New Zealand FMA Labels ‘Profit Bitcoin’ Project a Con Job Advises Caution

News / 06.04.2020

New Zealand financial watchdog has cautioned the public over a suspect Bitcoin investment scheme. In its statement issued on April 6, the Financial Markets Authority(FMA) raised a red flag on the “Profit Bitcoin” project.

The FMA labeled the venture a get-rich-quick scam. Allegedly, the scheme dupes the public that it offers software having a 99.4% success rate in winning Bitcoin trades.

False Narrative

According to the FMA, the project’s website has telltale signs of a con job. To begin with, it lacks the required registration to offer financial services in the country.

The FMA further points out that the project has been using a false narrative on the country’s initiatives to popularise itself on Facebook. The promotion carries the portrait of the New Zealand premier.

Bitcoin Profit also offers crypto trading services on its platform. It has invited users to acquire the software free of charge. Furthermore, it “guarantees” them a $13k return on sign-up.

Notwithstanding The FMA caution against theprofitbtc.com, seemingly the project’s owners have several other websites. These include www.the-profit-btc.com. Again, it’s likely that it has previously existed under different names.

Fake Bots and Endorsements

ScamCryptoRobots April 5 scam review identified that Profit Bitcoin used a fake crypto bot. The study intimated that the project was a marketing variation of a past known scam employing similar tactics. 

Also, a September 2019 report revealed that the Bitcoin Profit scam used fake endorsements by renowned entrepreneurs to market itself. Some of the targeted personalities were Richard Branson, Elon Musk and Bill Gates.

ScamCryptoRobots submitted that Profit Bitcoin, aka Bitcoin Profit, uses software that steals investor funds by executing losing trades.

Cryptocurrency scams are on the ascendancy globally. It is for this reason that certain jurisdictions have warned against them. A report indicates that the U.S. and the UK, among others, have alerted their public against cryptocurrency scams looking to exploit the prevailing fears associated with COVID-19.

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Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.