For sometimes now the global system has been awash with international currency trading. Some people call it foreign exchange or forex while some others claim that they trade in cryptocurrency.
Foreign Exchange (Forex or FX) is the trading of one currency for another. Foreign exchange transactions can take place on the foreign exchange market, also known as the forex market.
Crypto-currency, on its part is a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority.
Decentralized cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation.
There is no doubt that Nigeria likes opportunities especially the ones that come in respect of making money.
When these opportunities came the fastest ones went all out to get involved, while others follow and the backers may invest to regret. The promoters go through most popular media of awareness for recruitment of investors into the system.
While some prove successful, there were others that end up in disappointment. They were said to have started well and got crashed few days after they were launched.
One of them was Tronvolt. https://www.tronvolt.com/index.php
Tronvolt according to its promoters was a crypto investment introduced by one Finn Brown from Singapore with hourly returns on investment. When it came it looked so good and some Nigerians keyed into it. When Tronvolt was introduced to Nigeria and Nigerians also embraced it.
But few weeks into the introduction, it barely lasted two months before it developed problem. The investment ceased to pay returns into investors’ wallet against thie initial claims.
“What worsened the situation was that the local promoters, even while knowing that the product had started having problem they continued to recruit unsuspecting prospective investors,” complained a victim.
One of the local promoters was one Miss Oluokun Kenny also known as Kenny Grace and another, her accomplice one Akinde-Allen Subuola Roseline otherwise known as Liquid Cash.
They went to various radio stations to recruit their victims, and they made the prestigious Excellence Hotel Ogba as their meeting point.
According to them every investor would have 0.2 returns every hour.
While the payment ceased, all calls to the lines of the promoters were not picked, and all efforts made to access them were blocked. For instance a whatsapp group opened by them could not be accessed by members and only admins could send messages and no new messages were sent to the members.
It was discovered Nigerians have been scammed to have invested their hard earned money into the controversial ponzy scheme. Many are said to have invested in thousands of Naira, others in hundreds of thousands while others’ investments were in millions.
At the end of the day it was discovered that many Nigerians had fallen victim of this dubious promotion.
Efforts made to reach out to the Nigerian promoters like Kenny Grace and Liquid Cash were not successful. Victims lamented the uncooperative attitudes of the criminals coming out to claim they were investors.
The promoters were even accused of short changing their prospects by over valueing the costs to their prospects. For instance they buy each Tron for about N25, and sell at about 60, while they did not disclose the real exchange to them. One other evidence of scam was that they opened a whatsapp group which was not interactive to group members. Some of their key promoters use pseudo names.
In the same vein, reports on social media are claiming that Binance, https://nairametrics.com/2022/01/26/binance-accused-of-blocking-accounts-of-nigerian-users/ one of the world’s largest crypto exchanges, is also reportedly blocking the accounts of its African users, particularly Nigerians and those that are active in its Peer-to-Peer (P2P) exchange.
Many Nigerians have taken to Twitter to allege that the exchange blocked their accounts without any explanation given to them. After several interviews, it has been discovered that there have been issues, going as far back as 2020. Binance managers have come out to explain reasons behind their action unlike Tronvolt managers who have remained mute about their suspected frauds.
According to investigation by Scamosafe, a platform to check if a Website is Scam or Safe TronVolt Key was said to have the following features which made it suspicious.
More Facts About Tronvolt and Other Crypto Currencies
“TronVolt provides access to shady crypto investment plans, TronVolt is not licensed in any capacity. TronVolt has forged its contact information, and TronVolt has its victims believe ridiculous lies of impossible profit rates, and all these signify a red flag.”
From its Products and Services, “TronVolt is the next in a long, long list of scammers offering investment plans. The company’s logo claims it to be a “treat to your wallet”, when a more accurate tagline would be a “threat to it”.
Scamosafe pick hole in the plans TronVolt offers.
“The returns on them might seem marginal – from 0.2% hourly. However, in a day, TronVolt claims to be able to achieve a 4.8% return. There is no company out there that would be able to do such a thing – and if you encounter one that claims to be one, know it is certainly running a scam!” they noted.
The reports continued, “Cryptos went to become extremely popular, and they come with tremendous profit potential, but the assets are pretty complex and a bit enigmatic for the vast majority of people. Bitcoin is still surging, and the entire crypto market is growing exponentially, but all investments carry significant risks, such as high unpredictable volatility and absence of regulation, for example. We also like to emphasize the fraud risk- crypto scams are virtually everywhere. In fact, the latest trend among scammers is to create fraudulent websites offering fictitious crypto investments and mining services aimed to entice unsuspicious investors into scam settings. The fraudulent offers usually stick to the rule “sounds too good to be true”, the entity offering the services is totally anonymous, and there is no regulation whatsoever. So, based on the products and services offered alone, we can affirm that the entity under review is dangerous.”
“You’d better avoid it,” they advised.
“TronVolt is not a licensed company, which is troubling. In fact, on its website, there is not even a single mention of regulation. This leads us to believe the company is a total scam – between its lack of regulation and business model, there is no way it could be otherwise!
“So, the crypto service under review isn’t a typical firm, and as such, it’s not regulated. The absence of regulation implies that your investments will be at risk if you deposit. Moreover, you won’t have access to complaint procedures or money protection schemes, so if things go wrong, you’ll be the one to suffer the complete loss. Even more so, the digital coin transactions are anonymous, so if you get scammed by a shady crypto provider, you can’t get your money back.” All these revelations and warnings were kept away from investors.
Indeed, cryptocurrency regulation has been a hot topic for a long time. The digital coins themselves are not issued or governed by central banks, but too many countries already have plans to introduce centralized cryptocurrencies. Still, Bitcoin is a peer-to-peer payment system that’s considered too risky for many.
Scamosafe however pointed out that not all crypto investments are fraudulent.
“Many crypto firms are now operating with financial licenses; they are transparent, and their clients can benefit from certain customer protection measures if things go wrong. That doesn’t apply to the entity under review, which is an anonymous and most probably totally illegal enterprise that can switch off its servers, pocket clients’ money and get away with the crime.
“TronVolt provides its victims with the fake address shown above. We know for a fact the address is fake because the company is not licensed to deal in the United States. Therefore, it cannot operate from the Wyoming office it claims to be its own.
“Secondly, there is no telling if the email listed here is a reliable way of contacting TronVolt at all – scammers often do not respond to their victims – and why would they?
Considering investment opportunities, transparency is always crucial. As for cryptos, you already know that Bitcoin is a peer-to-peer payment system, which is indeed anonymous, and each transaction is practically impossible to track down. However, that doesn’t mean that the crypto providers should also be anonymous. After all, these people will handle your money, so you should at least know who they are and where they operate from. In fact, we need to note that some trustworthy exchanges don’t reveal such information on their websites, but it’s still easy to verify that businesses are legal, law-abiding companies; therefore, it’s always a worrying sign if the crypto provider isn’t transparent.
“TronVolt is not safe, https://reviewparking.com/tronvolt.com/and is nothing but a scam. There is no way that depositing with the company can result in anything but you losing your money – so be careful! There is no way to file a chargeback on deposits with TronVolt either – the company only takes crypto deposits, which are never eligible for a chargeback. In general, scammers do that to avoid their victims getting their money back,” concluded the reviewers.
Other features of crypto currency which make it suspicious, according to the foremost safety web check platform are, “Scammers are always riding the trends, so it’s not at the least surprising that cryptocurrency fraud is now blooming. Even more so, the high-tech nature of Bitcoin actually facilitates scams as most people don’t really know how crypto works, so scammers take advantage of the lack of understanding. Indeed, the crypto scam has been here for a while, and it proved to be extremely dangerous- just recall OneCoin, which happened to be a multi-billion Ponzi scheme disguised as a revolutionary digital currency. However, scammers rarely go out of their comfort zone, so most crypto scams happen to be very similar to the typical investment fraud.
“The fraudulent crypto schemes https://scamosafe.com/tronvolt-review/?unapproved=57715&moderation-hash=91eb0783cf560bc4d462d0dc1069158a&submitted=1#commentsare also anonymous and illegal, while scammers introduce themselves with fake identities. There are also too many impersonators resembling the websites of valid start-up companies from where customers get redirected to other insecure fishy payment portals that may as well carry additional security risks. The cons yet again promise the moon and the stars to their victims but won’t deliver a thing in the end. However, the difference between crypto and the rest of the investment scams is that people are more likely to believe that they can become rich overnight as Bitcoin has already proved to have massive profit potential. In any case, you should be very cautious when it comes to crypto, as the markets are plagued by scammers ready to take advantage of you.”
Have you also fallen a victim of Crypto fraud? Share your story.
Thanks for reading this. Please like it, comment and share this story. Also follow Julius Adegunna, and PTL News on our Social Media handles or call 234-8033260387, 8120969883. If you have been blessed by our website, you are free to bless us in return. Reach out to the Publisher for donations and supports. God bless you.
3 Comments