The KCN Bitcoin App scam is a fake Telegram based trading channel that promises wildly unrealistic returns for would-be investors.
I was contacted by a user who’d been encouraged to deposit crypto then saw a huge alleged profit before being refused access to his funds unless he paid a ‘commission’.
This payment is due on the entire account balance, so deposit plus fake profit, and is then followed by further demands for additional sums, with various reasons cited.
Victims are never given their funds back or any profit and are badgered by repeated demands for more money until the scammers eventually disappear.
Telegram channels with fake membership
KCN, which uses various groups, including ‘KCN transaction C662’ and ‘Get rich life A-168’, claims it’s connected with a large UK-based trading company, but of course it isn’t.
Messages on the group also state that they’re promoting an “investment business in India” that can bring clients $1,000 profit a day.
Again, these huge returns are designed to tempt people looking for a ‘get rich quick’ scheme to part with their funds.
The groups are filled with so-called members posting messages of their financial success using the platform, and encouraging new users to invest.
Members are also told that there are different tiers they can enter depending on their initial deposit, with those putting in more qualifying for various VIP levels, which include increased profits.
These profits do not exist and are designed to lure people into parting with even more cash.
Is KCN a scam crypto trading platform?
The KCN app is 100% a scam and not a legit trading platform. It’s designed purely to relieve group members of their cash and crypto.
As far as I can tell it’s a Telegram only scam, and there is no website accompanying it, which is often the case with these types of fake Bitcoin investing operations.
KCN scam victims first hand accounts
I’ve been contacted by several people who’ve lost money to the KCN scam and hearing their stories reveals just how devastating these situations can be.
"I took a loan and invested it where I thought I'd get some income. I put the whole $7,000 into KCN. Now those people are talking about paying commission at the time of withdrawal. And the commission is also telling $35,000 dollars. Now I am badly stuck in this and do not even have money to repay the loan. I am very upset, even in the family, I can not tell anyone." I’ve been scammed by KCN, what can I do?
Unfortunately there’s little you can do unless you’ve lost a very substantial amount of money, in which case there are companies that can help.
They usually charge a percentage of any funds they manage to recover, but usually only work with those who’ve lost $1 million or more.
You can report the scammers to your local authorities, but don’t expect them to do very much as crypto is mostly unregulated and a lot of the time they’re powerless to act.
Have you had any experience with this platform? Kindly share your thoughts in the comment section to help others stay informed and safe.
I was contacted by a user who’d been encouraged to deposit crypto then saw a huge alleged profit before being refused access to his funds unless he paid a ‘commission’.
This payment is due on the entire account balance, so deposit plus fake profit, and is then followed by further demands for additional sums, with various reasons cited.
Victims are never given their funds back or any profit and are badgered by repeated demands for more money until the scammers eventually disappear.
Telegram channels with fake membership
KCN, which uses various groups, including ‘KCN transaction C662’ and ‘Get rich life A-168’, claims it’s connected with a large UK-based trading company, but of course it isn’t.
Messages on the group also state that they’re promoting an “investment business in India” that can bring clients $1,000 profit a day.
Again, these huge returns are designed to tempt people looking for a ‘get rich quick’ scheme to part with their funds.
The groups are filled with so-called members posting messages of their financial success using the platform, and encouraging new users to invest.
Members are also told that there are different tiers they can enter depending on their initial deposit, with those putting in more qualifying for various VIP levels, which include increased profits.
These profits do not exist and are designed to lure people into parting with even more cash.
Is KCN a scam crypto trading platform?
The KCN app is 100% a scam and not a legit trading platform. It’s designed purely to relieve group members of their cash and crypto.
As far as I can tell it’s a Telegram only scam, and there is no website accompanying it, which is often the case with these types of fake Bitcoin investing operations.
KCN scam victims first hand accounts
I’ve been contacted by several people who’ve lost money to the KCN scam and hearing their stories reveals just how devastating these situations can be.
"I took a loan and invested it where I thought I'd get some income. I put the whole $7,000 into KCN. Now those people are talking about paying commission at the time of withdrawal. And the commission is also telling $35,000 dollars. Now I am badly stuck in this and do not even have money to repay the loan. I am very upset, even in the family, I can not tell anyone." I’ve been scammed by KCN, what can I do?
Unfortunately there’s little you can do unless you’ve lost a very substantial amount of money, in which case there are companies that can help.
They usually charge a percentage of any funds they manage to recover, but usually only work with those who’ve lost $1 million or more.
You can report the scammers to your local authorities, but don’t expect them to do very much as crypto is mostly unregulated and a lot of the time they’re powerless to act.
Have you had any experience with this platform? Kindly share your thoughts in the comment section to help others stay informed and safe.