After different scams in India, in the name of the cryptocurrency that another scam is being hatched. India is likely to experience a new cryptocurrency fraud. Some have come up with software this time around, pretending to be a cryptocurrency and receiving referral commissions by introducing individuals to the old model of the money chain. One such Bangalore-based business claims to be a cryptocurrency of its own. However, on the company's website, no data is provided about the mentioned coin/cryptocurrency.
The organization just says on its website that it is an online platform for education. It is unlikely why the firm does not list such a large project on its website. They say their coins will soon be listed on the stock exchange and that their customers will be given an ATM card by the company. The organization claims to have listed their cryptocurrency on an exchange in the U.S.
We know that a license to trade on an exchange is a listing. None of the coin's clients have yet accessed the trading facility, however. Cryptocurrencies on crypto exchanges are mentioned. The company that issues the cryptocurrency takes the security, the technology used, the legal aspect, and the coin's demand to list the coin into account. A Ticker Symbol will also obtain the specified cryptocurrency. BTC, for example, is the Bitcoin symbol. But such a symbol is not used in the currency of the organization that appears to be listed. If you look at the reviews on their Facebook page, you can see that there are a range of very minor technological bugs in the business that claims to use technologies such as blockchain. On the company's Facebook page, many have also complained that they have not earned their due share on a regular basis. The business believes that the consumer would earn 0.5 percent to 2 percent of the sum deposited daily if they buy their coins worth Rs 1500 each. The client will receive 0.5 percent to 2 percent of the sum deposited every day, worth Rs 1500 each. The business also provides referral fees in the money chain model to introduce new individuals to current customers. The company's other argument is that when the coin is listed on the stock exchange in 2022, the price of the coin would be charged to consumers at that time. On its website, the company notes that the IPO (Initial Public Offer) is the only ICO (Initial Coin Offer) to increase the organization's capital. That is, in return for the money they pay, the website notes that clients would be offered a cryptocurrency token or a share of the business. But several customers assume that they have purchased the company's cryptocurrency with the same money as other cryptocurrencies. Such details are suggestive of a serious investment scam.
It is necessary to remember that we do not learn any lessons from such endless scams. First of all, we need to make sure that such institutions do not function under any government system's influence. Investors should be prepared not to invest cash that is not completely compelling in any investment. Before making an investment, every investor should try to be aware of the investment strategy. It is important to be extremely careful not to be misled by such investments. Before making an investment, each investor should try to learn about the investment plan. It is important to be extremely careful not to be misled by such investments. Before making an investment, every investor should try to be aware of the investment strategy. It is important to be extremely careful not to be misled by such investments.
