Coin3x.cc Reviews Coin3X, Another Scam Bitcoin Doubler

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JetCoin Review: Bitcoin doubler promising 200% ROI in 40-50 days

JetCoin provide no information on their website about who owns or runs the business.

The JetCoin website domain (“jet-coin.com”) was privately registered on May 7th, 2020.

As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.

JetCoin Products

JetCoin has no retailable products or services, with affiliates only able to market JetCoin affiliate membership itself.

The JetCoin Compensation Plan

JetCoin affiliates invest bitcoin on the promise of a 200% ROI in 40 to 50 days.

JetCoin offer a total of seven plans affiliates can invest in:

  • JC2 – 0.1 BTC
  • JC3 – 0.3 BTC
  • JC4 – 0.5 BTC
  • JC5 – 1 BTC
  • JC6 – 2 BTC
  • JC7 – 4 BTC
  • JC8 – 8 BTC

Note that affiliates who invest in the JC2 plan must wait eight days for any withdrawal requests to be honored. The JC3 plan has a three day waiting period and the JC4 plan two days.

The JC5 and higher plans are paid out within one day.

Residual Commissions

JetCoin pay residual commissions via a binary compensation structure.

A binary compensation structure places an affiliate at the top of a binary team, split into two sides (left and right):

The first level of the binary team houses two positions. The second level of the binary team is generated by splitting these first two positions into another two positions each (4 positions).

Subsequent levels of the binary team are generated as required, with each new level housing twice as many positions as the previous level.

Positions in the binary team are filled via direct and indirect recruitment of affiliates. Note that there is no limit to how deep a binary team can grow.

At the end of each day JetCoin tally up new investment volume on both sides of the binary team.

Affiliates are paid a percentage of matched investment funds on both sides of the binary team, subject to the following daily and monthly caps:

  • JC1 (costs 0.05 BTC to sign up) – 9% binary commission, 0.1 BTC daily and 3 BTC monthly cap
  • JC2 – 10% binary commission, 0.2 BTC daily and 6 BTC monthly cap
  • JC3 – 11% binary commission, 0.6 BTC daily and 18 BTC monthly cap
  • JC4 – 12% binary commission, 1 BTC daily and 30 BTC monthly cap
  • JC5 – 18% binary commission, 2 BTC daily and 60 BTC monthly cap
  • JC6 – 20% binary commission, 4 BTC daily and 120 BTC monthly cap
  • JC7 – 22% binary commission, 8 BTC daily and 240 BTC monthly cap
  • JC8 – 25% binary commission, 20 BTC daily and 600 BTC monthly cap

Unmatched volume on the stronger binary side is carried over to the following day.

Joining JetCoin

JetCoin affiliate membership is tied to investment in one of seven offered plans:

  • JC2 – 0.1 BTC
  • JC3 – 0.3 BTC
  • JC4 – 0.5 BTC
  • JC5 – 1 BTC
  • JC6 – 2 BTC
  • JC7 – 4 BTC
  • JC8 – 8 BTC

A JC1 affiliate membership is also available for 0.05 BTC, however JC1 affiliates do not participate in the attached investment opportunity (see JetCoin compensation plan above).

Conclusion

Your first red flag with JetCoin is the 100% success guarantee provided on the company’s website:

JetCoin was created as a way for 100% of people to succeed rather than 97% fail.

JetCoin is yet another entry into the bitcoin doubler niche, which started with GladiaCoin a few months ago.

The ruse behind bitcoin double scams is “trading”. The scammers behind JetCoin are lazy enough to not even bother clarifying what trading they’re supposedly undertaking, but do mention they’ve got “the sharpest minds in the industry” working for them.

Without proof of trading taking place, or any such trading providing a 200% ROI within 40 to 50 days, all JetCoin are doing is using newly invested funds to pay off existing investors.

This is Ponzi fraud, with referral commissions paid out adding an additional pyramid layer to the scheme.

Obviously a 200% ROI in less than two months isn’t stable, with the doubler scam model typically collapsing anywhere after 75% of the initial maturity period is up.

GladiaCoin is a good example of this, with affiliate fees and desperate attempts to trap invested affiliate funds through higher volume plans recently introduced.

JetCoin is no different, with the scheme either collapsing outright or forced to introduce similar nonsense once invested funds run dry.

Update 26th July 2020 – Cecilia Wong of the JetCoin Institute has been in touch to advise they have nothing to do with JetCoin the Ponzi scheme.

We are a proper company who have worked hard to establish our digital token Jetcoin (JET) in sport and entertainment and are extremely disappointed to see that some other unscrupulous companies have taken advantage of our name (and logo in some instances) to confuse innocent individuals looking to invest.

We are currently listed on Coin Market Cap as an ERC-20 Token built on Ethereum.

It came to our attention that these other companies existed when we started receiving a host of emails from people who were not even in our database of customers.

These people thought we were them and started questioning us about their investments.

Then we noticed that we were also getting slandered by many different individuals on social media, so we launched an investigation into this matter to find out what was happening.

We can’t blame these people as our name squatters have actually used our logo in some of their social media and are obviously trying to influence people into thinking they are either us or affiliated with us in some way.

We have reported this to the relevant social media and Instagram has already taken down their page. We are still waiting for the rest of social media (YouTube, Facebook) to get back to us.

Cointherum Review: 90 day bitcoin doubler Ponzi

Cointherum provide no information on their website about who owns or runs the business.

The Cointherum website domain (“cointherum.com”) was privately registered on May 27th, 2020.

As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.

Cointherum Products

Cointherum has no retailable products or services, with affiliates only able to market Cointherum affiliate membership itself.

The Cointherum Compensation Plan

Cointherum affiliates invest bitcoin on the promise of a 90 day 200% ROI.

At the end of the 90 day maturity period, if a Cointherum affiliate wishes to withdraw they must reinvest as much as or more than their initial investment.

Residual commissions on invested funds by downline affiliates are paid out via a binary compensation structure.

A binary compensation structure places an affiliate at the top of a binary team, split into two sides (left and right):

The first level of the binary team houses two positions. The second level of the binary team is generated by splitting these first two positions into another two positions each (4 positions).

Subsequent levels of the binary team are generated as required, with each new level housing twice as many positions as the previous level.

Positions in the binary team are filled via direct and indirect recruitment of affiliates. Note that there is no limit to how deep a binary team can grow.

At the end of each day Cointherum tally up new investment volume on both sides of the binary.

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Affiliates are paid a percentage of matched binary funds, based on how much they have invested:

  • invest 0.05 BTC and receive a 5% binary commission
  • invest 0.1 BTC and receive a 6% binary commission
  • invest 0.3 BTC and receive a 7% binary commission
  • invest 0.5 BTC and receive a 8% binary commission
  • invest 1 BTC and receive a 10% binary commission
  • invest 2 BTC and receive a 14% binary commission
  • invest 4 BTC and receive a 15% binary commission
  • invest 10 BTC and receive a 16% binary commission
  • invest 15 BTC and receive a 17% binary commission
  • invest 20 BTC and receive a 20% binary commission
  • invest 30 BTC and receive a 22% binary commission
  • invest 50 BTC and receive a 23% binary commission

Joining Cointherum

Cointherum affiliate membership is tied to an investment of between 0.05 and 50 BTC.

To withdraw a ROI payout an affiliate must reinvest what they initially invested or higher.

Conclusion

Cointherum is more of the same from the MLM underbelly bitcoin niche.

The cookie-cutter ruse of cryptocurrency trading is trotted out to explain how Cointherum generates a 200% every 90 days.

Other than brief descriptions of what bitcoin, ethereum, litecoin and allphacoin are on the Cointherum website, there is no proof that any trading takes place.

As it always does, the cryptocurrency trading ruse fails the Ponzi logic test.

If the anonymous owners of Cointherum were able to generate a 200% ROI every 90 days (811% annually without compounding), they’d be quietly investing their own funds and enjoying the profit.

Creating 200% ROI liabilities every 90 days on top of binary commissions does them no favors and from a business perspective makes no sense.

Thus like all the other bitcoin doublers, Cointherum is simply shuffling newly invested funds around to pay off existing investors.

GladiaCoin was the first MLM doubler to surface back in early March.

Just before initial investments were due to hit their 90 day maturity period in June, the scam collapsed.

Cointherum is the same Ponzi + binary residual business model with the same cryptocurrency trading ruse.

The owners of Cointherum can’t generate a legitimate 200% ROI every 90 days any more than GladiaCoin’s owners could, meaning once again the majority of affiliates who sign up and invest in Cointherum are going to lose money.

Common bitcoin scams — and how to avoid them

Our guide to how to spot bitcoin scams and stay safe when trading and using cryptocurrency.

Last updated: 21 June 2020

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Cryptocurrencies are complicated, very confusing to new users and lightly regulated — all of which makes them an ideal target for scammers.

But with a little bit of know-how and some good old-fashioned common sense, you can do plenty to protect yourself against cryptocurrency scams.

Keep reading for the lowdown on the most common bitcoin scams and how to avoid them.

8 common crypto scams to keep an eye out for

Watch out for scams

A number of concerns have been raised regarding the cryptocurrency and ICO markets, including that, as they are currently operating, there is substantially less investor protection than in our traditional securities markets, with correspondingly greater opportunities for fraud and manipulation.”

Checklist: How to detect a crypto scam

Unsure whether a particular crypto website is a scam or not? Use this checklist to help sort legitimate providers from those platforms you’re better off avoiding altogether.

Does the website connect securely over https (not http)? If the address starts with “http” instead of “https,” the data you send to the website is not secure.

Can you see the word “Secure” or an image of a padlock in your web browser’s address bar? This indicates that a website is secure.

Does the website’s URL have any noticeable spelling mistakes or errors? If so, it could be a fake.

Does the site feature bad grammar, awkward phrasing or spelling mistakes? If it does, this doesn’t necessarily indicate a scam, but it does mean you should proceed with caution.

Does the website promise abnormally high returns? (For example, does it claim you’ll be able to double your investment?) This should raise a big red flag and is a common indicator of a scam.

Is there an “About us” page? Does it show the real people behind the company? Does it provide any details about where the company is registered? If there’s little or no information about who the company is and what it does, you could be dealing with a scam.

Do legitimate, reputable websites link to this site? This could indicate that the site is trusted and respected.

What do other users say about the website? Are there any negative reviews and, if so, what do they say? The crypto community is usually pretty quick to spread the word about scams.

Who is the registered owner of a domain or website? Is the owner hidden behind private registration? Has the domain been registered for less than six months? (You can find this information by searching for the platform’s URL registration details on a site like WHOis.net). The more information you can find about the people/company behind a website, the better.

Is there anything else about the website that raises red flags or just seems too good to be true? If there’s something that just doesn’t seem right, trust your gut.

Please note that this checklist is far from foolproof, as it’s possible for a website to pass several of the above tests with flying colors and still be a scam. The important thing to remember is to do your due diligence before providing any personal or financial information to any website or app.

1. Phishing

The first scam on the list is one that you may well be familiar with already, as it’s also been widely used to target customers from major banks.

Known as “phishing,” this type of scam occurs when you receive an unsolicited email that looks as if it’s from your bank — or, in this case, from your crypto exchange or wallet provider. This email contains a link that takes you to a site that looks almost identical to the exchange or wallet you usually use, but is actually a scam site.

Once you enter your account details on this unofficial page, the scammers have everything they need to log in to your real account and steal your funds.

How to avoid phishing scams:

  • Always double-check URLs to make sure you’re visiting the genuine website.
  • Don’t click on suspicious links that are emailed to you.
  • Never disclose your private key.

2. Fake exchanges and wallets

In a similar vein to phishing scams, keep an eye out for fake bitcoin exchanges. They might walk and talk like a reputable exchange, but they’re merely a front to separate consumers from their hard-earned cash.

Some will entice users with promotional offers that sound too good to be true. Others pressure users into creating an account and depositing funds, perhaps even offering “bonuses” to those who deposit larger amounts. But once they have your money these platforms might charge ridiculously high fees, make it very difficult to withdraw funds or simply steal your deposit altogether.

Other scammers have turned their attention to creating quite sophisticated fake wallet apps that, once downloaded to a user’s smartphone, can be used to steal critical account details. These apps have even made it into official, legitimate app stores like Google Play, so it pays to do your research before downloading anything to your phone.

BitKRX

In December 2020, the bitcoin community and South Korean authorities exposed a fake exchange known as BitKRX.

By posing as a legitimate exchange and passing itself off as a branch of KRX, a large and reputable trading platform, it was able to ensnare innocent users.

How to avoid fake exchange and fake wallet scams:
  • Stick with well-known and popular exchanges.
  • Thoroughly research any exchange or wallet before creating an account — who is the team behind the exchange or wallet? Where is the company registered? Are there reliable reviews from other users confirming its legitimacy?
  • Don’t let yourself be pressured into depositing funds or providing any personal information.
  • Don’t just randomly pick a wallet from the app store — only download apps and software from legitimate wallet providers and exchanges.

Two of the apps, “Poloniex” and “Poloniex Exchange,” were downloaded more than 5,500 times before they were removed from the store. These apps asked Poloniex users to enter their account credentials, thereby giving fraudsters a way to perform transactions on behalf of users and even lock victims out of their own accounts.

3. Old-school scams

Cryptos may be based on new technology, but there are still plenty of scammers using old tricks to con unwitting consumers.

The classic example of this is an unsolicited phone call or email from someone claiming to be with the IRS. This fictional tax man will try to convince you that you owe the IRS money and you’ll be facing legal action if you don’t transfer them a certain amount of bitcoin as soon as possible.

The tried-and-tested “Nigerian prince” scam has also migrated into the world of cryptocurrency. So if you’re ever contacted out of the blue by someone overseas promising you a share in a large sum of digital currency if you help them transfer funds out of their own country, use your common sense and recognize it for the scam it is.

How to avoid old-school scams:
  • Use your common sense.
  • Don’t trust unsolicited emails or phone calls.

4. Fraudulent ICOs

Seduced by the astronomical price rises bitcoin has experienced since its inception, many everyday consumers venture into the world of cryptocurrency looking for the next big thing. After all, if “the next bitcoin” ever actually arrives, getting in at the ground floor could see early-adopters earn a fortune.

And if you want to get in on the ground floor, the easiest option for the average person is to buy coins or tokens in an ICO. There’s a huge appetite for new digital currencies — in the first half of 2020 alone, ICOs raised a total of $11.69 billion — and with many new buyers having limited knowledge of how the crypto industry works, it’s the perfect breeding ground for scammers.

Pincoin and iFan

In April 2020, the Pincoin and iFan ICOs, run by the same Vietnam-based company, are believed to have cheated more than 30,000 investors out of a combined total of $660 million.

iFan was meant to be a social media platform for celebrities and Pincoin promised 40% monthly returns to investors. Both were later shown to be multi-level marketing (MLM) scams.

This has led to the rise of fake ICOs which, with some slick marketing and a little bit of hype, can convince people to buy a cryptocurrency that doesn’t actually exist. For example, one report found that 78% of ICOs in 2020 were scams, while a separate report put that figure at above 80%.

Finally, if you’re dreaming of getting rich quick from a crypto ICO, be aware that for every ICO success story there are many, many more failures, even if the project isn’t a scam.

How to avoid fraudulent ICOs:
  • Thoroughly research any ICO before buying in. Look at the team behind the project, its white paper, the purpose of the currency, the tech behind it and the specifics of the token sale.

5. Ponzi or pyramid schemes

A Ponzi scheme is a simple but alarmingly effective scam that lures in new investors with the promise of unusually high returns. Here’s how it works: a promoter convinces people to invest in their scheme. These initial investors receive what they believe to be returns, but are actually payouts from the money deposited by newer investors. Now satisfied that the scheme is legit, those investors who received payouts pump more of their money into the scheme and encourage others to do the same.

Sooner or later, the scheme collapses when the promoter runs off with the money or it becomes too difficult to lure new investors. These types of pyramid schemes are nothing new and can be easy to spot, but that hasn’t stopped some crypto buyers from being scammed in a handful of high-profile incidents.

Bitconnect

In January 2020, bitcoin investment lending platform Bitconnect shut down its lending and exchange services amid allegations it was a Ponzi scheme. Launched in early 2020 with promises of returns of up to 40% per month, the platform was quick to attract criticism from the wider crypto community and soon drew the attention of regulators.

How to avoid Ponzi/pyramid schemes:
  • Look out for cryptocurrency projects that encourage you to recruit new investors to enjoy bigger profits.
  • Never trust a scheme that promises returns that sound too good to be true.

6. Malware

Malware has long been a weapon in the arsenal of online scammers. But thanks to the complicated and highly technical nature of cryptocurrencies, much of which isn’t well understood by most people, malware now poses an even bigger threat.

Rather than stealing credit card and bank account details, crypto-related malware is designed to get access to your web wallet and drain your account, monitor the Windows clipboard for cryptocurrency addresses and replace your legitimate address with an address belonging to a scammer, or even infect your computer with a cryptocurrency miner.

How to avoid cryptocurrency malware scams:
  • Update your antivirus software regularly to protect yourself against malware.
  • Never download and install programs unless you’re 100% sure they’re from a reputable, legitimate provider.
  • Don’t open suspicious attachments.

7. Mining scams

Cloud mining allows you to mine cryptocurrencies like bitcoin without having to purchase the expensive hardware required to do so. There are several legitimate cloud mining services that let users rent server space to mine for coins at a set rate.

However, there are also plenty of cloud mining scams out there. Some promise astronomical (and implausible) returns and fail to disclose a range of hidden fees, while others are fronts for Ponzi scams and are simply designed to part you from your money.

How to avoid cryptocurrency mining scams:
  • Thoroughly research any cloud mining operation before signing up. Does it use https? Does it have a public mining address? How long has it been in business? Can you find any legitimate reviews from other users? Does the site have a registered domain name? Can the company provide proof of equipment?
  • Be extremely wary of companies that “guarantee” profit.

8. Pumps and dumps

Cryptocurrencies are often dismissed as a speculator’s dream come true that are ripe for a little bit of market manipulation, which has led to the rise of what are known as “pump and dump” schemes. This is where large groups of buyers target an altcoin with a small market cap, buy that coin en masse at a particular time to drive its price up (which attracts a whole lot of new buyers fueled by FOMO — a fear of missing out) and then sell to take advantage of the significant price rise.

This sort of thing is illegal in traditional securities markets, but is a common occurrence in the largely unregulated world of cryptocurrencies. In fact, there are several online groups and forums dedicated to this exact practice, so it’s important that you stay savvy and know how to steer clear of these scams.

How to avoid pump and dump scams:
  • Be wary of low-market-cap cryptos that normally have a low trading volume but that suddenly experience a sharp price rise.
  • Keep an eye out for “fake news” on social media that hypes particular coins.
  • Carefully research the credentials of any cryptocurrency before buying.

In January 2020, a fake Twitter account purporting to belong to cybersecurity guru and crypto enthusiast John McAfee tweeted support for the GVT cryptocurrency, naming it “coin of the day.”

For some in the crypto community, this was good enough reason to buy some GVT, and just four minutes after the tweet was posted the price of GVT had jumped from $30 to $45 and trading volume had doubled. Fifteen minutes later, the price was hovering around the $30 mark once again, after early buyers “dumped” and ran.

On closer inspection, the Twitter account was revealed to be bogus and not associated with McAfee at all. Instead, it was simply a key player in a pump and dump scheme devised and implemented in a chat room called “Big Pump Signal.”

Simple tips to help you stay safe

There are plenty of other simple steps you can take to protect yourself against fraud, such as:

Use 2-factor authentication

If you’re using a crypto wallet or exchange that supports two-factor authentication, enable this feature before depositing any funds. It’s simple to set up and provides an extra layer of account security.

Use a cold wallet

A “hot” wallet is one that’s connected to the Internet, while a “cold” wallet is one that’s held offline. Storing your crypto offline in a secure physical cold wallet is usually considered to be a much safer option than using an online wallet.

Stick with established providers

Avoid new and untested platforms. Let the early-adopters take the risks and make sure you don’t get involved with an exchange or wallet until you can be sure it’s legitimate.

Make sure your PC is protected against malware by keeping your antivirus software up to date.

Always double-check addresses

Get into the habit of scanning the URL bar to look for the https and “secure” lock symbol, and remember to double-check the URL to make sure you’re visiting the correct site.

Never share your private keys with anyone

You need your private key to access your crypto holdings, so make sure you never disclose any of your private keys to a third party.

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