Crypto is the most convenient medium through with scams and frauds can be committed without the possibility of getting caught. Its decentralized nature makes it a top candidate to be used for illegal activity. This is why cryptocurrency scams are becoming more and more common.
Recently the crypto community has detected some hints of possible illegal activity on a new website. This website has deals and rules that sound too good to be true. With an offer like regular ROI (returns on investments) the website is attracting a lot of attention.
The website is called “Doubly,” and the crypto community on Reddit was the one that first noticed the suspicious activity on this website. This website has bots in place that can somehow generate a large sum of ROI. This website is actually using a very classic technique called the Ponzi scheme used by most scammers to hide their suspicious activities under the guise of legitimate legal business activity.
The website has a very predictable system. For example, if twelve thousand dollars are invested, then the investor is promised a six hundred and fifty-seven dollar return on investment every day for the duration of almost fifty-seven days. If this continues then the investor can earn up to twenty-four thousand dollars in a matter of two months only.
In order to tackle this growing issue of scams in crypto, many people in the Reddit crypto community have made a site called the Crypto Canary. This site is supposed to connect people and enables them to share their experiences regarding any crypto project that pops up. This will ultimately accommodate people to have a reasonable idea about what they are getting themselves into and help decrease the rate of scams.