Coinbox.cc is a scam that has brought financial destruction to a lot of people. Currently, at the time of making this post, the scammers running this hustle have shut down their website and have fled with the money.
On various industry related forums, people are sharing their stories and they are heartbreaking to say the least. In this article, we will discuss the way this scam works and more importantly, we are going to enlighten the public about the ways of recovering funds from crooks.
Read the following content carefully and it will help you navigate the financial sector with ease and also, it will enable you to find the difference between legit and scam investment opportunities.
Though it is almost impossible to put an end to scams on the internet, if people are educated enough, then obviously the incident rates have to come down. Our goal is to help people notice the viral scams and raise awareness about the schemes that are way too good to be true.
What is Coinbox.cc?
Coinbox.cc claims to be a cryptocurrency trading platform. They claim to employ some secret order flow trading approach towards the market. After carefully analysing their narratives, it becomes obvious that they never had anything worth your time to offer.
Scammers behind this firm never talked about the actual plan, because they were never involved with the markets in the first place. Risk management strategy was not revealed and as expected, apart from creating hype, they never paid much attention to anything.
The strange thing about this scam was that they were very aggressive in their approach. For example, the kind of returns they were showcasing was something even beginners could see through. Sadly, the greed present in newbies was simply out of proportion and they were the ones that fell for the trap.
Were they Regulated?
It is always a good idea to check out the legality of any venture before committing your capital. If you are specifically looking at Forex, Cryptocurrency and stock markets, then make sure that you deal only with regulated brokers and institutions.
Government has taken special care to safeguard retail client’s interest, but at the end of the day, it is not something that depends upon one party. So, look for legal documents and if the platform you want to deal with refuses to showcase it, then it is always a wise move to step away from them.
Coinbox.cc claimed to be a fully licensed investment portal. However, they never shared any details. On the other hand, we went over all of the data bases and clearly, they weren’t listed in any of them.
Get in touch with our affiliated Cryptocurrency Forensic Specialists at CNC Intelligence for free by filling out the form below.
Obviously, the crooks lied about their nature and that is why you always need to double check all the important information you come across on the web.
Business Model of Coinbox.cc
The explanation provided on their platform was full of manipulative data and in some angles, it didn’t even make sense. First of all, they claim to be a trading firm, but still they never publish any trading history and even the names of the top employees are hidden.
They operate without licenses and there isn’t anything on their platform that explains about their revenue model. With so many question marks and obvious signs, isn’t it clear that this platform was nothing more than a ponzi scheme.
Scammers behind this platform created cash flow by rotating the funds from the new clients to the old participants while keeping themselves something on the top. The approach was flawed and that is why when they couldn’t sustain it, they fled the scene.
Profits Advertised
Here’s the outrageous part, this firm advertised returns ranging from 140% hourly to over 3,000% hourly. Any person that is rational can easily tell that these numbers are nothing more than an maginery figure and it is certainly not the target anyone can achieve consistently.
Looking at the way they inflated their performance reports, it proves that they were desperate for cash and they were also ready to go to any level to convince the public. Seeing huge returns will easily and surely catch our attention.
However, you should always look at the data and not take any kind of impulsive decisions. Remember, there is no secret strategy to follow and if anyone offers you the miracle pill, chances are you are getting scammed.
Customer Feedback
Just like we mentioned before, this site at one time was indeed getting a lot of traffic. As a result, user feedback was slowly hitting the top forums and people were sharing their experiences.
At the beginning, few people were in their favor, but now everyone is angry at them and some are looking for ways to take legal action against the owners. On Trustpilot, you can see the reaction of the user firsthand. You can find a couple of comments made by the victims below.
Guys I just got scammed by this people and los $60.000 all my saving of a life time of hard work and I don’t know what to do, I transfer my funds to another platform and funds never made to its destination, I have sent several requests with out any response.
They are scammers plz stay away from them
Is Coinbox.cc a Scam?
Coinbox.cc was a big scam that left a huge scar on the retail investors. They were operating in a way that was criminal in nature. Note that they were never involved with the markets in the first place.
If you lost money to these fraudsters, then do not let them escape the consequences. Report the incident to your local authorities. Provide the law enforcement authorities with transaction details, crypto wallet address, etc,. To make their work easier.
For best results, hire a recovery agency and they will assist you in not only tracing the funds, but also with every process related to the recovery aspect.
You can chat with our experts and get to know the solutions applicable to your case by reaching out to us via the contact form below. In case, if you are wondering, know that all of our services are free.
Associated scams and Networks
Criminals are experts when it comes to reading the crowds mentality. They know the ways of manipulating the existing sentiments and to change things to their favor within a very short time span.
During our investigation, we found out that anyone that was giving positive reviews about this platform was heavily compensated by the master minds. The ugly reality is that this firm positioned themselves in a way that it closely mimics a legit cryptocurrency platform which is hosted at Coinbox.org.
By getting a similar domain, they were able to pull off the hustle quite easily. Coinbox.org appears to be a decent platform and it has got quite a good reputation.
On many HYIP forums, this platform saw immense traction in terms of traffic. Data clearly reveals that the marketers had a huge role behind the success of this project.
Coinbox.cc Affiliate Programs
One thing we have noticed with all the ponzi scams again and again over the years is the way they market themselves. Promoters of these kinds of schemes are always skilled and they utilize all the platforms such as search engines and social media sites to their favor.
They are aware of the fact that the longevity of the firm will be low. So, they are very aggressive and within a couple of weeks they will bombard the platform they want with traffic and suddenly disappear.
By the time the average user recognises the pattern it will be too late and in most cases, the culprits always walk free. Moreover, as everything they do is via the internet, it is very hard to catch them red handed and this loophole has existed for decades now.
As the marketers have a high level of conflict of interest with the clients. We strongly advise you to stay away from anyone that works with this kind of shady platform. After all, the only way they profit is if they spread misinformation, right?
How to identify Scams in the future?
Scammers operate using the same pattern every single time. Below, we have listed a few of the common traits employed by crooks. If you see any of the traits mentioned below, then know that odds are against you and regardless of how good it sounds, it is better to stay away from them.
Too good to be true offers – Financial sector offers immense opportunities. People have made fortunes by being on the right side of the equation.
However, that does not mean that every trade or venture is going to turn out in your favor. If you are being presented with an opportunity that appears to be a piece of cake, then re-evaluate your decision. Keep in mind that nothing that comes easy is going to be worth your time.
No evidence – Every firm that has earned a reputation tries to be honest with the clients. They publish audited reports and provide ways for the clients to cross check their system all the time. More importantly, they provide easy access to the data so that everyone can be on the same page.
For any reason, if the firm you are interested in is not showing you hard data, then it is likely to be some form of a hustle. Think about it, if they are honest with the user base, why should they hide the data in the first place?
No transparency – This is the easiest way that anyone can use to gauge a firm. Companies that have the real intention of serving the needs of the customers strive to remain transparent. On the flip side, scams always try to operate mysteriously and their only goal is to maintain a very low profile.
If you see any investment company that does not reveal information about the management side, then quickly step away from them. Also, never deposit with any platform that does not showcase proper licenses.
Verdict
Coinbox.cc is a pyramid scheme that crashed down as anticipated by many people. While more than 90% of the people involved lost funds, the people at the top secured a nice return on their investment.
We can guarantee you that other than marketers and creators, almost everyone lost their hard earned money to them. As the damage has already occurred, now the wise thing to do is to take legal action against them.
Though the regulatory authorities are unlikely to take action on these kinds of complaints, it will help them gather more data regarding the crooks. So, do your part by raising a complaint and in case you need help with the recovery process, follow the steps mentioned above.
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