Bitcoin UP - FMA warns against the fraudulent company
The alleged online broker Bitcoin UP sells itself as a safe platform for online trading. However, there is increasing information that there are considerable shortcomings at Bitcoin UP. More and more traders are coming forward talking about telephone terror, rip-offs, and investment fraud at Bitcoin UP. All investors lost their money invested in Bitcoin UP. Doubts are spreading. Meanwhile, many Bitcoin UP investors are worried that it is an investment scam. All Bitcoin UP investors are wondering if they have become victims of investment scammers? And what can Bitcoin UP investors do if the suspicion of investment fraud is confirmed? How can Bitcoin UP investors get their money back? Does it make sense to file a criminal complaint against Bitcoin UP with the police? Where can I get help with investment fraud?
Bitcoin UP: Suspicious assertions on the website www.thebitcoinup.net!
What are the perplexed investors on www.thebitcoinup.net being led to believe? "The Bitcoinup is a group reserved exclusively for people who have jumped on the insane returns Bitcoin offers and quietly amassed a fortune in the process...Our members enjoy retreats around the world every month while making money on their laptops with just a few minutes of "work" a day." That's just a small sample of the lying assurances that the curious can find on Bitcoin UP's website. Not one of these full-bodied promises by Bitcoin UP has been kept. Regrettably, the dubious business practices rather make for disappointed investors and miserable experiences!
Bitcoin UP: Hide-and-seek game with the domain entry!
Remarkable for the business practices of the Bitcoin UP makers is that the website does not contain an imprint. Thus, the complete information about the legally responsible operators of the website is missing. If one takes a look at the domain data of the Bitcoin UP website, there are no references to the operators. However, one learns that the domain was only registered with MainReg INC. on 25.02.2021. The real domain owners are hiding behind the Czech anonymization service Whois protection, this company does not own this domain name s.r.o.
Bitcoin UP: Who is behind it?
Many investors will find it rather difficult to answer this question, as the Bitcoin UP makers are doing everything they can to conceal the true circumstances. However, this is nothing unusual. The perpetrators usually operate several of these websites with the same fraudulent business model. These are created in advance, quickly put on the net, and just as quickly shut down. The top-level domain is often changed to deceive the financial supervisory and law enforcement authorities. But who is the operator? The Bitcoin UP website is just silent on this. Neither a company nor a business address is given. There is also no mandatory support email address and no phone number either. A worldwide search for Bitcoin UP in the relevant registers leads to no result. This makes it clear that this is a pure fantasy product.
Bitcoin UP: The customer acquisition of the investment scammers
The same approach can be found here again and again: To acquire new customers, Bitcoin UP recommendations are advertised in all kinds of media and channels. Often, these offers are false claims. In addition, they upload promotional films on YouTube in which interested investors are convinced with fictitious references. Here, supposed celebrities report on their experiences with online trading and cryptocurrencies, often with a misleading reference to the TV show "Die Höhle der Löwen". At the same time, a mostly aggressive affiliate program is launched to encourage others to intensively promote Bitcoin UP.
Bitcoin UP: Criminal business practices
As soon as the customer has registered on the trading platform, he receives calls from alleged financial brokers who like to refer to their years of experience and their satisfied customer base. In many cases, however, the makers of this business model are fraudsters, against whom the Federal Criminal Police Office and the Federal Financial Supervisory Authority (BaFin) also warn. Investors usually start with a small amount of money. Beforehand, the investors are often motivated to install remote maintenance software such as AnyDesk or TeamViewer on their computers so that they can supposedly receive help with the first steps. In many cases, the computer is manipulated afterward and unwanted transactions are carried out. In the process, the investment fraudsters often also gain access to their victims' online banking. What is particularly criminal, however, is when supposed profits are displayed on the trading platform to entice the customer to place further high stakes. Sometimes even small sums are paid back to lull investors into a sense of security. Who then does not want to increase the stakes further? But what happens next?
Bitcoin UP: Repayment of money is subject to conditions
Once in, it is usually impossible to get out. Instead, the administrators of the investment scams tie the repayment of the money to further deposits. This is where employees come in, claiming alleged tax debts and commission payments. If these are settled, the alleged profits are paid out. The perpetrators send investors self-made tax and commission statements, often decorated with fake coats of arms. These would have to be paid urgently. It is never possible to offset them against the alleged profits. If an investor refuses to make further deposits, supposed profits are turned into losses through senseless transactions and the client is damaged to the maximum. The horror does not end there, but investors are permanently confronted with calls from other dubious providers. This indicates that the investors' contact details are traded among the investment fraudsters. In the end, a "savior" regularly calls claiming to have uncovered the whole scam. He impresses with his insider knowledge. No wonder, since he is part of the fraud gang. The next rip-off department! And of course, the "savior" also wants a small fee - upfront!
Bitcoin UP: Scheme of investment fraud?
There is no regulation of the online broker Bitcoin UP. Bitcoin UP lacks the legitimacy of a recognized European supervisory authority, such as the English Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySec), which is often used by brokers. Likewise, there is no authorization from the Swiss Financial Market Supervisory Authority (finma) or the Financial Market Authority (FMA) of Austria, which is responsible for Switzerland. For this, there is a warning from the FMA dated 24.09.2021. It is also evident that Bitcoin UP is a scheme of capital investment fraud. All investors harmed by Bitcoin UP are advised to consult an investment fraud lawyer as soon as possible.
Bitcoin UP: Where are the investment fraudsters active?
Unfortunately, the illegal activities of Bitcoin UP were not limited to the English-speaking world. Because Bitcoin UP also addresses German-speaking investors, it is only a matter of time before the defrauded investors of this spokesperson group also come forward. A look at the list of regulators is advisable before any financial commitment to reduce the risk of becoming a victim of investment fraud.
Bitcoin UP: Investors want their money back!
Fortunately, the mixed situation is more promising than it appears. The aggrieved investors can take legal action against those involved in the investment fraud and demand their invested capital back. At the moment, it is unlikely that the Bitcoin UP investment fraudsters will be caught soon, but there is nevertheless reason to hope. The reason for this is the fact that the money transactions took place via accounts that were provided by reputable financial institutions. They have demonstrably failed to check the investors' deposits, some of which were large and therefore subject to controls, and their onward transmission for legality. Such failures made investment fraud possible in the first place.
Bitcoin UP: They want their money back! How does that work?
With this knowledge, no investor would have gotten involved in transactions with Bitcoin UP. Now the only way left for them is to seek compensation for the loss. Many investors cannot even imagine that there is a real chance of ever seeing their money again. Probably all of them are now asking themselves whether they can get their money back? Clearly yes! There are numerous legal bases to fall back on. The generic term is "money laundering". When investment fraudsters collect money, the offense of money laundering has been committed. Financial institutions are obliged to take action against money laundering. This is where one starts with good chances of success. To this end, relevant points should be clarified. To what destination did the funds move by Bitcoin UP end up? Can investors somehow get back their capital invested in Bitcoin UP? What precautions are now obligatory? Such questions can best be answered by a lawyer specializing in capital investment fraud.
Bitcoin UP: Who can help?
What to do in case of investment fraud? What help can victims of Bitcoin UP hope for in the case of investment fraud? Victims of Bitcoin UP will ideally find the help they need from an experienced investment fraud lawyer. He will be able to take care of your Bitcoin UP case both in terms of the criminal aspects of investment fraud, as well as the recovery of funds and possible claims for damages. A lawyer for trading also comes into question, because they are also familiar with the methods of fraudulent brokers such as Bitcoin UP.
Bitcoin UP: Follow the money!
For more than three decades, such abuses on the unregulated capital market have been pursued by the internationally active investor protection law firm Resch Rechtsanwälte. As a result, Bitcoin UP's approach is nothing new. Over the decades, Resch Rechtsanwälte has developed powerful tools for tracking misappropriated funds and tracing money flows. Making funds disappear has become very difficult in the age of the internet. The faster those affected follow the money trail, the greater the likelihood that they will get back the capital they invested. Now investors who have been harmed by Bitcoin UP must react immediately.
RESCH Rechtsanwälte - Experience in investor protection since 1986
If you have been a victim of Bitcoin UP and want to know if and how you can get your money back, call +49 30 885 9770 or fill out the questionnaire. You will receive a free assessment of your case.
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