Home Coins Bitcoin (BTC) A Spain Based Crypto Ponzi Scheme Abruptly Freezes Accounts of 120,000 Investors

A Spain Based Crypto Ponzi Scheme Abruptly Freezes Accounts of 120,000 Investors


A Spain based crypto Ponzi scheme, Arbicorp abruptly froze accounts of more 120,000 investors on September 12, after the discovery of an error that causes one of its cryptocurrency trading bots to overpay. Arbicorp claims that the error, which went unnoticed for almost a year, led to its trading bot called Community Bot, to pay 28% more in profits than were due.

Interestingly, despite incurring severe financial losses, Arbicorp management said they still went ahead with the overpayments for more than a month. However, Arbicorp assures investors in a statement that “no one will lose” and management even suggests that aggrieved investors that want to take legal action “can proceed.”

Yet in the same statement, the organisation reminds such investors of the terms and conditions of the investment agreement they signed. Part of the terms state:

“The client accepts that the use of our website or service is at own risk and responsibility. The client agrees that the said service is provided as explained depending on availability. The company does not guarantee that the service will be uninterrupted, safe or error-free; nor does it guarantee the results.”

Consequently, Arbicorp warns investors that choose the legal route that “we will hold your payments until the judicial resolution” has been made.

Meanwhile, despite suffering this setback, Arbicorp management appears keen on getting some of the affected clients to continue investing with the company. The management reminds investors:

We remind everyone that Arbistar 2.0 still has 4 bots of Forex, 1 commodities bot, shortly one of crypto trading and the Personal Bot Pro of Cryptocurrency Arbitrage THAT ONLY KNOWS TO WIN and that in a few weeks it will enter phase 2 to 5,000 euros per year.

Immediately after the announcement, some Arbicorp investors took their complaints to Twitter. Replying to the announcement, an investor Diana Ruiz asks:

“Good afternoon, I want you to explain to me and I think we have that right to know what will happen with our investment, we are a family of brothers who invest all our capital in your company and we fully trust you, please we want the truth.”

Another investor, Jamerson Andres said:

“As for me, I have an account for a year from which I have not withdrawn much and at this moment when I look at it I see a lower investment than the initial one.”

Meanwhile, Arbicorp asks investors seeking any information on the closing and liquidation of community bot accounts to reach out.

Do you think Arbicorp will reimburse all investors? Tell us what you think in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
474FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,553FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.18
GBP
1.30
CHF
1.10
NOK
0.11
JPY
0.01
CAD
0.76
AUD
0.71

Most Popular

XDB Foundation Managing Director to Speak at 12th Anniversary Global Family Office Investment Summit in Dubai – DigitalBitsOrg

XDB Foundation Managing Director, Michael Gord, will be participating in a panel discussion at the 12th Anniversary Global Family Office Investment Summit, taking...

GNT to ERC20 migration FAQs

Hello everyone! Thank you...

Ripple CEO Brad Garlinghouse opposes Coinbase’s ‘no politics’ policy

Brad Garlinghouse, the CEO of blockchain-based payments firm Ripple, disagrees with Coinbase’s new policy restricting its employees from engaging in political discussions at...

Digital yuan will work with WeChat and Alipay, says bank exec

The forthcoming digital yuan will reportedly be compatible with major payment networks within the country. Mu Changchun, the head of the People's Bank of China's...
bitcoin
Bitcoin (BTC) $ 13,135.29
ethereum
Ethereum (ETH) $ 402.22
ripple
XRP (XRP) $ 0.252030
tether
Tether (USDT) $ 0.998332
bitcoin-cash
Bitcoin Cash (BCH) $ 263.19
bitcoin-cash-sv
Bitcoin SV (BSV) $ 176.50
litecoin
Litecoin (LTC) $ 57.16
eos
EOS (EOS) $ 2.67
binancecoin
Binance Coin (BNB) $ 30.89
okb
OKB (OKB) $ 4.69
tezos
Tezos (XTZ) $ 2.11
leo-token
LEO Token (LEO) $ 1.27
cardano
Cardano (ADA) $ 0.104211
monero
Monero (XMR) $ 135.22
stellar
Stellar (XLM) $ 0.082508
chainlink
Chainlink (LINK) $ 11.81
huobi-token
Huobi Token (HT) $ 4.42
tron
TRON (TRX) $ 0.027119
usd-coin
USD Coin (USDC) $ 0.997436
dash
Dash (DASH) $ 71.39
neo
NEO (NEO) $ 17.47
iota
IOTA (MIOTA) $ 0.277133
nem
NEM (XEM) $ 0.101790
zcash
Zcash (ZEC) $ 61.74
maker
Maker (MKR) $ 596.23
paxos-standard
Paxos Standard (PAX) $ 0.998204
ethereum-classic
Ethereum Classic (ETC) $ 5.47
vechain
VeChain (VET) $ 0.011649
true-usd
TrueUSD (TUSD) $ 0.998615
ftx-token
FTX Token (FTT) $ 3.94
kucoin-shares
KuCoin Shares (KCS) $ 0.857743
waves
Waves (WAVES) $ 3.23