A truly free and open market has its positive aspects, but it has some drawbacks as well, as Bitcoiners are quickly discovering.
After the demise of Mt. Gox, the Bitcoin community quickly lost its naivete. We’re now much more wary of any unusual claims.
The CoinFront has previously reported on the commonplace practice of Bitcoin phishing scams. These scammers associate themselves with a reputable business in the Bitcoin world in order to take advantage of users. This not only defrauds innocent investors, it also besmirches the name of the business with which the fraudsters have associated themselves.
The latest victim of this: The Bitcoin Embassy in Montreal.
The Bitcoin Embassy’s Statement
A bogus website called Fast Pay Bitcoin claims to be located at the Bitcoin Embassy, a collaborative workspace. “We have received a number of complaints from investors who believe they have been defrauded”, the Embassy said in a statement on their blog. “Without authorization, this website falsely claims to be located at our address in Montreal”.
The statement also suggests that investors should be wary of investment opportunities offering “unrealistic returns.”
And as far as unrealistic returns go, FastPayBitcoin’s promise is shocking.
The site’s homepage claims a return of 6000% on an investment of $1000 in only four hours. Any savvy investor knows this offer is truly insane and absolutely impossible, yet several users have been defrauded anyway.
They also claim to be partnered with Btc-e, Bitstamp, Tradestation, and Forex.
The writing in their “About Us” section is full of poorly written, almost nonsensical copy, a surefire sign of a scam. Nevertheless, the fact that the Bitcoin Embassy has received “a number of complains” shows that we Bitcoiners aren’t as savvy as we’d like to think.
Be careful out there!
The Bitcoin Embassy Are Not Scammers!
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