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Smart Coin Limited - The unfolding of a cryptocurrency scam
Information gathered for this article has been collected from the Telegram channel and conversations with some of the channel members
What is Smart Coin?
Smart Coin Limited markets itself as an options trading company/platform trading cryptocurrencies such as Bitcoin, USDT, Ethereum. With claims of being headquartered in the state of Arizona, United States of America, the 'platform's' 'unique' selling point is a return on investment (ROI) and profit within a period of 2 days as high as x10 of the investment amount.
Further more, the Telegram channel is filled with a constant call for and mouth watering investment returns' numbers to the new investors.
The scam is championed by someone using a pseudo identity,
How does Smart Coin Limited work?
- Investors can trade through a mobile phone or a personal computer.
- Investors can make payments using Chippercash, Binance or Bitcoin.
- A promise of a return on investment and profits within 2 days of trading.
- Investors (users) are paid without 'any complaints or stress'.
- The administrator of the Telegram group is the only one allowed to authorize transactions.
- As long as a user abides by the Telegram channel's rules, the administrator promises not to let them experience a scam.
- A referral bonus of 20%
- A minimum deposit of UGX 386,000 (approx. USD 100) and no maximum amount that an individual can invest.
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With a constant stream of positive reviews from the "investors" that have cashed out (who are most likely to be acquitances to the scam owners), the unsuspecting new users are flooded with testimonies about how they have gotten profit on the amounts invested.
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It's important to note that the owner,
Agent Raymond claims that Smart Coin Limited's offices are based in Arizona, most of the Telegram channel members have names that originate from particular regions of Uganda. It's therefore right to conclude that:-
Agent Raymondis lying about his operating location and that he's a Ugandan himself, or
- There exists a huge network of his accomplices in Uganda recruiting unsuspecting members of the public.
Agent Raymond claiming that Smart Coin Limited is based in Arizona, USA
Names of the scam victims, "investors" as they are referred to in the Telegram channel
Promos that investors can rely on to pay finances.
Confirmation that the number listed in the Telegram channel is active on WhatsApp
I disguised as someone with a desire to become an investor and asked for the Bitcoin address so that I can transfer the investment amount to
Agent Raymond. The reason I opted for the Bitcoin address was because I could look at the amounts transferred on the address they'd send me.
As any caring customer care specialist would do,
Agent Raymond actually called me via Telegram reminding me to send the monies so that the trading could start. The Arizonian in him had a Nigerian accent. Unfortunately, he blocked me before I could screenshot the part where I let him know that he's a scammer most likely based in Nigeria.
The Bitcoin address where I was supposed to send the money and the call duration.
I decided to let him know that I kn1ow he's carrying out a scam and like any scammer, he went defensive.
Full defensive mode after I let him know that he's carrying out a scam
The transactions carried out on the address he sent to me.
How to spot a crypocurrency scam
- They have no specific token they're trading.
- No social media presence at all. Most scams operate chat app groups as the only interfaces between customers and the leadership.
- No white paper outlining the problem being solved and the approach being taken.
- No know investors.
- Promising quick returns
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