Bitcoin User Transfers 4.098 BTC to Scam Investment Platform

News / 06.11.2020

Whale Alert, an advanced blockchain tracker and analytics system, reported a transfer of 4.098 BTC to a bitcoin address. The transaction was made today by 1:26 pm with a transaction fee of 0.00150490 BTC.

What’s more interesting about this update is that the transfer was made to a “confirmed” scam investment platform.  The transfer was made to the platform traderking.io. Traderking is a platform that claims to give up to a 1000 ROI on any investment made on the platform.

Taking a close look at the website, one can notice it falls under no regulatory body. The platform also works with websites that offer automated trading software, which is a major red flag. These kinds of websites are known for their scamming schemes. 

TraderKing falls under the long list of unregulated forex brokers, which means customers are not protected, and there is a high chance that your hard-earned money will be lost with no one regulating body to hold them accountable. 

There are many comments too about investors being ripped off their hard-earned money after investing in the platform. One such user claimed to have invested money on the platform after a certain William Dallas convinced him to empty his account and invest on the platform with the promise of getting double his investments. After a successful payment, the user is yet to get feedback and has filed a case with the Government of Switzerland and the UBS Bank. 

Crypto scams typically offer bogus ROI

Many scamming platforms claim to be top investors that can get you high ROI on your investments. Some platforms even claim to give more than 7000% of your investment weekly, which is a red flag that it is a scam platform. This is why you must do adequate research on forex and crypto before investing in a platform. If it’s too good to be true, it probably best to desist from investing.

Crypto scams are not only limited to false investment opportunities. Some cybercriminals also impersonate legitimate cryptocurrency platforms. Crypto exchange Kraken had warned users of phishing and listing scam that was making the rounds on Telegram regarding its listing team.

Olowoporoku Adeniyi is a blockchain enthusiast and crypto evangelist. Currently he loves all things crypto and covers happenings within the blockchain space.