This is pretty eye-catching, right? Combine all these words, and you can convince a lot of people that you are indeed a real deal. Unfortunately, these mumble jumbles are created and organized by a group of scammers. I'll let you know ahead that this is a long article as I examined every part that makes me say this is a scam. Continue reading below to be able to understand further.
TLDR: Connected with multiple previous scams. Pyramid scheme. Untrustworthy team. AVOID at all cost.
Part 1: The Platform
A friend of mine, who goes by the name of "Loki" on the internet, told me to investigate a possible scam since he was worried about the increasing victims that are related to cryptocurrency. A sample of the post circulating online is attached below. Since I like to check out shady/scam things, I decided to give it a go.
Arriving at their website, http://tradenance.co/ , I laughed my self out as these numerous pop-ups were showing the so-called business opportunity along with the fantastic "crypto" speakers & team leaders.
Scrolling down a bit, you can see the list of features and the percentage of profit that they offer. It should give you red flags already. Global member, spillover, and profit sharing are typically a part of MLM/Ponzi/Pyramiding schemes (Read more here: https://www.dsap.ph/networking-building-ban-binaries/). It can also be viewed once you log-in on their platform.
Taking a look at the most promised product that they offer, the trading bots, which "trades" both forex and cryptocurrency. For a "pleasing" look, they even included packaging for their bots haha. They also guaranteed that users could enjoy unlimited profits with up to 2.75% daily. The plan ranges from $100 to $100,000 with a required $10/each plan for a membership fee & it runs for up to 220 days only. The big question is, do they have legitimate trading bots for forex and crypto markets as what they have promised? Thus, another red flag for that.
Also, it's not only money that they will give to you, but they will also reward you more than that. A PDF, which can be accessed here https://trader.tradenance.co/PDF/Tradenance%20Powerpoint.pdf , contains a list of more detailed explanation on how the users can earn from their platform. It also includes a list of rewards from a Macbook pro/iPhone X to a luxury mansion. The persuasion to gather users is getting serious. A big red flag alert!
Now since we are done discussing the features and rewards of their platform, let's talk about the team. The homepage reveals only their names; there are no faces, no links to social media accounts, none at all to prove their legitimacy. Their PDF file does not also mention any names and faces of the team who made the platform. Another massive red flag to place in this shady platform.
Part 2: A Deep Dive to The "Team"
Looking up the first two names on the Google search engine, Kendrew Greg & Madeleine Madixon, a search result which matches Tradenance comes up. A service called Endole, which helps users look up corporate data has an entry for "Tradenance Limited." It says here that it was incorporated on May 20, 2019. What's more, is that we could see additional info on the shareholders. Mr. Kendrew Greg & Mr. Madeleine Madixon here are just five years apart from the month (July) that they were born. I don't believe this is just a mere coincidence. They are also listed on Companies House UK (https://beta.companieshouse.gov.uk/company/12005884).
Now that we have a registered address (22 Portland Road Altrincham Manchester WA14 2PA), I decided to look more about this place. It turns out that there are a total of 7 companies (including Tradenance Limited) that is listed on the same address. Coincidence? I still don't think so.
I decided to check each company, and it never ceases to amaze me. Mr. Robert Eric is the only shareholder in the first three companies listed on the explorer. Finance Plus Investment Group Ltd, VRHMD Invest Limited, and Bitsborn Finance Ltd were all dissolved due to compulsory strike-off. If you calculate the time when they got incorporated (February & March) to the point where they got dissolved (July & August), it took him one year, five months, and eight days to cease operation. Another coincidence? No, I really don't think so.
He also operated another company which uses a different address. Gloalscoin Limited, which has a registered address on 20 Lawn Lane London SW8 1GA, also ran for one year, five months, and eight days. The list keeps on growing as we dig deeper into this address. So I'll skip this part and show you some snippets/overview as I want to focus directly on the next shocking parts.
Extra companies from the address: 20 Lawn Lane London SW8 1GA
Crypto Billion Limited (Mr. George Keith) & Blockchain Finance Invest Limited (Mr. Herbert Benson)
Crypto Billion Limited (Archive: https://bit.ly/2NAs0wj)
Earn Assured Limited (http://bit.ly/2S3b28j)
Masterhash Limited (http://bit.ly/2NDruxD)
Bitbird Invest Limited (http://bit.ly/2LGix3U)
- Ran by Mr. George Keith and operated for one year, five months, and eight days. Dissolved via compulsory strike-off. Different addresses. Earn Assured & Bitbird Invest is an HYIP scam, read: http://bit.ly/2LDjbz6http://bit.ly/2S0ZD8R
Blockchain Finance Invest Limited (http://bit.ly/2RZ6G24)
RL Bitcoin Investment Limited (http://bit.ly/2XNWQW6)
- Ran by Mr. Herbert Benson and operated for one year, five months, and six days. Dissolved via compulsory strike-off. Different addresses. RL Bitcoin is an HYIP scam, more details can be seen here: http://bit.ly/2L4L7MQ
Another massive red flag, these guys never stop unless there are people who are willing to give them money.by Author
Let's go back to the main list. By searching "Tree Bitcoin Limited" on the Google search engine, a list of HYIP monitoring sites appear. High Yield Income Program (HYIP) is your typical investment scheme that doesn't last long but gives out a high ROI. It lasted for one year, five months, and seven days if we based on Endole. However, the scam only ran for 5–6 days, read more: http://bit.ly/2xBZJdGhttp://bit.ly/2XrkBiA
Lastly, for the list, two companies have almost the same name. So I decided to merge them since they also have the same project — Regalcoin. Both of the companies, regardless of the "Cryptocurrency" or "Corporation" on their names, has an active proposal to strike them off. The stakeholders are Mr. Michael James & Mr. Raymond Weil. Upon looking up Regalcoin, numerous articles link it up to a big scam.
An article from Cointelegraph featured Regalcoin as a scam which is also linked to Bitconnect. https://cointelegraph.com/news/indian-police-uncover-cryptocurrency-scam-involving-bitconnect-promoter
The Criminal Investigation Department (CID) in Gujarat, India, has accused Divyesh Darji — a promoter of now-defunct cryptocurrency investment program BitConnect that ceased its operations in January of last year — of luring people to invest into "Regal Coin," promising unrealistic returns of as high as 5,000% on investment. A CID official said that the estimated amount of the scam reaches into the tens of millions of rupees.by Author
It also became a hot topic on Bitcointalk as users were hoping & doubting about its legitimacy.
Original thread: https://bitcointalk.org/index.php?topic=2093710
Archive 1: http://bit.ly/2XwhIBV
Archive 2: http://bit.ly/2RYzPdx
I was lucky to find a web archive of the popular scam "Regalcoin" for me to check out why it turned out to be the same with Bitconnect. As it turns out, it is a lending platform which is similar to Bitconnect. No wonder why it turned out to be a scam at all.
Remember, there is no easy money in this world. You should work hard for it. A lot of vulnerable people are easily scammed due to the mindset of wanting to get money easily. Schemes focused on getting you rich quick won't last long. Invest in learning for yourself instead. Stop supporting these scam projects. Wake up.