Thousands may have fallen for the crypto trading app scam

Another cryptocurrency trading app may have cost thousands of people their hard-earned savings, it has been reported.

Regarding businesses, iEarn Bot informed clients that their investments would be handled by the artificial intelligence program, which guarantees high returns.

But experts who have investigated the company, which claims to be based in the US, say it could be one of the biggest crypto scandals yet.

Roxana – not her real name to protect her identity – from Romania, told the BBC she lost hundreds of euros investing.

She said: “I invested in a bot for a month. In the app, you could see how many dollars the app was bringing in: there were graphs showing how the investment was progressing.

“It looked pretty professional until they announced a maintenance at some point.

“Some people started saying, ‘I can’t retire…what happens.’ I made the withdrawal request and the money just disappeared.

“The portfolio became zero. But no money was credited to my wallet.’

Digital currencies have a track record of boom and bust cycles, and with the fall of Bitcoin in 2022, the market will become more volatile.

But trading remains popular as people often promise big rewards over short periods of time.

What happened to the people of Romania is also not an isolated case. Silvia Tabusca, a Romanian organized crime expert from the European Center for Legal Education and Research, started looking into iEarn Bot.

She discovered that many people in other countries had also lost their money on the program.

The company claims to have 800,000 customers. After joining, the app “works very well,” Ms. Tabusca said.

“When they have enough investors and enough money invested in a certain country, they no longer allow that country to pull out – and they open up other countries,” she added.

Checking the iEarn Bot website, there are a number of red flags. The company does not provide any contact details on the website.

Metro.co.uk tried to contact the company through its automated messaging facility, but there was no reply.

The Massachusetts Institute of Technology is named as a “strategic partner” of iEarn Bot, alongside companies such as Huawei and Qualcomm.

But they told the BBC they know nothing about the company and don’t work with it.

Get in touch with our news team by emailing us at webnews@metro.co.uk.

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