The pattern of common scams in the crypto investment sphere is becoming rather obvious. The reason the scammers are sticking with it despite being common is that many investors still fall for these scams as we have seen with Lumen miner.
The main reason why these scams thrive is that there are many people who invest in schemes without understanding the fundamentals of the investment. It is not enough to own funds. You have to understand that fraudsters will do anything to steal your assets,
This is why you must educate yourself on any investment offers that come your way irrespective of the channel through which the proposition came.
What is Lumen Miner?
This is a site that claims that it is involved in cryptocurrency mining with the ability to pay its investors fixed returns. Other assertions made states that the company is based in the United States and regulated by relevant agencies.
Our investigation contradicts the claims made by Lumen Miner. This is why we do not encourage people to deal with this site. Despite its claims, we are certain that they do not mean well for any investor who did not conduct due diligence and bought into their ploy.
There Are No Guarantees
Every savvy investor is aware that there are risks involved in every investment. Regulators also know this, therefore they insist that companies make this fact known to investors. This is why disclaimers and disclosure of risks are the hallmarks of genuine investment sites.
Any site that gives you the impression that there are no risks associated with their investment packages is obviously economical with the truth. It makes no business sense to invest with such sites.
Lumen Miner claims that it guarantees high returns and stability. You can compare this with the caution on the SEC website which states that:
“Most fraudsters spend a lot of time trying to convince investors that extremely high returns are “guaranteed” or “can’t miss.” Don’t believe it.”
High Yield Investment Scam
The Lumen Miner site claims ROI that is at variance with reality. High profit return is a common approach employed by fraudsters to make investors buy into their schemes.
They do this because they’re aware that nearly everyone is eager for gain, especially if little or no work is involved.
A business that claims that it has the capacity to pay every investor 1 percent of their investment every hour is clearly a fraud interested in stealing the deposits of the investors.
A ROI of 250 percent as advertised by Lumen Miner is bait akin to asking you to send your funds to be quadrupled immediately.
Fake Company Registration
Most scams in this industry have used UK and Australian registration numbers, but Lumen Miner seems to want to be different by claiming it is registered in the United States. It however failed to provide evidence to support that. The registration number it provided could not be linked with a US business name.
Used Fake IDs for Testimonials
Every online business knows the importance of testimonials as a strategy with which to build trust. Fraudsters also want to gain investors’ trust. So they sometimes employ testimonies that are faked to deceive people.
A look at the Lumen Miner site shows many testimonials with the names and designations of the senders. It gives the impression that the company actively solicited for these testimonies.
This would not be a bad idea if they were genuine. But the fact that they were faked IDs confirms our assertion that Lumen Miner is a fraud meant to steal people’s money.
You can see some of the stock photos sources where they got the images to fake the IDs used for the testimonies.
Fake Business Statistics
All the data on the site were probably faked. Posting latest deposits and withdrawals is an old strategy employed by scam investment sites to deceive the uninformed.
The site also claims that it has more than 7000 happy customers, an assertion that is definitely false for a shoddy business like this. Considering that it could not even define in clear terms its line of business, 8000 investors or even 800 is a bogus claim.
A Month Old Scam
Fraudsters seem to have a hard time resisting lying about how long their sites have been online. They mostly want the prospective investor to believe that they have been in business a long time and have been paying out profit to those who invested with them.
This is clearly enough motivation to stick to the lies of extending, even a little the duration the site has been in operation. As we have seen with Lumen Miner, it claims that it has been paying out profits since 2017, but a Whois search shows that its domain was registered on September 5, 2019.
It is obvious that this site would not be online a long time to boast the long-term credibility it covets.
Genuine investment sites are straightforward in their claims. They understand the importance of honesty and sticking to the rules in making a business acceptable to genuine investors.
They also keep to compliance rules. Their owners are known by regulators and they work hard compliance. These sites do not make bogus claims and have gained the trust of large number of users.
For a genuine investment site that we recommend, check here and take advantage of their social investment system.
What opinion do you have about Lumen Miner? Please share using the comment box below.