Scam promises 80% return every 24 hours, warns the US Department of Finance in Idaho. Scam projects also claim zero risk for investors, which lures them into a volatile market. For crypto enthusiasts, it might seem like an obvious fact that anything that promises 80% every day must be a scam, but for newbies or ignorant people, it looks like a dream come true. So for those people, I have two tips.
- If something seems too good to be true, it isn’t.
- It is not easy to make money in the crypto markets.
Investors in Idaho were being targeted by these scammers, so the US Treasury Department warned people of the same. These scams will trick you into believing that they are supported or run by well-known platforms. They used Shied Investors Ltd., Finvest Trading and Crypto FX Direct as names and websites. Some of them have already been bullied and probably scammed.
The yield range was between 65% and 80% every 24 hours, and these are guaranteed yields. If a project promises a fixed return of more than 20% per year, that is already too high. In this case, it is in thousands of percentages in return.
How do they work?
These companies charge high upfront fees for investors to start using the platform. For example, Finvest Investing fees vary between $500 and $100,000, which users have to pay with crypto. The more you invest, the higher the returns generated by these plans. So it’s not that they only target rich or poor investors. They have plans in different price ranges, so anyone with a little cash might be cheated as well.
Once someone buys a plan, it’s good to start trading; once they make substantial returns on the platform, they will be asked to pay additional money for the withdrawal. Some have also been charged with penalties and fees before payment. These scammers try to get the best out of investors until they realize they have been scammed. Once you do, they either kick you out of the system or disappear.
I want to reiterate again that any project that promises too much is probably a scam. Before investing in anything, do your due diligence or contact a professional who can guide you.
Why do you think of the scam that promises an 80% return every 24 hours? Let us know in the comments below. Also, if you found our content informative, like it and share it with your friends.
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