New York City, New York – November 27, 2018 – Bitcoin scams are out of control, and have never been out of controversy! Though Cryptocurrency is said to aid the black market in general, the legality and usefulness of bitcoin is still a question.
The most egregious crypto scams may very well be fake initial coin offerings. After the meteoric rise in Bitcoin, the market experiences an explosion in the introduction of new competitive cryptocurrencies. Since then, the total number has risen to more than 1,600. Dozens of others are launched every month.
According to the experts at MyChargeBack, a leading international fund recovery service whose clients are victims of online investment scams, and they agree – “Scammers are bumping into one another on the internet in order to entrap cryptocurrency investors,” they told us.
The spokesperson of the company also continued, “Anyone can introduce a new cryptocurrency through an Initial Coin Offering (ICO). Typically, the developers hand out tokens to initial investors in exchange for an established cryptocurrency. For these investors, it’s a chance to buy into the new coin while it’s cheap.”
“The scammers walk away with the Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, and EOS and then their ICO implodes, leaving their hapless investors holding their empty crypto bags.
“This happens far more than you’d think. A study released this past summer by the Statis Group found that more than 80 percent of all ICOs conducted in 2017 were ultimately uncovered to be scams,” added the spokesperson of MyChargeBack.
According to them the crypto scammers are successful because they have created a crypto subculture that is built on multiple layers of cyptocurrency scams.
Before the fake Initial Coin Offering goes live, the scammers will prepare a “white paper” mixing sophisticated technical terms with pure jargons in an attempt to hoodwink investors into thinking this new cryptocurrency actually offers something new and improved that the competition missed. They’ll publicize a link to it on social media platforms and even take out paid advertising if necessary to spread the word.
The illicit ICOs are nothing but one type of bitcoin fraud.
When asked about this, “If you’re new to the crypto market and you don’t want to chance it on an ICO, you can buy existing coins from cryptocurrency exchanges. Don’t even think of doing so without doing your due diligence, without receiving advice from a veteran investor, and without a few recommendations from trusted sources in hand. Too many of them are scams. They’ll take your money and give you nothing in return,” replied the spokesperson of MyChargeBack.
The bottom line is that anyone investing today in cryptocurrency is a potential scam victim. If you believe you are, you might want to contact MyChargeBack for a free consultation.
MyChargeBack is an American company, registered in Delaware and headquartered in New York, with a global focus and an international client base throughout North and South America, Europe, Africa, Asia, and Oceania. They work with the mission to provide consumers with a proven way to fight back to recover their money after bitcoin scam.
Visit https://mychargeback.com for more information.
Company Name: MyChargeBack
Contact Person: James Green
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City: New York
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