This site is clearly an exit scam.
Profitcoin.io is an arbitrage site that promises returns up to 30 percent in a month. When we reviewed this site, it generally follows a pattern of those that cannot be trusted even though it seemingly has a genuine business.
The industry has witnessed good projects that had high prospects but which turned out scams simply because the people behind them never intended to make then long-term businesses but short-term cash cows.
Although we generally target those projects that we are convinced would make investors lose money, we are aware that there are those that mean business and are willing to help investors make profit. This is certainly not one of them.
What is the Potential of Profitcoins?
The website described how arbitrage works and inferred that it makes money through it stating that:
“When it comes to cryptocurrencies, it’s quite common for different providers to trade a currency (e.g. Bitcoin) at different prices. While Vendor A might sell one bitcoin for €4,900, Vendor B could buy it for €5,000. Identifying these price fluctuations in a timely manner enables you to achieve fast, secure profits. This is what Profitcoins does on your behalf.”
Insomuch that arbitrage is genuine business, there are indications that the entities behind Profitcoins cannot be trusted. These are some of the signals that we shall examine in this post.
It is important that every investor analyze the information available on a website that solicits deposit of funds to ascertain that their money is safe.
Who Are Behind Profitcoins?
Sometimes, you have to enter the mind of the scammer to understand their motive and how they set up any schemes they are operating.
It is instructive to note that the people behind Profitcoins seem more or less like actors. The LinkedIn profile of the team was set up at the same period. The accounts were specifically set up for Profitcoins. Also, the photos used in the LinkedIn account are the same used in the website.
The only person whose LinkedIn account seems authentic among the team members is Lara Hammond. Interestingly, she never mentioned the project anywhere on her profile.
A closer look at Lara’s photo confirmed that this is not a real identifiable person, the same with the other members of the team. Is it not curious that a website promising high returns on investment posted a dozen photographs that none could be confirmed as a real person.
A reverse image search on the Lara’s photo shows that it is likely stock photo with similar images seen on the internet.
Secrecy over the owners of a business and its operators is a sign that you are dealing with a scam.
When you factor in that Profitcoins is offering 1 percent daily profit for arbitrage in an industry known for its volatility, no one should be left in doubt that this is an obvious scam.
The Domain Registration
A Whois search shows that the domain was registered on December 18, 2017. An analysis of the LinkedIn profiles of the team shows that this was the same period that the profiles were created.
Essentially, the profiles which had the same photos in the LinkedIn profile and the Profitcoins website were created for this scam.
We were confident that with the domain age, this scam must have reports against it and scouring through review by users didn’t surprise. Here are some:
“They have stolen one of my deposits, refuse to communicate. After research on Companies House, you see they are dissolved, Yet still operating in the dark.
10595850 – Dissolved on 10 July 2018”
wrote Richard Myers.
Babek Zaman raised an issue that all the team members are from the same country. Even though he didn’t explain how he came across that piece of information, he reported his own experience stating that he could not make withdrawal in more than 3 months, an edited version of his review:
“Waiting [for] withdrawal for 3 and half months but it is not process. Also if you carefully investigate the reviews which are excellent, all of them [are] from the same country.”
Carl Hans submitted a rather funny review in which he wrote:
“Can’t trust (this site). It will just take your money. It’s legit until you want to withdraw. The other reviews are fake. Haven’t been able to withdraw for about 8 months now, the support just says that they are working on it.”
By fake, he meant that those posting positive reviews about the program are either affiliated in one way or the other or may even be the promoters or owners.
The summary of this review is that Profitcoins.io is just another scam. Any investors should be wary knowing that many users have already lost their funds through this scam.
There are better investments to try out. Although the ROI is not as high as what scam sites offer, your funds are safe. Nevertheless, bear in mind that all investments are risky so invest carefully. All you need do is copy the trade of professionals and get the same result as they do. You can sign up here.
Please send in your views and experience with Profitcoins in the comment box below.