratings. Exercise extreme caution – to be safe than sorry, email customer support to verify that the app/plugin is indeed, theirs.

6. Bitcoin Authority Scams

This is one of the hardest scams to see through because the scammers appeared to have high authority among Bitcoin community members. For example, the digital currency exchange platform Cryptsy did not tell its users that it was allegedly hacked out of $6 million worth of bitcoin in 2020. Instead, they simply did not allow users to withdraw bitcoins and ignored support tickets. Before that, the community was shocked by the Mt Gox incident. It was a respected bitcoin exchange, until it suddenly disappeared without a trace, along with approximately 744,000 bitcoins.

More recently, the fake organisers of London Bitcoin Forum apparently got away with thousands of pounds in ticket and sponsor fees. The event, which was scheduled for 23-24 March 2020 promised a lively 2-day event featuring talks from prominent Bitcoin industry leaders, networking opportunities, presentations and much more. Many Bitcoin news websites, companies, and members of the public shared the event and made plans to attend it, until it was revealed as an elaborate scam. By this time, the website and Facebook page were taken down without notice or news. The only silver lining: this particular incident brought to light the lack of proper guidelines for bitcoin news reporting by major bitcoin news websites.

Solution (kind of): We would say ‘only use the services you trust’, but this advice is meaningless here. All of the above were trusted entities (at that point). However, you can reduce the risks. Divide your bitcoin storage across several wallets, or cold storage it. Practice a healthy level of skepticism over any news article and review you read. If the website has a history of sweeping stories under the carpet, proceed future news (especially involving money) with caution.

Conclusion

Bitcoin scams are not doing the Bitcoin image any favors. Is this the natural evolution of a decentralised currency such as bitcoin? So far, the lack of regulation for digital currencies as well as Bitcoin community’s preference to self-regulate is certainly making it easier for scammers to target bitcoin newcomers. It is unlikely that bitcoin scams will stop appearing, so our only hope is to keep ourselves updated and get digitally protected.

Do you have any other scams that we missed? Write to us at the comments section below.

BiteBTC СКАМ .

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Бывалый

про этих воров уже много раз писали,но мне как-то на глаза эта тема не попадалась,пока меня лично не коснулось.
вообщем майнил и продавал MicroBitcoin (MBC) на этой бирже,а когда попытался вывести заработанное,получил письмо ,где написано в переводе—

Уважаемый трейдер,
Ваша учетная запись была временно отключена и в настоящее время находится на рассмотрении соответствия, что влечет за собой проверку недавних и прошлых действий учетной записи, чтобы убедиться, что наши пользователи соблюдают наши условия обслуживания.

Депозитная транзакция (ы):
4a317d1c2042c0bb55727cf639875e088fb143b7f9ec79eed2a36b89334faabd

Для облегчения нашего обзора, пожалуйста, предоставьте следующую информацию:
– источник средств для вышеуказанной транзакции, т. Е. Как и где они были приобретены или приобретены
– Соответствующая документация, которая указывает на подтверждение права собственности на данные средства

Спасибо за ваше сотрудничество с этим вопросом.
После предоставления вышеуказанной информации и завершения проверки соответствия мы сообщим вам о результатах и состоянии вашей учетной записи.

после этого письма заблокировали аккаунт,зайти на биржу невозможно.

так что будьте бдительны и обходите этих ВОРОВ стороной

Avoid Scams

Familiarize yourself with some of the most commonly observed bitcoin scams to help protect yourself and your finances.

Blackmail

Be wary of blackmail attempts in which strangers threaten you in exchange for bitcoin as a means of extortion. One common execution of this method is by email, where-in the sender transmits a message claiming that he/she has hacked into your computer and is operating it via remote desktop protocol (RDP). The sender says that a key logger has been installed and that your web cam was used to record you doing something you may not want others to know about. The sender provides two options – send bitcoin to suppress the material, or send nothing and see the content sent to your email contacts and spread across your social networks. Scammers use stolen email lists and other leaked user information to run this scheme across thousands of people en masse.

Fake Exchanges

As bitcoin has become more popular, more people have sought to acquire it. Unfortunately, nefarious people have taken advantage of this and have been known to set up fake bitcoin exchanges. These fake exchanges may trick users by offering extremely competitive market prices that lull them into thinking they’re getting a steal, with quick and easy access to some cheap bitcoin. Be sure to use a reputable exchange when buying or selling bitcoin.

Free Giveaways

Due to the viral nature of how information spreads across on the internet, scammers seek to take advantage of people by offering free giveaways of bitcoin or other digital currencies in exchange for sending a small amount to register, or by providing some personal information. When you see this on a website or social network, it’s best to immediately report the content as fraudulent, so that others don’t fall victim.

Impersonation

Unfortunately it’s very easy for con-artists to create social media accounts and impersonate people. Often times they lie in wait, until the person they’re trying to impersonate publishes content. The impersonator then replies to it with a follow-up message or call to action – like a free giveaway – using an account that looks almost identical to the original poster or author. This makes it seem like the original person is saying it. Alternatively, impersonators may also try to use these same fake accounts to trick others via private or direct message into taking some kind of action in an attempt to defraud or compromise. Never participate in free giveaways, and if you receive an odd request via someone in your network, it’s best to double check to confirm the authenticity via multiple mediums of communication.

Malware

Hackers have become very creative at finding ways to steal from people. When sending bitcoin, always be sure to double or triple check the address you’re sending to. Some malware programs, once installed, will change bitcoin addresses when they’re pasted from a user’s clipboard, so that all of the bitcoin unknowingly gets sent to the hacker’s address instead. Since there is little chance of reversing a bitcoin transaction once it’s confirmed by the network, noticing this after the fact means it’s too late and most likely can’t be recovered. It’s a good idea to be super-cautious about what programs you allow to have administrator access on your devices. An up-to-date, reputable virus scanner can also help but is not foolproof.

Meet in Person

When buying or selling bitcoin locally, a counterparty may ask you to meet in person to conduct the exchange. If it isn’t a trusted party that you already know, this is a very risky proposition that could result in you getting robbed or injured. Con-artists have also been known to exchange counterfeit fiat currency in exchange for bitcoin. Consider using a peer-to-peer platform to escrow the funds in place of meeting in person.

Money Transfer Fraud

Do not reply to emails or inbound communications from strangers telling you they need help moving some money, whereafter in exchange for your services, you’ll get a portion of the funds.

Phishing Emails

Beware of emails purported to be from services you use soliciting you for action, such as resetting your password, or clicking through to provide some sort of interaction with regard to your account. It can be very difficult to spot the difference in a fake email that’s trying to entice you to compromise your account, and a legitimate one sent on behalf of a product or service that you use. When in doubt, considering triple-checking the authenticity of the communication by forwarding it to the company, using the contact email address on their website, calling them on the telephone, and/or reaching out to them via their official social media accounts.

Phishing Websites

Phishing websites often go hand-in-hand with phishing emails. Phishing emails can link to a replica website designed to steal login credentials or prompt one to install malware. Do not install software or log in to a website unless you are 100% sure it isn’t a fake one. Phishing websites may also appear as sponsored results on search engines or in app marketplaces used by mobile devices. Be wary that you aren’t downloading a fake app or clicking a sponsored link to a fake website.

Ponzi Schemes

Do not participate in offerings where one or more people offer you a guaranteed return in exchange for an upfront deposit. This is known as a ponzi scheme, where-in future depositors’ principals are used to pay previous investors. The end result is usually a lot of people losing a lot of money.

Prize Giveaways

Similarly to free giveaways, prize giveaway scams trick people into taking action or supplying information about themselves. For example, supplying a name, address, email and phone number in order to claim a prize. This can allow a hacker to attempt to use the information to gain access to accounts by impersonating you.

Pump and Dumps

Do not trust people who entice you or others to invest because they claim that they know what the bitcoin price is going to be. In a pump and dump scheme, a person (or persons) try to artificially drive up or pump the price so that they can dump their holdings for a profit.

Pyramid Schemes

A pyramid scheme promises returns to participants based on the number of people they invite to join. This enables the scheme to grow virally and rapidly, however, it most often doesn’t result in any kind of meaningful return for the members and/or those invited who also joined. Never invite your personal network under the sole goal of accumulating rewards or returns from a product or service, and do not contribute your own capital at the behest of others to accelerate the process.

Ransomware

This is a type of malware that partially or completely blocks access to a device unless you pay a ransom in bitcoin. It’s best to consult the advice of a trusted computer professional for removal assistance, rather than paying the ransom. Be careful about what programs you install on your devices, especially those that request administrator access. Also be sure to double-check that the application you are downloading isn’t a fake one that’s impersonating a legitimate one you’ve used in the past.

Scam Coins

Be careful when investing in alternative coins (altcoins). Amongst altcoins there may be scam coins, enticing users to invest via private sales, or with presale discounts. Scam coins may feature a flashy website and/or boast a large community to create a fear of missing out effect on people who discover it. This helps early holders pump up the price so that they can dump and exit their positions for a profit. Scam coins without large communities may do airdrops – offering free coins (or tokens) to people in exchange for joining their communities. This enables scam coins to present their initiatives with inflated traction metrics to make investors feel like they’re missing out when it comes time for them to decide if they’d like to buy-in. Scam coins may also use the word Bitcoin in them in an effort to trick or mislead people into thinking there is a legitimate relationship.

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