Cryptocurrency scams are as real as they get and thousands if not millions of people have lost their life savings to these scams. We at Cryptopolitan.com believe that it is our duty to bring any notion of scamming to the public eye.
Crypto Vigalantee network is a Telegram based cryptocurrency security group that informs users of the latest happenings to keep the crypto sphere clean and authentic. Recently, the group reported on three new scams apparently based out of China.
However, these scams are using different country domains to carry out these scams. So without further ado, we bring you the latest cryptocurrency scams
CloudToken Cryptocurrency Scams
The group reports CloudToken, the similar scale of PlusToken, bills itself as the world’s first social wealth wallet to integrate all blockchain cryptoassets into one platform.
Started in January this year, CloudToken adopts a twenty-one (21) level compensation plan to reward its investors – once you have your signups achieving ranks, you’ll get paid bonus amounts.
It promises ten to fifteen percent (10%-15%) return on investments (ROI). While investors have to maintain a minimum five hundred dollars ($500) worth of the token at all times to have that profit. Apart from high returns and multi-level marketing (MLM) scheme, the team members are fake.
CloudToken (CTO) is actually useless and cannot be traded on external exchanges. It may end in another painful exit scam shortly after once they fail to pay the ROI they offer.
MGC Token Cryptocurrency Scams
Another token MGC Token that happens to be another PlusToken-like crypto wallet scam claims itself as a decentralized wallet, the group reported.
According to the site, MGC Token is a project developed by Aone team of London financial center, featured by functions including decentralized digital asset wallet as well as decentralized digital asset trading platform. It is also promoted as an ATS intelligent financial management system as well as a global payment system.
Promised a monthly profit from nine to twenty-five percent (9%-25%) generated from its “intelligent arbitrage” trading bot, investors can also get reward by pulling more people in – typical characteristics of an MLM program.
WoToken Cryptocurrency Scams
In order to buy WoToken, investors are required to download the WO Token Dapp, and then trade Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC) or Litecoin (LTC) into WOR tokens.
According to its introduction, WoToken wallet claims to be a wallet to bridge the digital currency and the physical world, in which the Apollo intelligent robot can help obtain an income of six to twenty percent (6%-20%) via high-frequency quantitative trading.
To make it look legitimate, the company says it will issue digital currency cards in collaboration with banks, and card issuers like Visa and Master card reported the awareness group.
It even goes as far as to link sites like SBI Holdings, BTC.com, Forbes, Bitcoin.com, and MyToken, but these links only go to the sites rather than actual reports.