If a Bitcoin or any other crypto company comes with a picture of a famous personality on its website, possibly many investors will not hesitate to invest their money in it. Apparently, in New Zealand, a bitcoin trading site used a picture of an individual very familiar with all the country’s citizens.

The website even extorts money from unsuspecting clients and get away with it. Amid an ever-increasing number of crypto-related scams, New Zealand’s financial regulator has decided to warn the public against another suspected Bitcoin investment scam scheme. The Financial Markets Authority (FMA) issued an official warning on March 6 against ‘Profit Bitcoin.’

The scheme is an alleged get-rich-quick scam that officials say promotes purported returns by using a software that ‘wins’ Bitcoin trades with up to 99.4% accuracy.

Scam Allegedly Involves Claims from the New Zealand Government

The FMA realized that the entity and its website, theprofitbtc.com, have the hallmarks of a fraud insisting that Profit Bitcoin is not registered as a functional financial service provider in New Zealand.

Coinbase 2

New Zealand

The regulator said that Profit Bitcoin has been allegedly promoted through social media platforms, including Facebook, and involved some ‘false’ news’ related to the government’s initiatives. Also, the scam is using an image of New Zealand’s Prime Minister Jacinda Ardern trying to lure unsuspecting victims.

Interestingly, Profit Bitcoin’s website offers investors trading services with digital currencies on its proprietary platform. It invites users to get a copy of the software ‘free of charge.’ This fraudulent scammer dupes traders into expecting over $13,000 in their daily returns by signing up for the platform:

“Profit Bitcoin members typically profit a minimum of $13,000 daily. Our members work an average of 20 minutes a day or less. Because the software handles the trading, the amount of “work” required is minimal.”

The FMA said that Profit Bitcoin is not registered as a financial service provider in the whole of New Zealand. Hence, it is not allowed to offer any financial services/products to New Zealand residents.

Profit Bitcoin Has Been Around For Long

Although the FMA has warned users against just one website, theprofitbtc.com, this scam has now been discovered to be using several other domains like www.the-profit-btc.com. The scam also appears to have been active for quite some time but operating under different names.

Profit Bitcoin allegedly uses a fake crypto robot that has already been picked up by various affiliate networks and media agencies. This discovery was in an April 5 review by trading research website ScamCryptoRobots. According to these researchers, Profit Bitcoin is a marketing variation of a scam that had been unearthed previously.

New Zealand

The previous scam was known as Bitcoin Profit, and it allegedly uses the same strategy to defraud investors repeatedly. According to many previous reports of September 2019, the Bitcoin Profit scam took advantage of fake endorsements by Elon Musk, Sir Richard Branson, and Bill Gates as a part of its marketing strategy.

ScamCryptoRobots.Com also discovered that the Profit Bitcoin or Bitcoin Profit scam software is stealing investors’ money by executing losing trades:

“The Bitcoin Profit software is advertised as a Bitcoin System which can make you “stinking rich” and earn millions even when crypto markets are crashing. In reality, it is a fake automated crypto robot designed to execute losing trades and, in that way, steal your money.”

These warnings from New Zealand’s FMA comes in the wake of a significant increase in global scam cases that involve cryptos like Bitcoin. As reported previously, jurisdictions worldwide, including the United Kingdom and the United States, have already warned the public against a surge in crypto scams.

These scams try to capitalize on the widespread fears relating to the massive spread of the deadly coronavirus pandemic. But, investors are advised to be on the lookout to avoid falling into traps of these cybercriminals. Before investing, it is advisable to do a thorough background check of the company to determine its legitimacy.

New Zealand’s FMA Warns Investors About ‘Profit Bitcoin’ Scam 1
blank
About the author

Wanguba Muriuki is an Editor at Large for E-Crypto News and author of the book- "The Exploitative Intrigues of Cryptocurrency Scams Explained." He is also a passionate creator who sees every aspect of life from a written perspective. He loves Blockchain, Cryptocurrency, Technology, and Traveling. He is a widely experienced creative and technical writer. Everything and everyone is describable. The best description is written.

Related Posts

blank

E-Crypto News Executive Interviews


blank

bitcoin
Bitcoin (BTC) $ 39,798.00
ethereum
Ethereum (ETH) $ 2,644.37
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 335.60
cardano
Cardano (ADA) $ 1.33
xrp
XRP (XRP) $ 0.753292
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.206342
polkadot
Polkadot (DOT) $ 18.34
binance-usd
Binance USD (BUSD) $ 1.00
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 39,798.00
ethereumEthereum (ETH)
$ 2,644.37
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 558.09
litecoinLitecoin (LTC)
$ 144.34
bitcoinBitcoin (BTC)
33.536,70
ethereumEthereum (ETH)
2.228,34
tetherTether (USDT)
0,842673
bitcoin-cashBitcoin Cash (BCH)
470,29
litecoinLitecoin (LTC)
121,63
bitcoinBitcoin (BTC)
28,621.37
ethereumEthereum (ETH)
1,901.74
tetherTether (USDT)
0.719166
bitcoin-cashBitcoin Cash (BCH)
401.36
litecoinLitecoin (LTC)
103.80

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

blank
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
blank
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021
Crypto Scams On The Rise As Market Enters Bull Cycle
Crypto Scams On The Rise As Market Enters Bull Cycle
December 22, 2020
Harpreet Singh Sahni perpetrated the Plus Gold Union Coin (PGUC) scam
Sydney Concert Promoter Harpreet Sahni Involved In $50M Crypto PGUC Scam
November 2, 2020

Blockchain/Cryptocurrency Questions and Answers

Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021
Solana
What Is Solana (SOL) And How Does It Work?
June 26, 2021
blank
What Is Plethori Platform And How Does It Work?
June 12, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d

bitcoin
Bitcoin (BTC) $ 38,544.00
ethereum
Ethereum (ETH) $ 2,489.49
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 322.52
cardano
Cardano (ADA) $ 1.30
xrp
XRP (XRP) $ 0.716179
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.198225
polkadot
Polkadot (DOT) $ 17.39
binance-usd
Binance USD (BUSD) $ 1.00