There are a lot of scams online, cryptocurrency scams are now more than ever more rampant, and Eubtc is just another one of those scams.
As always this was brought to my attention over on Telegram by a couple of people who want to invest in crypto.
The site has a lot of red flags, from lucky guesses as a means of making your crypto double to more complex scams like the option to mine popular crypto like Bitcoin with a promise of over 20% annually.
What the hell is even this? pic.twitter.com/KOM9fzTPsi
— N¡gel (@NigelJr_) June 14, 2022
What Is a Ponzi Scheme?
A Ponzi scheme is a fraudulent investing scam promising high returns with little risk to investors. A Ponzi scheme is a fraudulent investing scam that generates returns for earlier investors with money taken from later investors. They are based on using new investors’ funds to pay the earlier backers.
of course, just like any other Ponzi, EUBTC also has a very lucrative referral program. Just like all the other sites we have covered here, I expect the scam to eventually bottom out when the flood of new investors dries up and there isn’t enough money to go around.
If I were you, I’d avoid the platform.
