New Zealand Financial Regulator Warns Public About Profit Bitcoin Scam

Amid the self-explanatory world surge of cryptocurrency-related scams, New Zealand‘s monetary governor has warned the general public towards one other suspected Bitcoin (BTC) funding rip-off scheme.

In an April 6 assertion, the nation’s main monetary watchdog, the Financial Markets Authority (FMA), issued an official warning towards “Profit Bitcoin” – an alleged get-rich-quick rip-off that guarantees returns by utilizing software package program that “wins” Bitcoin trades with “99.4% accuracy.”

Scam purportedly concerned false claims from the New Zealand’s authorities

The FMA famed that the entity and its site,, have the “hallmarks of a scam,” accentuation that Profit Bitcoin isn’t registered as a monetary service provider in New Zealand.

According to the governor, Profit Bitcoin has been purportedly promoted through social media platforms like Facebook and concerned some “false news” in regards to the authorities’s initiatives together with a picture of New Zealand’s Prime Minister Jacinda Ardern.

Specifically, Profit Bitcoin’s site presents buyers buying and merchandising providers with digital currencies on its proprietary platform, tempting customers to get a reproduction of the software package program “free of charge.” The fallacious entity lures merchants into anticipating upwards of $13,000 in every day returns by sign language up for his or her platform:

“Profit Bitcoin members typically profit a minimum of $13,000 daily. Our members work an average of 20 minutes a day or less. Because the software package handles the trading, the amount of “work” required is minimal.”

Profit Bitcoin aka the Bitcoin Profit has apparently been round for some time

While the FMA has warned customers towards just one site,, the identical rip-off apparently makes use of a number of different domains together with The rip-off in addition seems to have been energetic for a while, still below different names.

According to an April 5 rip-off assessment by buying and merchandising analysis site ScamCryptoRobots, Profit Bitcoin purportedly makes use of a pretend crypto robotic that has been picked up by quite much of consort networks and media companies. According to the researchers, Profit Bitcoin is a advertising and marketing variation of a beforehand notable rip-off, Bitcoin Profit, which purportedly makes use of the identical system to rook buyers. As beforehand according by Cointelegraph in September 2019, the Bitcoin Profit rip-off exploited pretend endorsements by Richard Branson, Elon Musk and Bill Gates as a part of its advertising and marketing technique.

As found by ScamCryptoRobots.Com, Profit Bitcoin aka Bitcoin Profit software package program is stealing buyers’ cash by execution shedding trades:

“The Bitcoin Profit software package is advertised as a Bitcoin System which can make you “stinking rich” and earn thousands and thousands even when crypto markets are crashing. In actuality it’s a pretend automatic crypto robotic designed to execute shedding trades and in this approach steal your cash.”

The warning from New Zealand’s FMA comes amid self-explanatory surge in world rip-off instances involving cryptocurrencies like Bitcoin. As according by Cointelegraph, plenty of world jurisdictions together with the United States and the United Kingdom have already warned the general public towards crypto scams attempting to capitalize on the widespread fears referring to COVID-19.

New Zealand Financial Regulator Warns Public About Profit Bitcoin Scam

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Patricia Bakely

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