A new pyramid system -ponzi- seems to have among its victims the inhabitants of the Caribbean island of Cuba after it became known that Invest trust does not present solid elements in order not to be considered a fraudas the digital media highlight Cubacute this weekend.
The company, which manages funds with cryptocurrencies and promises highly lucrative investment returns, was recently identified as a potential fraud by the NGO Bitcoin Chileand by the Cuban Youtuber and programmer Erich García Cruz as a fraud, according to an explanatory tweet on his official account.
And I won’t stop #TrustInvesting is a scam !!!
I will dismantle everything that passes me by.
I urge you to deny what I am saying here 👇https: //t.co/QwJ1y4drst pic.twitter.com/nEWyynv8HM
– Erich García Cruz (@ErichGarciaCruz) April 10, 2020
“Trust investing, as well as any other website that promises you a return on investment in cryptocurrencies that are completely unknown to the investor, is a scam,” said Cuban programmer and Youtuber Erich García Cruz, who in turn warned about the feature of this type Scams is that they work until they immediately stop doing it: “It’s ipso facto, it’s overnight,” he insisted.
According to the Cuban digital medium, the information is published on the pages of Invest trust they contradict each other. This server has tried to verify the conflicting information between the Spanish and Portuguese versions offered on the site regarding the physical address and contact persons.
In the official version of the page for Portuguese it can be seen that the ‘Contact‘Founded by the company on its website, they feature a head office in Estonia as seen in the picture below.
However, for the remaining versions of the website in English, Spanish, Russian, French and Polish, the inconsistency is evident when a physical headquarters in Panama City is indicated in the Sortis Business Tower at 56 and 57 streets. East.
The signs of a fraudulent scheme don’t stop there. The system, with an international network of agents in various countries around the world, including Cuba, Spain, Brazil, England, Mexico, Italy and the United States, does not seem to be registered in any country, let alone regulated by any agency reliably.
Even if a comprehensive search is done on the internet for the physical location indicated on its Panama City website, it is currently not possible to provide it.
Now let’s remember that Panama is a tax haven and that such things usually happen even if they have been registered or regulated in the Latin American country. However, from a legal point of view, this is not a guarantee Broker online last May in a public complaint about the company Invest trust.
But the perception that it is a scam or pyramid scheme doesn’t stop there. The bank to which they refer on their website – BDL Bank – and which implied the advantages of issuing Visa cards for the merchants participating in the program, turns out to be a hotel in the Brazilian city of Sao Paulo Brokeonline.
The social networking and messaging application company Cubans use has handed out invitations to earn 12 times the investments made with the local currency. Most of them seem to have forwarded or chained messages on the Telegram and WhatsApp platforms, z reflects it Kubakut.
In addition to the warnings from the Cuban trader Erich García Cruz and the call to lodge complaints against the fraud platform, this is also possible Invest trust was alerted by the Spanish National Securities Commission in a warning released in June 2020.
As if that were not enough, on June 11th a similar warning was issued by the superintendent of the exchange “SMV” of the Republic of Panama and even the analysis of fraudulent activities. Tulip research noted warnings about its use.
“Trust Investing works with the initial investment of participants and a referral link is required to register on the platform. This initial investment “is not reclaimed as such, but from the periodic profit at which the investor gets his capital back,” emphasized the company.
Although there are no calculations regarding the loss of investment among residents of the Caribbean island or on a global scale, the truth is that when observing the complaints and demands for justice on the various social networks, a significant number of people in the region are affected, that they are entrusting their crypto assets to a pyramid scheme that currently lacks solid foundations to support them.
If you are a newbie or an expert in the world of investing, it is important to consider some basic aspects that any investment program must have in order not to be classified as a scam. This is a pretty handy guide that can save you a lot of headaches and Cointelegraph is helping you diagnose potential Ponzi schemes on this difficult path.
Always remember that If it sounds too good to be true, then it’s likely a scam. There are no free dinners ”.