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We’ve all heard of crypto scams–the headlines are filled with news about shady cryptocurrency schemes. However, the iEarn Bot overshadows small-time digital currency schemes. It’s important to warn people about the wide-ranging scams that steal millions from people.
How is iEarn Bot different from other crypto scams? For one thing, it’s one of the most far-ranging and multi-faceted bitcoin frauds. This operation combines the worst of all the major bitcoin scams in one scheme.
iEarn Bot promised to bring automated trading to everyone. They guaranteed huge returns with almost no effort. This is always a red flag. Trading is not just a get-rich-quick scheme. It’s a skill that involves a huge degree of uncertainty and how to react to that uncertainty. It takes time and experience to make money in trading. In short, no broker or trader can guarantee returns.
Luring people with these claims of massive return on investment with no work or risk, iEarn Bot ran a pyramid scheme, a Ponzi scheme, and a fake coin crypto scam on a global scale.
It is a textbook crypto scam that levies high fees and makes up credentials that go unquestioned by their targets. iEarn Bot is a cautionary tale on how to avoid crypto scams.
Many crypto scams try to reach as many clients overseas as they can right away. They grab what they can and disappear. Instead, it seems that iEarn Bot jumped from country to country.
In fact, one excuse they used for not granting withdrawals and stalling people is that they reached the maximum withdrawals for that country. They cut off communication and moved right on to the next locale.
iEarn Bot was ingenious in getting local IT experts, political figures, and celebrities to tout the trading bot. For example, in Romania, Gabriel Garais, known as an IT expert, endorsed iEarn Bot. In Nigeria and Columbia, public figures, contacted only through Telegram, were encouraged to organize public events raising awareness for iEarn Bot.
In Indonesia, iEarn Bot claimed to have signed up 800,000. This may just be a boast, but investigators are finding that iEarn Bot has a huge reach. Just one crypto scam wallet was holding the equivalent of $1.3 million taken from 13,000 people.
iEarn Bot went so far as to name a prominent person as the head of the company. This person–who will remain anonymous, was mortified when they discovered this and is seeking legal action. It also names high-profile companies and universities as strategic partners. We have no idea how they thought this wouldn’t catch up with them.
The terms Ponzi and Pyramid schemes are thrown around by the media interchangeably too often. They aren’t the same thing. In this case, however, iEarn Bot really is both a Ponzi scheme and a Pyramid scheme.
When a fake broker doesn’t actually execute any trades on behalf of their clients, but funds withdrawals from client deposits, that’s the definition of a Ponzi Scheme. This is exactly how iEarn Bot provided a few withdrawals at the beginning to give the impression of reliability. The bot showed fake numbers that didn’t reflect market activity at all.
IEarn Bot was also a pyramid scheme. It urged customers to sign up their friends and family, and they were given bonuses for doing so. They made a lot of money from people opening an account, but no actual service was being provided at all.
Also, iEarn Bot perpetrated a fake coin scam as well. They encouraged clients to pivot from USDT holdings to investing in the company’s fake token–the iBot. This was of course a worthless coin.
Does this sound familiar? Whether you’ve lost money to iEarn Bot or another bitcoin scam, it’s important to understand that crypto recovery isn’t only possible, it’s often successful. Find crypto recovery experts who use advanced crypto trace technology and bitcoin forensics that can help you reclaim your funds.
Don’t give up hope. Too many people just surrender when they’ve lost money on the blockchain. Enlist the aid of crypto exerts to recover your funds. Don’t let the crypto scams win. Find out what crypto recovery options are available to you.