Have you recently come across a site that is supposed to be a gambling platform and got confused, thinking you’re on an exchange? That is the sort of impression you’d get when you log into Haultrade.
We have been investigating on a new scam that most possibly has a fraudster behind so many sites that have been used to steal from people. Even though this is an old technique, it is obvious that a lot of people are getting caught in it because they are not informed about it.
It is also possible that the reason for the proliferation of this scam is that scammers find it lucrative. That means many have fallen prey to the scheme.
In this review, we are going through the activities of Haultrade, one of the sites involved in this rip-off.
The essence is to know exactly what these fraudsters are up to, as well as make it known to the community so that everyone that took time to do a background check would be spared the agony of losing their assets to malicious players such as these.
What is the Project?
Haultrade is a hybrid between an exchange and a casino. On the margin, the site would give you the impression that you are on a crypto exchange, but when you log in, you would find on its menu a “Roulette” page. This is where most of the scam is perpetrated.
Needless to say, sending funds to this site for investment after mistaking it as an exchange would result in the loss of funds.
Haultrade claims to be an exchange that has been around since 2013, even though it started as a mining business. It describes itself as multi functional and that it has come a long way, reason why it is trusted by millions of investors.
We were skeptical about these claims so we did a background check on these assertions. A Whois search shows that the domain was registered on April 29, 2019, contrary to the claim that the business has been around since 2013.
This is not surprising since cyber criminals usually declare that they’ve been online longer than they actually have in a bid to convince potential victims to use their services.
Aver High Liquidity
If they have millions of users, you would naturally expect them to have a large asset base or liquidity to cater for them.
The site did not disappoint in its assertion that they have the volume to cater for large trades:
“Haultrade offers cross-platform trading via website, mobile app, WebSocket and REST API, providing access to high liquidity orderbook for top currency pairs on the market. Instant Bitcoin buying and selling is available via simplified bundle interface.”
The idea is to lure bulk traders and investors. What is obvious is that the quickest way to lose your funds is sending them to fraudulent exchanges such as this.
This is why we always advocate for the use of regulated crypto exchanges such as this one.
Who is Behind this Site?
Although it is normal practice for owners of scam sites to conceal their identities, it is not certain if the name that popped up with Haultrade actually belongs to the owner.
On the Whois page of the domain, it shows that the registrant is Juanita Menchaca of 1512 New York Avenue. A search for the individual couldn’t narrow down to the address, so we may entertain some skepticism on who actually owns the site.
The likely scenario is that this is a fake ID used in purchasing the domain.
The Site was Cloned
one of the techniques employed by scammers is using the frames of a known site through cloning. People who are used to such sites mistake the fake for the genuine. Haultrade is clearly a clone of a popular exchange CEX.
The difference may be noticed after the user signs in. The fake site has an active chat section withing the user dashboard. The chats are programmed bots that shill the service.
An inexperienced user would belive that real people are using the chat of a real service that may be profitable.
What is the Scam?
The technique employed by the scammer behind this site is that they share messages on forums, offering people promo codes to use in the gambling section of the site.
Here is one of such messages:
“Hey. How to get a bonus?
Enter this code: BJQA0 in settings (promocode) https://haultrade.com/profile#promocode_page)”
The forum post stated that if the user needed to withdraw, they should contact the support in writing. The request should be to withdraw without deposit.
“Hello, I want to withdraw without deposit”
However, this should be after they have played a game in the site’s roulette. The site claimed that their casino games are player versus player contests and not with machines.
Player Always Wins
Since they get commission when players are playing, they encourage this by sharing part of their earning. The interesting thing about the game with the code is that the player always wins.
The scam then kicks in. To withdraw, the player is asked to make a deposit to confirm their accounts. Considering that the dubious winnings are always substantial amounts, the user is tempted to make the deposits, but they never get paid.
Some players have seen winnings $1000 and asked to make confirmation deposits of 30 percent. If they did this, their funds are lost.
Scams like this are the reason why you should never use any investment or gaming site without verification. These sites are mostly set up to steal from investors.
If you’re searching for authorized casinos, use the registered and regulated ones. The same is applicable to investment sites.
It is invitation to losses to participate in schemes set up by random investment sites. These do not have license to render financial services.
Regulated sites ensure that your funds are protected from theft since they have to regularly submit to regulatory audits. For the site that we recommend, check here.
If you have had experience with Haultrade and wish to share it, please use our comment box below. Don’t forget to share this post to help others know this site.