New Zealand’s FMA Cautions People Regarding ‘Profit Bitcoin’ Scam

News / 06.04.2020

Scams related to cryptocurrencies continue to increase globally; hence, New Zealand’s financial regulator cautioned people against a new suspected Bitcoin investment scam scheme.

The Financial Markets Authority (FMA) issued a statement on April 6 cautioning against “Profit Bitcoin” which is alleged to be a get-rich-quick scam. It offers software that is allegedly 99.4 percent accurate in winning Bitcoin trades.

According to the FMA, its website is theprofitbtc.com and has signs of a scam. It is not registered as a financial services provider in the country. The FMA said it has been promoting itself on Facebook, involving certain “false news” regarding New Zealand’s initiatives. The promotion also includes a picture of the country’s Prime Minister.

Trading services with cryptocurrencies are also offered on its platform and it invited users to obtain a copy of the software for free. It promises investors a daily return of $13k when they sign up.

Despite the FMA cautioning people against theprofitbtc.com, it seems the people behind the scam have several other websites that include www.the-profit-btc.com. Besides, it seems it has been around for a while but under other names.

On April 5, ScamCryptoRobots posted a scam review that noted Profit Bitcoin’s use of a fake cryptocurrency robot. The review said it was a marketing variation of a past known purportedly using the same system to scam people. In Sep. 2019, a report said the Bitcoin Profit scam used fake endorsements by Richard Branson, Elon Musk and Bill Gates to market its alleged services.

ScamCryptoRobots observed that Profit Bitcoin also known as Bitcoin Profit software executes losing trade to steal investors’ fund.

report noted that some international jurisdictions which include the U.S. and the UK have already cautioned people against cryptocurrency scams attempting to leverage the prevalent fears associated with COVID-19.

Source: Cryptopress.

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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.