If you are a regular user of Telegram, then you may have came across something like the below, where there is a bot which will offer you an insane rate of return for doing nothing.
There appears to be multiple versions of these type of bots, mainly for Ethereum and Bitcoin. I did a quick search which had the following results:
They all appear to offer 1% hourly returns. That equates to a 26.97% return with compounding every 24 hours! If you had $1000 worth of ETH or BTC, after 24 hours these bots are promising a $269.74 return! In just one week, your $1000 would turn into $5320.97 according to these bots!
That's amazing, right? With those kind of returns, you probably don't ever need to work again!
The bots are very sketchy on the details regarding how it achieves these kind of returns. Some of the bots make reference to "mining" like the one below:
Don't be fooled. There is no such thing. Bitcoin mining is still predominantly being done with Application Specific Integrated Circuit (ASIC) miners, there is no way to mine Bitcoin profitability on any GPU, CPU or mobile device. These bots are clearly a scam, designed to trick greedy, gullible and non-tech savvy people. Do not fall for this scam, do not deposit and do not spread.
Some of the bots try to appear legitimate by offering "proof" that people has been paid.
Don't be fooled by this. It is very easy to fake, it is probably the scammer transferring funds to wallets he/she control.
Anatomy of the scam
The way these bots scam people is by enticing them to deposit Ethereum or Bitcoin into the addresses specified by the scammer. Once you deposit, you will never see your funds again.
Some offer a "VIP" or premium service which promises bigger returns or as the above put it, "will result your money fly to the air!". It sure will! Any funds you transfer into that address will "fly to the" scammer's wallet, never to be seen by you again.
When you try to "withdraw" it will through up various hurdles, such as you need to refer up to 10 people before you can withdraw. After you have achieved this, it will most likely ask for other requirements or ask you to deposit and prepay the "transaction fee". This throw up a huge red flag and hopefully by this point, if you haven't realized it, this is definitely a scam. You should never have to "prepay" transaction fees, they are always paid when the transaction is performed.
Please do not perpetuate this scam.
If you are looking for somewhere to park your funds and earn interest, consider Blockfi, who are offering 6.2% per annum return on Ethereum and Bitcoin deposits up to 500ETH and 25BTC. Rates and limits may change.
If you do decide to sign up, please consider using my referral link to sign up, https://blockfi.com/?ref=6adb72d7, it will help support me and enable me to share more helpful crypto related content.
Donations are most welcomed as well:
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