Bit-conomy is a scam crypto trading platform which has appropriated the name and logo of a genuine trading site in an attempt to fool investors.
The fake site has copied the branding of Biconomy, a genuine platform in the crypto space.
However, the URL is different, but a lot of people are being fooled by this and are parting with their cash.
The scam is known to start when a message is sent to someone ‘by mistake’. If the victim replies, the person who sent the message will strike up a friendship with them.
After a while, they’ll introduce the subject of crypto investing to the victim and encourage them to invest in the Bit-conomy platform, often under their direct guidance.
They might offer to put money into the victim’s account to increase the ‘profits’ which will appear to grow rapidly.
However, if the victim tries to withdraw any of the cash the problems start.
They’re told that they need to pay a significant sum in taxes and that this amount cannot be deducted from their balance, even though there appears to be plenty of cash in their trading account to cover it.
If they try to withdraw funds anyway, the mechanism doesn’t appear to function and the information is often garbled.
Ultimately, their money is lost and any further cash that they send will be stolen as well.
Bit-conomy red flags
There are multiple issues with this platform, including:
- The branding used has been copied from a legitimate site.
- The profits are unrealistically high and not achievable.
- The approach is a classic tactic used by crypto scammers.
- There are no reviews of this site anywhere online, other than reports that it’s a scam.
- It has a Domain Authority (DA) ranking of 1 – the lowest possible.
- There is no information about the management team, the location or any regulatory details on the site.
- There is no official app that goes with the platform.
- The domain is very new. Scammers set up multiple domains before closing them down after a few months.
- There are no social media profiles connected with the site.
It’s highly unlikely that the Bit-conomy scammers will be traced, but it’s still worth reporting the site to the police if you’ve lost money.
There are also private companies that might be able to help which I’ve written about here.
Have you had any experience with this platform? Kindly share your thoughts in the comment section to help others stay informed and safe.