Hey there!
Earlier today, I was just introduced to an investment scheme - invest to turn $500 to $10,000 in 3 hours. Guaranteed and risk free.
Would you be interested?
A friend, and his community has tried it and it works!
He has also successfully withdrawn a significant sum from the investment too.
Ready to start?
Having been experienced two Ponzi schemes myself have compelled me to write this article to share my thoughts with you. According to CNA, S$661 million lost to scams in 2022 with young adults most likely to fall victim. There're many places that you can do charity, but this is not one of them.
Here are some red flags that led me to believe this is a Ponzi scheme after talking to the team.
1. This person cannot differentiate between "mining" and "trading".
Initially, I was told that this is an investment in bitcoin mining. Although I thought bitcoin mining was no longer profitable these days, but whatever - I could be wrong.
But then it turned into trading?
Honestly, I never thought I would clarify the business model with the person running it? Oh my gosh!
2. This person asked me to send over the money before account creation.
Excuse me? Never once in my 31 years that I had to deposit money to create a broker account.
3. This person claimed that returns are guaranteed.
Even Warren Buffett, the Oracle of Omaha can't guarantee profitability. Who is this unknown to tell me that TRADING is 100% profitable?
4. No clarity on the minimum amount of investment.
The company is supposedly based in London but I assumed it was SGD. Dang, I should take it as IDR 500 = BTC 0.0000015!
Anyways, here are some other reasons why I thought it's likely a scam:
5. The website lacks of substantial information.
6. This business have claimed to be registered in British Columbia, but the company cannot be found on https://www.orgbook.gov.bc.ca/ .
7. The company cannot be found on the address provided.
8. Online reviews are poor.
Would you still invest in this?
This is also where the inner struggle starts. Although I know it's likely a Ponzi scheme, it's only SG $500 for a chance to win $10,000! Why not right?!
Sure, go ahead.
Before you know it, you'll be sucked into it and risk amounts higher than SG $500. And that's how I lost a significant amount of money previously because of 2 words: Greed & FOMO
Withdrawals won't be an issue at the beginning because that's how they lure you to deposit more and refer more people to the system.
While the victims get poorer and poorer, the syndicates get richer and richer.
Speaking from experience; what seemed too good to be true is too good to be true. If money is that easy to earn, nobody will be working hard right now.
There're many places to do charity, and Ponzi schemes are definitely not one of them.
While it lasts, but it's not worth the effort IMO.
Disclaimer: Above is my personal opinion and there's no proof that it's a fraud.
P.S. I'm MAS licensed to help you with your investment portfolio. Just hit me up!
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