It’s a fraud, pure and simple. As soon as you create an account you’re brought to a page containing a link that will take you to a website where you can actually deposit funds. The site is registered to a company called ‘Ponzi’ but many of the images have been altered to show fake app icons. The only way to withdraw your ether is to first deposit more funds into the account.
In a recent study on the over-hyped trading app Robinhood, the author of the post, Michael B. Kallos, noticed some employees of the app were asking users to buy a fake trading app. Some of the invitations were fake too. The story is as follows:
Summary of the situation
– Brandon Larsen lost over 50% of his tokens to a fraudulent crypto-currency trading app.
– The cryptocurrency scam was carried out through a fake app.
A young man lost £278,000 in a cryptocurrency scam after being hacked. This happened when he used a fake cryptocurrency mobile app. American Brandon Larsen is stranded after his cryptocurrency portfolio dropped to zero. Hackers stole more than 50 percent of his fortune ($700,000).
Larsen says the theft occurred after he gave access to his wallet via a mobile app. The young man is devastated, crying and thinking back to that unhappy day.
Brandon Larsen dreamed of becoming acrypto millionaire
Like other crypto investors, Larsen wanted to better his life by joining the new virtual marketplace. However, he did not think he would be affected by such an organized cryptocurrency case involving a mobile app.
The young man wanted to use a one-inch app that uses the cryptocurrency Ethereum to increase investors’ returns. However, he didn’t realize that the application he was downloading was a fake copy of the real one.
In March, it took hackers just minutes to steal $3,84,006 from Larsen’s wallet. To date, Mr. Larsen has not had the courage or guts to make a statement about this cryptocurrency scam.
Larsen is devastated, not so much by the money, but by the potential those chips had. The investor explains that he may have lost much more in real value by now, even though cryptocurrencies are currently experiencing a down market.
Larsen used the chips for trading, so their loss seems substantial.
Larsen’s crypto-currency dreams are still alive
Although Mr. Larsen fell victim to cryptocurrency fraud, that’s no reason to give up on his cryptocurrency dream. Larsen wants to realize his dream of becoming a millionaire through cryptocurrencies, and no one will take that dream away from him.
In his comments, Larsen made it clear that there are still opportunities for cryptocurrencies and investors should take advantage of them. But Elon Musk’s comments have had both a positive and a negative impact on the cryptocurrency market.
In June, the price of Dogecoin shot up when Musk, the CEO of Tesla, posted several tweets in support of the cryptocurrency. However, the cryptocurrency market has not broken out of its bear market since May, when it collapsed.
Bitcoin, the largest cryptocurrency, has lost 7% of its value in less than 24 hours. According to CoinMarkeCap, the token is trading between $32,370.
But Ethereum, the second-place token, is trading at $2,156 with a loss of 6 percent. The value of Cardano and Dogecoin increased by 0.20% and 5% respectively. This volatile trend is mainly due to recent decisions in the UK, China and Japan against cryptocurrencies.
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