Are you thinking of investing or trading with Autoscoin, the exchange that promises quick profit to its users? If you do, it is important that you read through this review of the exchange to understand what you are about getting involved with.
The ease with which cryptocurrencies can be transferred and the fact that they are not regulated or controlled by central authorities has made them attractive to fraudsters. This is the reason why there are many scam exchanges such as Autoscoin that lure people to their site with promises of fast gains.
What is Autoscoin?
Autoscoin is an exchange that claims that the owners claim to be built on the blockchain. The stated that the internal currency of the platform is GEEC. However, one of the issues that ordinarily should make a user suspicious is the fact that the traffic to the website is so low that you should wonder how they’re getting business.
What is obvious is that the person behind the site targets people individually to gain their trust after promising them that the exchange would help them make money. We confirmed this through the testimony of one of the users who actually lost some money at this exchange. The user whose name is Serseri43 posted an allegation on BCT:
First they contact via whatsapp I don’t know how they found my phone number. I did not want to talk many times, then she threw the web address of the platform, I was curious to examine it, so I thought I would at least examine the white paper of the crypto money she mentioned, I signed up.
As you can see, what the fraudster behind the side is doing is that they target people individually via social media or chat apps. If the person doesn’t understand how things work in the industry, they are convinced that they’re dealing with a legitimate exchange. The consequence is that they lose their money.
Who is Behind This Exchange?
Even though fraudsters never make their identities known, we could see from the search of the domain on Whois that Autoscoin.com was registered in 2017 by a supposed Hong Kong resident, Zhangsanfeng. Of course this can’t be their real name. It could be a strategy to make people believe that the exchange is genuine.
A Confusing About US Page
One of the ways to identify a scam exchange is by taking a close look at what is written on the website of such exchange. If they have written something complex or contradictory, such entities are trying to confuse you. If they have stolen the content from another source, that is a red flag that you shouldn’t overlook.
According to this exchange as seen on their website:
The auto is a designated contract market. Its products are subject to auto rules and regulations. Founded in 1848, it is the world’s first futures exchange based in Chicago.
As you can see, the domain address stated that the owner’s address is in Hong Kong, but here in the About page, they’re claiming that the company is in Chicago. Now why would a company that has been around since 1848 have such low traffic? Why would the domain be registered in 2017 if the company has been existing for 150 years?
The rest of the About Page:
Since then, auto Group has been committed to expanding our range of services to meet your risk management needs. Since the global financial market entered a diversified development stage in 2018, cryptocurrencies have been favored by global investors. Many large institutions and national trading markets have launched cryptocurrency businesses. auto has also embraced the future and innovated and reformed its attitude. June 2018 Established the auto cryptocurrency trading platform headquartered in Tongluo Bay.
When we conducted a plagiarism test, we saw that even the content on the site was copied from another website, Coinclub. This is a clear indication that this is a fraudulent exchange. Unfortunately, there are many people that wouldn’t check these details before sending their fund to fraudsters.
A High Yield Investment Exchange
Serseri43, the fellow that reported that they were scammed by Autoscoin wrote:
General energy was mentioned in the white paper I believed it because general energy is a global company. I needed 15 thousand dollars for treatment too I was unemployed because of my health problem and I had 3120 dollars to use.
The cryptocurrency called Geec was $9 when I signed up for the autoscoin.com platform, and it was constantly increasing by 20%, even now it was increasing by $200, so I invested.
As you can see, the owners of the exchange were actually pumping the coin with the objective to attract users who are eager for quick profit. The implication of this is that every crypto investor should be wary of new tokens that have low volume, even if their prices seem to be appreciating rapidly
In summary, to avoid losing your cryptocurrency to exchange scams, it is imperative that you sign up with and use only exchanges that are reputable. Fake exchanges can be discovered and avoided if the user conducts due diligence such as we have done with Autoscoin. Low volume tokens that may be pumped or shilled should not be be enough incentive to use a random exchange. Here is a genuine exchange that we recommend.