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Bit-conomy is a fraudulent cryptocurrency trading platform that steals the names and logos of real trading sites to deceive investors.
The fake site copied the branding of Biconomy, a genuine platform for the cryptocurrency industry.
However, although the URL is different, many people are being tricked by this and are being robbed of their cash.
Scams are known to start when a message is sent to someone ‘accidentally’. When the victim replies, the person sending the message becomes friends with the victim.
After a while, the victim is introduced to the topic of cryptocurrency investment and encouraged to invest in the Bit-conomy platform under the victim’s direct guidance.
They may offer to deposit money into the victim’s account to increase their rapidly growing ‘profits’.
But the trouble starts when victims try to withdraw cash.
They were told that they would have to pay a significant amount of tax and that this amount could not be deducted from their balance, even though they appeared to have enough cash in their trading account to cover it.
If you try to withdraw your funds anyway, the mechanism appears not to work and the information is often distorted.
Ultimately, their money will be lost and any additional cash they sent will also be stolen.
Bitcoin Red Flags
There are a number of issues with this platform, including:
- The brands used are copied from legitimate sites.
- The profits are unrealistically high and unattainable.
- This approach is a classic tactic used by cryptocurrency scammers.
- There are no reviews of this site anywhere online other than reports that it is a scam.
- It has the lowest domain authority (DA) rank of 1.
- The site has no information about management team, locations, or regulatory details.
- There are no official apps associated with the platform.
- The domain is very new. Scammers set up multiple domains and then take them down a few months later.
- There are no social media profiles associated with the site.
I lost my money in a Bitcoin scam. Can I recover it?
Although Bitcoin scammers are unlikely to be tracked down, it is a good idea to report the site to the police if you have lost money.
There are also private companies that can help, as I wrote here.
If you suspect a site is fake, contact us.
Related posts: Cryptocurrency Scam Help and Resources