As cryptocurrencies are going mainstream, so the number of crypto scams is increasing. For example, in April 2018, two ICOs called Pincoin and iFan managed to scam around 32,000 investors of a combined $660 million.
In fact, according to a report by cryptocurrency security firm CipherTrace, crypto scammers stole more than $1.2 billion in the first quarter of 2019.
And crypto mining is no exception. It’s a huge industry, and finding scams there is a norm. How can you spot them? Well, usually, these types of companies promise astronomical returns in a short time, but somehow they forget to mention a range of hidden fees. Or, they can be typical Ponzi schemes trying to take away your money.
So, in today’s article, we’ll take a look at a crypto mining company called Streambit.
According to its website, Streambit is a recently opened crypto mining company, registered in London. The company owns two mining data centers, for bitcoin and altcoin mining.
The team claims that with this company, you can be sure of a reliable and stable income, and they will help you make a fixed profit (they say the precise amount).
Although, the idea sounds good, there are some unclear things you should consider before getting involved with this company.
Let’s take a better look at them.
What is Streambit’s offer?
The first thing that catches the attention is the unrealistic promise on possible profit. Streambit offers six investment plans with profit after one, six, nine, 15, 21 and 60 days.
For example, with minimum deposit of $10, you can expect return on investment to increase for 104% after one day. Or if you decide to wait up to 15 days, your investment will increase for 265%.
Simply put: That sounds too good to be true.
Also, on the website, there is no information about the team behind the company. The About page doesn’t contain any information either. On the Contact Us page there is only a generic email for support: [email protected].
After finding no information about the team on official website, we decided to check out the social media profiles. So we followed the links from the website to the Telegram, Facebook, and YouTube profiles. However, these links led us to the official pages of these social media platforms. In short, the company doesn’t have any social media profiles.
Then, we decided to search the Internet for any credible review. But the only reviews we managed to find were, frankly speaking, suspicious. They contained little or no credible information, and were mainly focused on praising the company and its investment plans.
Final words about Streambit
Is Streambit just one more in the sea of crypto scams? Should you get involved with it? That’s totally up to you.
However, our research showed that Streambit shows common signs of a crypto scam. Its investment plans are hyped and unrealistic, and it seems that the team members are Internet ghosts.
Crypto scams are all over the Internet, so be careful. And remember two golden rules: Don’t invest more than you can lose, and never give away your private key.