BitcoLoan Ponzi collapses, withdrawals disabled
The BitcoLoan Ponzi scheme has collapsed.
The following is a testimonial left on TrustPilot, by a BitcoLoan affiliate purportedly from Russia;
Everything worked until July, the platform paid regularly. But for almost 3 weeks now there is no way to withdraw funds, the withdrawal simply does not work and no specific information.
At first they said wait 5-7 days, then they just began to write the standard “stay tuned for news”.
Three weeks would put us on or around July 7th.
BitcoLoan affiliates who contact support are being fed this story:
Our technical service is now working on the implementation of our token through the “Bridge” system.
We are working on the transition from CEFI to DEFI system.
We apologize for the inconvenience caused.
At the end of the work, the company will reimburse everything to our customers.
Even if it wasn’t a typical crypto jargon exit-scam ruse, the unannounced transition from one platform to another has nothing to do with BitcoLoan disabling withdrawals.
And switching platforms, again unannounced, certainly doesn’t take three weeks and counting.
The end-game here appears to be to string affiliate investors along with excuses most of them won’t make heads or tails of.
This buys BitcoLoan’s anonymous admins time to make their getaway with what’s left of invested funds.
BehindMLM reviewed BitcoLoan back in March. We found a typical crypto Ponzi scheme pitching returns of up to 3% a day.
A week ago we noted several earlier videos on BitcoLoan’s official YouTube channel were marked private.
These videos featured actors with distinctly eastern European accents.
BitcoLoan also recently wiped their Facebook profile of all content.
BitcoLoan is believed to be run by scammers from Russia and/or the Ukraine.
Based on website traffic analysis by Alexa, BitcoLoan’s victims are primarily from the US (18%), Russia (17%) and India (7%).
Well, Oz, I hope you’re ready to apologize to all those sages who pointed out all the mistakes you made in your initial review of this fine, upstanding business opportunity.
How it must be legit because they were getting paid, how securities regulations didn’t matter because it wasn’t a security, and how the money MUST be coming from SOMEWHERE, otherwise the authorities would shut then down immediately, right?
No, wait, they were full of shit. It is THEY who owe YOU an apology. Sorry, pronoun trouble. I’ve been having more trouble with pronouns lately…
I’ll trade any pending apologies if it keeps the “hur dur I invested how do I get my money back?” dumbasses away.
This was the only ponzi scheme that I felt enticed enough to at least make a napkin calculation of potentially making a promotional scheme, they had a very covert business model that was simple yet believable for a layman, the brand was professional and the site looked great my potential market would have ate it all up without issue, plus this seemed under the radar enough for me not to risk any post-mortem fallback.
But at the end the potential profit wasn’t high enough for me to forgo all my morals and convictions, and then a few weeks later they’ve entered the “ICO” phase at which point I knew it was a matter of weeks before they go bust.
Thats the only way I get to do the I-told-you-so-jingle 🙁
@ Cane
Your morals can be compromised for a return? Sorry dude, that makes you a criminal
No, committing a crime makes you a criminal.
..like “forgoing your morals and convictions for potential profit”
in an obvious scam
Seems like a distinction without much distinction. Unless you just worded your previous statement oddly
Since when is participating in a criminal enterprise not a crime? You are an accomplice. Ignorance of the law is not a defense. Just be glad that law enforcement won’t bother charging you with a crime, but they could if they wanted to charge you.
Nice to know that your “morals and convictions” have a price tag that is acceptable. If the reward is great enough, your morals and convictions be damned, i.e. you don’t have any.
For the love of god read my comment first, I said I’ve been enticed enough to CONSIDER making a promotional scheme, it didn’t go any further than making a quick math and deciding it was not worth compromising my morals and values.
Is my English that poor or you guys are just waiting to jump on someone quick.
Fair enough,like I said,your wording was a bit odd (and suspect thus).
I’d rather have said “no amount of profit would convince” rather than “profit wasn’t high enough” if that’s the point you wanted to make.
Laymen do not believe in schemes promising returns of 3% a day. Only scammers do.
Every layperson walks past the adverts in high street bank windows and knows that legitimate financial products do not pay 3% a day. The only exception are subsistence farmers who have never interacted with the financial system.
If Bitcoloan’s product was remotely “believable”, millions of savers would have been beating down their door. The reason they didn’t and only a handful of wannabe scammers signed up was because it was an obvious scam that any layman could see through in seconds.
“The potential profit wasn’t high enough for me to join a criminal enterprise” isn’t a moral conviction, it’s the exact opposite.
Don’t come on an anti-scam blog and say “This scam wouldn’t let me steal enough of other people’s money for me to join it” if you don’t want people to jump on you.
You obviously don’t know people then, if you were right this blog wouldn’t have existed and people wouldn’t have fallen for these schemes in droves, you just want to virtue signal and stroke your ego.
I don’t have a problem with people criticising me for coming of as someone with flexible moral values, I have a feeling that everyones values are flexible depending on the amount and whether they are able to get away with it.
Perhaps I’m wrong, perhaps I wouldn’t have been able to do this even if I could make off with millions and not get caught, you can only know if you have the opportunity in front of you.
At least I’m honest with myself and I put myself in theoretical situation so I can learn what kind of person I am.
My problem was that commenters here are so trigger happy that they jumped on me as if I DID IT, going so far as to call me a criminal. (Ozedit: abuse removed)
@Cane, it makes no difference how much or how little you put into a Ponzi, you are still committing a crime and that makes you a criminal.
Ponzi’s are a criminal act period. Anyone putting money in and taking money out are stealing the money of the people joining after you. That makes you a criminal.
Yes you do have a problem with people criticizing you or you wouldn’t still be complaining about it.
If you thought you were going to be admired and applauded for your definition of your morals and convictions, surprise you weren’t.
While you may not have done it this time, you can’t say the same for the next time.
There was one and only one reason why you didn’t this time. It was because you didn’t think you could take enough money out to make it worth it.
Admit it. Confession is good for the soul.
Surprising for somebody trying to seem intellectual to fall into such an easy trap as to assume that ponzi victims are a clear broad majority of the human population based on a fairly limited view of commenters(victims) on this site.
Then you have the stones to even try twist in a mention of virtue signalling as an insult since thats _exactly_ what you did by trying to convince world+dog that you merely didn’t participate because your morals and ethics prevented you from doing so.
You don’t have to proclaim yourself morally and ethically superior,you either are or aren’t,needing to advertise it though seems to rather imply the latter rather than the former.
Even your first contribution wasn’t particularly enlightening as their operation was far from “slick” and professional looking as it’s like the 1000’s of other $50 ponzi site templates,and no napkin math is required when the minimum return advertised is 20% a month.
Anybody with a modicum of financial sense would see it for what it was.
Go back to Facebook and Twitter if you feel the need to Flex at the world that I avoided a scam since I have morals yay me since that seems to be your endgame as you’ve not proven otherwise.
Is this real life? Do you have some sort of reading comprehension problem? I NEITHER PUT ANY MONEY, NOR PROMOTED THE SCHEME, NOR GAVE IT ANY MORE THAN A PASSING THEORETICAL THOUGHT!!!
By every possible linguistic, legal and civilisational standard you can label someone a criminal only after either he committed a crime, or you at least have enough evidence that he did, by your definition every film actor that plays a bank robber should be labeled a criminal
Are we clear?
You were the one that implied that you only didn’t participate because it wasn’t profitable enough to ignore your morals/ethics implying you have a price,just wasn’t met.
You might want to try to be more eloquent in your verbage if the intention was not to imply that you are fine to sell out for the right amount 😉
Again, I don’t have a problem with calling me on my theoretically flexible morals, even that is quite a stretch until the point where I actually brake them.
I have a problem with someone calling me a criminal and pretending and accusing me as if I actively participated in this scheme, my English language skills might be poor, but I’ve made it crystal clear that I’ve never participated in this scheme so calling me a criminal is insane.
Perhaps you’re trolling me, which would make this funny, but I have a feeling that some people here are pathologically looking for someone to unleash on so they can make themselves feel better.
Aaaaaaaaah so it’s a TECHNICALITY that you are arguing. Not the validity of everything else.
Alrighty so in summary:
You’re fine with being a criminal and called as such as long as you had done the crime (which only hasn’t happened because you implied your morals and ethics are still standing as the offered price is too low)
Gotcha.
What do you mean “technicality” a criminal by every definition is someone who committed a crime, what crimes have a committed?
At most you can call me someone with warped moral standards, I get that, that was my whole point, temptation.
I doubt I would have gone with it even if the profit potential was high, but all we can do is guess, that was the whole point.
I like to theoretically test my character, you can’t call me a criminal because of it.
@ Cane
I hope I never meet you. If that is how you justify things to yourself, you are going to make things really easy in a criminal prosecution.
You are a walking argument as to why the human race should be extinct. You aren’t Ruja are you?
Why would I want to meet a worthless (Ozedit: snip, see below.
Yeah OK, I think we’re done here.
There are scumbacks who are really doing what Cane entertained only as a theoretical thought.
Look at this “Natali Ko about Passive Crypto Income” Youtube channel:
youtube.com/channel/UCmdFhyO11bNHhmU9t5sr27g
Natali openly admits that every HYIP program is a Ponzi scheme, but she reviews them from amoral perspective of how good & risky they for making money.(See eg. this video for a kinda summary of her views & philosophy: youtube.com/watch?v=_a5hy–9K34)
So she doesn’t pretend to have illusions about them, unlike many professional con-artists such as Faith Sloan or Kari Wahlroos, who of course know the truth but with every “rodeo”, they are doing the “Guys, this time it’s legit!” -theatrics; and when the inevitable exit scam comes: “Can’t be real! We were all betrayed by the company and lost money. And don’t blame me — we are all adults, it’s you who decided to invest after knowing the risks & doing your own due dil, blablabla. Anyway, I’m moving on, heading for Dubai to hear about this amazing new opportunity…. “ 😉
Natali can do this in broad daylight, because MLM-Ponzis are pretty close to being perfect crimes. It’s a big part of the temptations to get involved.
Natali knows it’s more likely that a lightning will strike her than police will arrest her for her “Game of Chikcen with MLM-Ponzis scams” activities.
Natali is a bit like the Somalian Sahra who is looking for a good piracy projects to invest in:
(reuters.com/article/us-somalia-piracy-investors-idUSTRE5B01Z920091201)
Natali deserves to rot in gulag, but in the end, she is just –if you discount her exceptional unashamedness — yet another example of “everyone is a whore — it’s only matter of price” & “opportunity makes the thief” & “money bends morals” that’s a big part of human life everywhere. (A Satanist in me can almost appreciate her calm & open approach to scamming. 😉 )
They pulled all the liquidity out of the dBitcoloan on Uniswap yesterday, and website is down today.
Thoughts and prayers for this schmuck…
https://behindmlm.com/mlm-reviews/bitcoloan-review-lending-ponzi-with-token-exit-scam/#comment-441207
I preferred your original comment 😀
Had just woken up and it was a bit off the cuff.
Fuck all your bullshit I’m fucking pissed off and I want my money back.
I’m not crying I’m sharpening my knife cause I want to gut the piece of shit who stole my cash.
Must be a pretty long knife if you’re hoping to reach into Russia.
Out of interest, how/why did you sign up for a ponzi scam?
Given the unrealistic returns and no info on the owners, and no history of the company?