A Bitcoin trading scam via the Facebook internet platform occurred between the end of July and the beginning of August. In an online ad, the perpetrators promised high profits from trading Bitcoins. All you have to do is transfer large amounts of money to a bank in Ireland. The 59-year-old victim then arranged for transfers of more than €30,000. According to the Landau Police Department, however, and not really surprisingly, there was no profit. ( HERE )

Be careful when trading Bitcoin

We have been warning about Bitcoin scams like this for some time. In a guest article, financial expert Martin Fiedler from FINANZSACHE ( HERE ) 2021 explained how these scams work and what potential investors should pay attention to. ( HERE ) The mechanics haven't really changed much. Unfortunately, neither does their success.

Bitcoin systems soar

Bitcoin is currently experiencing highs, which is also attracting professional fraudsters. The alleged get-rich-quick schemes are called Bitcoin Code, Bitcoin Era, Bitcoin Superstar or Bitcoin Revolution. A report on how thousands of people are being cheated out of their money while trading Bitcoin.

The scheme is simple and effective: the name “Bitcoin” is supplemented by a noun that promises great things and is intended to entice people to make a deposit (example: “Bitcoin Revolution”). There are already names for numerous platforms of this kind!

Websites with corresponding names and frequently changing domains spring up like mushrooms as soon as the price of Bitcoin experiences a significant jump.

But what exactly is behind it?

These are platforms that promise wealth through trading Bitcoin (Bitcoin trading). What’s more, it’s completely automated. A sophisticated algorithm is intended to ensure quick profits.

The fact is: the whole thing is fraud and every euro deposited is a euro lost.

In the course of research by FINANZSACHE, over 40 of these fraud platforms were examined, all of which work according to the same scheme and, despite different names, use the same layout and function exactly the same.

Screenshot of a sample fraudulent Bitcoin trading page
Screenshot of a sample fraudulent Bitcoin trading page

In order to make the fraud perfect, cooperations are concluded with other financial portals where positive “testimonials” are placed so that you can feel safe when doing research.

The real Bitcoin Code & Co. experiences are of course different.

In this article, “Bitcoin Code” as the best-known representative represents all platforms of this type, where there are usually no other differences apart from the name and logo.

Psychological tricks used by Bitcoin Code scammers

Anyone who wants to learn something about human psychology is always well advised to study advertisements on the Internet.

Since the placement of advertisements often involves high click prices, they must be designed as efficiently as possible. The people behind “Bitcoin Code” & Co. are pulling out all the stops in this regard.

In order to entice as many users as possible, it's often not about Bitcoin at all in the first instance. Instead, it's about a topic that can be assigned to gossip or tabloids.

In Austria, names like Dietrich Mateschitz or Richard Lugner used. In Germany on Frank Thelen or Dieter Bohlen .

To put it bluntly:

“None of these celebrities actually have anything to do with it! Rather, their names are being used without authorization to arouse interest among online users.”

Martin Fiedler, FINANCIAL MATTER

For example, the advertisements read in large letters:

“His family is in deep mourning”
“Incredible discovery in the lion’s den”
“HE really didn’t expect that!”

The name itself is not mentioned (presumably so as not to trigger algorithmic detection by the advertising networks), but the ad is garnished with a corresponding picture of the celebrity.

So it's not about Bitcoin trading at all. Nevertheless, the titles mentioned above are interesting enough to make you want to find out what's new behind them.

How the Bitcoin Code scam works

If you click on one of the advertisements mentioned, you will be taken to an intermediate page in the form of a longer article on a website that looks deceptively like a well-known tabloid media.

For a layperson, the difference to the original can hardly be seen.

The article is no longer about the announced topic at all, but about a “secret system” that is said to have made many people rich.

A platform called “Bitcoin Code”, “Bitcoins Evolution” or similarly promising names is being advertised. The variations are endless.

Since many people are currently worried about money due to the corona pandemic, it seems attractive if you are promised easy access to high profits.

The victims are then directed from the article to the actual platform, where psychological tricks and promises continue. This shows supposed traders who are said to have made high profits in the last few hours.

Videos of statements about Bitcoin from personalities such as Bill Gates or Richard Branson that are taken out of context are also shown, which are intended to encourage people to register.

For the DACH region, the videos are either provided with subtitles or sometimes translated using language software. The voice, which is clearly recognizable as a computer voice, is almost unintentionally funny. However, since the intention here is to deliberately target laypeople with high hopes of making a lot of money, this plays a minor role.

The aim of the fraudsters is to get as many people as possible to register and deposit at least €250. Supposed winnings increase the motivation to deposit more money.

A withdrawal is of course not possible.

The fact is:

“The whole thing is a fake on a large scale: the fraudulent platforms called “Bitcoin Code” & Co. record hundreds of thousands of hits every month.”

Martin Fiedler, FINANCIAL MATTER

Attention: Advertisements about fraudulent Bitcoin platforms also appear in reputable media

Advertisements about these Bitcoin trading scams can also be found in many reputable and established media outlets. However, I don't want to mention any names at this point so as not to bring them into disrepute without justification.

The media in question is rarely to blame for this, but rather the advertising networks behind them.

As a medium, you often only have limited influence on which advertisements are displayed within articles or other areas of the website.

The fact that these ads are still waved through is, on the one hand, due to often inadequate checking on the part of the advertising networks. On the other hand, it also depends on the methods the fraudsters use.

For example, the ads are often checked and approved in the USA. However, through technical tricks, the networks are shown a different target page than if the ad was viewed from a European country such as Germany.

One would think that Facebook, Google & Co. are armed against such simple manipulations. Unfortunately, reality speaks a different language here, as can unfortunately be seen from the success of these platforms!

In line with this topic! Bitcoin Scam: Amazon Didn't Launch a New Electronic Currency!


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