Cryptocurrency scams started popping up around the place the moment cryptocurrencies became popular. There are many different types of Cryptocurrency scams out there and scammers have focused on using the hype around cryptocurrencies, the anonymity and the fact that cryptocurrencies made many investors millionaires overnight.

Initial Coin Offerings (ICO) Scams

This is one of the most prevalent scams on the market and although it has started slowing down due the regulatory pressures and wide media coverage, ICO scams have managed to take a lot of money from scam victims over the years.

In short, ICO scams offer a new token or coin fresh to the market and usually offer a pre-sale offering which is heavily discounted. They claim the coin will be used for some purpose and spend a fortune on marketing this to the masses.

Investors keen to earn off the next big hit coin/token, jump in and purchase quickly. The more investors purchase, the more other investors jump in thinking the particular token/coin is going places.

Once the token goes live, many disappointed investors quickly realise the hype was for nothing and the token/coin has no purpose and cannot be sold off as no one else is interested in it.

Developers of these ICO Scams then disappear with the funds (often times paid in more main stream cryptocurrencies) never to be found again.

Cryptocurrency Trading Scams

It wasnt long for scammers from the online trading industries (especially Binary Option scammers) realised that Cryptocurrency could be used as an investment vehicle to continue their operations. It made perfect sense, they have existing call centers, the ability to bring traffic, hungry call center agents who are well trained to continue their scam ways and all they had to do is change the product from FX or Binary Options to Cryptocurrencies.

Investors were pressured into investing large sums of money, have a Cryptocurrency trading expert giving hem trading tips and even in some cases managing their funds via online applications such as AnyDesk or TeamViewer.

The goal is to show an investor some gains early on and then earn their trust before they get the investors to invest larger sums of money. Once the larger funds are in they manipulate the platform pricing, open large trades that tank the customer’s accounts and then disappear offering investors no recourse due to the anonymity of cryptocurrencies.

Dear Clients,

Kindly note that Aurora Capital Finances will not continue to provide any trading services at this time.

Company Closure procedures have been put in place, and all trading accounts will be closed by 01 February 2024.

Should you require any assistance, please contact the Support department on email:
[email protected]