Bitcoin apps such as Blockchain.info and Coinbase are gaining popularity with a wide variety of customers who are looking to use virtual currencies for a variety of purposes. This trend, along with Bitcoin’s growing popularity has not escaped the attention of scammers and con artists. Scammers are always looking for an easy way to con innocent victims out of money by making them false promises of high returns on very small investments. Such is the case with the Bitcoin Up app trading platform. When our staff started sniffing around to see what all the hype was about we noticed a few disturbing facts. First, there is a massive paid search campaign which is active these days and it is scammers are using fake “Mirror” websites in order to attract potential victims. Secondly, through our connections we were able to find out that the people who are responsible for promoting these schemes are affiliate networks who are operating in tandem with unlicensed CFD (contract for difference) brokers.
But wait, this is not the most disturbing aspect of the scam. Once members click the link inside the fake news website (see above), they are redirected to another website named “Bitcoin Up”. In marketing terms the fake news website is referred to as a “pre-lander”, or a website which primes viewers to take action after being exposed to certain types of content. Once viewers make a decision to register, they are not really signing up for a “system” of any kind. In reality Bitcoin Up is a part of an illegal network of websites which act as a baiting tool which is used to acquire new customers. Victims signing up have no idea what they are actually registering for, or what is actually supposed to happen. All they understand is that they have to invest a certain amount of money in order to gain access to a system and then they can generate “money on auto-pilot”.
This could not be farther from the truth and scammers are using celebrities and high profile individuals like Gordon Ramsay and Elon Musk in order to promote get-rich-quick schemes like the one we mentioned above or others like Bitcoin Revolution.
How To Avoid The Scams?
In general, if it sounds to good to be true then it usually is. If you are not sure or uncertain about a certain product or system your are about to invest in, its always best to ask a friend or relative. Of course, doing research is always an important part of life especially when investing or money is concerned.