CoinGain – usual scam… Its developers are trying to assure users that they have developed a bot that allows them to automatically make money on investments in cryptocurrency. Not really. What is it really CoinGain? Let’s figure it out.
E-mail addresses of the project
- [email protected]
- [email protected]
Attention! scammers very often change the addresses of their scams. Therefore, the name, site address or email may be different! If you did not find the address you need in the list, but the scam is very similar to the one described, please Contact us or write about it in the comments!
Information about the project
The site is in English, but it’s not difficult to translate. Let’s start with a legend. The crooks write:
Investment program with limits
Coingain.app offers easy to use and legal an investment program in which you can invest any deposit amount from 1 dollar and receive absolutely passive hourly earnings.
Legal? No, not legal. But we read the legend further:
Bot for automatic cryptocurrency trading
Our homemade cryptocurrency trading bot shows excellent results over a short working distance, but the term and percentage of earnings are always different.
Randomized profits for members
Our members earn in total 102.5% -110% daily, for terms from 24 to 72 hours. This spread of numbers is due to different values of the robots trading results.
And how much do they offer to invest? From $ 1 and higher. Charlatans Accept Transfers for Payeer and Perfect Money… They also use Bitcoin, Ethereum, Litecoin, Dogecoin, Ripple… As you can see, only e-wallets are involved, on which a refund is not possible.
The project has a referral program. It consists of two statuses.
- one level
- payments are 3%
- three levels
- payments are 3% – 2% – 1%
- the status is assigned with a turnover of more than 25,000 US dollars
The swindlers claim that their company is registered in London. They left a link to the UK Companies House website. Ostensibly their sharaga is called BIT GAINS LTD, registration number 12389401… Since this registry is freely available, any crook can steal and appropriate the data of someone else’s company. In addition, in the user agreement, which the scammers offer to familiarize themselves with, BIT GAINS LTD not mentioned.
Scammers offer Android phone owners to download their application. And although at the moment antivirus scanners have not found viruses in the file, you should not download it, because This application is not available on Google Play.
Registration on the site is simple. In your personal account you can replenish your account and make a deposit.
- Domain coingain.app was registered on August 30, 2020
- Owner’s name is hidden
Exposing the project
CoinGain is simple HYIP-project. That is, a pyramid scheme. Scammers do not trade cryptocurrency. The scam is supported by contributions from participants. Payments are generated from this general cash desk in a random order.
While the depositors will replenish the cashier, the project will work. But sooner or later given the soap bubble will burst like any other pyramid. Why? Because the administration works on debt. There is always less money in the cash desk than is needed to cover all obligations. Only due to a delay in payments of 1-3 days, the project will keep afloat for some time. But the debt hole will grow. There will come a time when there will not be enough money even for current payments.
Scammers understand that collapse is inevitable, so they will bankrupt their scam before the cashier runs out of funds. The villains will take the money for themselves, and leave ordinary participants with a nose.
After the scam, the project can restart. This will create the illusion of project longevity.
Potential losses on the project
Total: calculation of possible losses on the project – limited by your financial capabilities.
Conclusion about the project
CoinGain is HYIP with all the ensuing consequences. The scam will certainly burst, which means that all of yours can turn into losses.
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