A concerning pattern has emerged in recent weeks involving CRZCoin.com, a supposed cryptocurrency trading platform that claims to be registered in Colorado.
Multiple victims have come forward, including a significant case where an individual lost $757,230.21 after being manipulated by a group led by Bess Miller and Professor Shane Davis. These individuals allegedly promised substantial profits but used various tactics to drain the victim’s funds.
The scheme involved fraudulent emails, including one impersonating the IRS, demanding additional Ethereum (ETH) payments for so-called guarantee services and IRS-related fees. Despite the victim’s compliance with these demands, CRZCoin has consistently refused to release the funds and is asking for even more payments. This has led to CRZCoin being flagged by the BC Securities Commission (BCSC), which has issued an alert urging caution to residents of British Columbia. The platform is not recognized as an exchange or registered as a BC dealer, raising red flags about its legitimacy.
Domain Analysis
The domain crzcoin.com was registered on June 3, 2021, and is set to expire on June 3, 2025, with Gname.com Pte. Ltd. as the registrar. This domain’s registration is cloaked in secrecy, as it is associated with a registrant based in Xinjiang, China, a region known for its limited transparency in online business operations.
The website’s global and country-specific rankings are alarmingly low, with a global rank of 14,215,141 and a Canadian rank of 651,502. Such low rankings and minimal traffic indicate that the website lacks credibility and fails to attract significant legitimate user engagement. Despite the low traffic, the site exhibits a surprising bounce rate of 7.27%, suggesting that the few visitors who land on the site might engage with multiple pages, likely as part of a scam routine rather than genuine interest.
Moreover, the domain has minimal backlinks, most linked to obscure and potentially dubious sources. The domain has a total of 1.5K backlinks from 407 referring domains, many of which are connected to unrelated or low-quality websites, further casting doubt on the site’s legitimacy. The absence of substantial organic traffic or SEO presence, as revealed by tools like Semrush, underscores the lack of authenticity and reliability of the crzcoin.com domain. These factors collectively suggest that crzcoin.com is likely operating as part of a fraudulent scheme, lacking the hallmarks of a trustworthy online platform.
CRZCoin.com Review
CRZCoin Technology Inc., operating under the name CRZCoin, is listed as a registered Money Services Business (MSB) with the Financial Crimes Enforcement Network (FinCEN; registration number 31000270020466).
The registration includes a Denver, Colorado address at 1255 Galapago St, and the entity has registered to provide various financial services across all U.S. states and territories. The listed MSB activities include money transmission, check cashing, and issuing traveler’s checks.
While an MSB registration with FinCEN might suggest a level of legitimacy, it’s important to note that this registration alone is not an endorsement by any government agency. FinCEN explicitly states that including a business on their MSB Registrant Search Web page does not equate to a recommendation or certification of legitimacy. FinCEN merely records the information provided by the registrant and does not verify the accuracy or legitimacy of the data.
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The contact details provided by CRZCoin.com include a single email address, service.crzcoin@gmail.com, which serves as the point of contact for routine consultations, customer service, and media cooperation.
Their IRS-issued Employer Identification Number (EIN) is 99-2582452.
Is CRZ Coin Legit?
While appearing legitimate, these claims are riddled with red flags indicative of a potential scam. The website includes a disclaimer in the privacy policy stating that it assumes no responsibility for the risks associated with digital currency transactions, which could be a tactic to absolve themselves from legal accountability.
Moreover, the site explicitly states that it is not responsible for financial consulting or investment advice, further distancing itself from the repercussions of users’ losses.
Moreover, using a generic Gmail address as the main point of contact, coupled with the lack of transparency and verifiable business operations, casts doubt on the integrity of CRZCoin Technology Inc. Even though the entity is registered as an MSB, the fact that FinCEN does not independently verify the business’s activities means that the registration does little to mitigate the significant red flags observed throughout its online presence.
This combination of questionable contact details, an unprofessional online presence, and the lack of independent verification of their claimed regulatory status strongly suggests that CRZCoin.com may be leveraging its MSB registration to lend a veneer of legitimacy to what is likely a fraudulent operation.
CRZCoin.com Reviews
CRZCoin.com has garnered significant negative attention online, particularly on platforms like Scamadviser and through regulatory bodies like the BC Securities Commission (BCSC) alerts. According to Scamadviser, CRZCoin.com is flagged as a scam website, with users reporting that it purports to facilitate cryptocurrency trading but instead traps victims into making deposits, only to withhold funds later while demanding additional payments. One user review on Scamadviser briefly describes the website as a “scam,” warning others that they face constant demands for more money once they are involved.
Further complicating CRZCoin’s credibility, the BCSC has added CRZCoin Technology Inc. to its Investment Caution List. The BCSC warns that CRZCoin is not recognized as an exchange or registered as a dealer in British Columbia, a legal requirement for any platform offering cryptocurrency trading services in the region. The regulatory body urges residents to exercise caution when dealing with CRZCoin, highlighting the platform’s failure to meet local regulatory standards.
The combination of user reports labeling the site as a scam, and the BCSC’s official warning underscores the high-risk nature of interacting with CRZCoin.com.
The Bottom Line Regarding CRZCoin.com
After thoroughly analyzing the evidence, it is clear that CRZCoin.com is a scam.
The platform exhibits numerous red flags, including using a generic email address, a suspicious online presence, and a lack of transparency in its operations. User reviews and warnings from regulatory bodies, such as the BC Securities Commission, further corroborate the fraudulent nature of this site. The pattern of behavior reported by victims—where funds are withheld, and additional payments are demanded—strongly indicates that CRZCoin.com is not a legitimate cryptocurrency trading platform.
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