We are receiving numerous reports from people who report that they have been defrauded by the company ‘CryptoAlgoritm’ : in fact we are drafting various complaints against the representatives of the aforementioned company with express request for recovery of the stolen capital.
So to the fateful question whether ‘it is a scam or not’, the answer is as follows: do not entrust your savings to this company!
I’ll explain why in detail.
H24 Line for emergency: +39 338 85 15 424.
Indice dei contenuti
CryptoAlgoritm: is it a scam or not?
Over the last period we have been receiving a lot of calls from people who report having problems with the apparent online trading activity by this company.
Therefore, in the light of what I have just explained to you, I invite you to proceed with extreme caution and carry out the appropriate checks if you decide to invest capital with this company (we strongly advise against it!!!).
We have come to this awareness in the light of the activity they have proposed which consists of:
- ingenious methods of telephone sales;
- from goading clients to making investments that they say would be certain and guaranteed;
- from the establishment of real interpersonal relationships between the ‘broker’ and the client;
- from the (now unfortunately usual) disappearance of the brokers when the investor requests the withdrawal of the invested and only apparently earned money.
As with all online scams, even the first contact with the representatives of ‘CryptoAlgoritm’ takes place through the instant messaging application called ‘WhatsApp’ while subsequent contacts took place through telephone calls from users preferably bearing a foreign prefix.
During the calls made by the alleged ‘brokers’, the enormous earning potential deriving from investments in online trading was falsely prophesied, especially in the Cryptocurrency and/or Bitcoin sector.
However, when the representatives of these phantom companies notice a certain skepticism on the part of investors towards the world of Cryptocurrencies, they propose investments in other types of assets such as gold, commodities, shares, but be careful: the scam is always perpetrated through cryptocurrencies, in what matters is how the transfer of money unduly transferred to the fraudulent company takes place.
In fact, fake brokers get the money transferred by saying they will invest it on your behalf but, in reality, they don’t!!!
In principle, you should always stay away from those who offer you certain investments: there is no certainty in the world of investments, risk is intrinsic in any type of investment!
The reason is intuitive: if they were really safe investments and guaranteed fixed monthly profits – often brokers guarantee a monthly return of 10% or more -, what interest would they have in wasting their precious time with third parties instead of concentrating their time (and money) in the ‘trading platform’ proposed by themselves?!
Therefore, in the light of what I have just explained to you, the ‘guaranteed investments’, the ‘certain monthly profits’ represent the first alarm bells: if you find yourself in this situation, it is better to contact a lawyer with experience in the online scam sector first yet to entrust the savings to these people.
Early counseling can save your wallet.
Obviously, even the investment proposal from ‘CryptoAlgoritm’ makes no difference compared to the fraudulent scheme that we have so far represented and used by many other companies that boast certain and secure earnings.
In particular, these bogus companies:
- they envisage enormous earning potential;
- representing the absolute certainty that the invested capital will not be lost; inducing the person to make ever higher investments;
- have payments made to current accounts abroad;
- or through common cryptocurrency exchanges;
- when you request the return of the capital apparently earned, they ask you for ‘taxes’ and/or ‘commissions’ through another disbursement of money which you absolutely must not do. Taxes must be paid in Italy and not to the company!!!
I will explain in detail the method of the scam perpetrated by the aforementioned company against one of our clients: perhaps it could help you in order not to run into the same scam.
The method of the scam committed against one of our clients
Our client was also deceived and scammed by the company ‘CryptoAlgoritm’.
He was initially enticed through the instant messaging application called ‘WhatsApp’ and was subsequently contacted through preferably foreign telephone numbers by people who claimed to be ‘brokers’ and envisaged huge earnings with an initial investment of only 200-250 €.
Our client, warned by his family, initially declined the broker’s generous offer; however the latter did not give up and continued to contact our client through the instant messaging application ‘WhatsApp’ showing him graphs which represented the trend of the cryptocurrency markets claiming that it was a good time to enter.
Therefore, unbeknownst to the family, our client was convinced to invest the first 200 and, subsequently, duped by the alleged ‘broker’, he paid a large sum of money as he was deceived by the trading platform which falsely proposed a succulent earning money.
In fact, enraptured by the profits shown within the ‘CryptoAlgoritm’ platform and sure of the fact that the platform continued to generate earnings, our client decided to request a withdrawal of the profits and it is precisely at this point that the problems arose: the our client began to have serious doubts about the goodness of this company and its trading platform.
After 15 days from the first withdrawal request our client, still waiting, realized that he was in the middle of an online scam!
The screens and graphs shown within the aforementioned platform did not correspond to reality and had the sole purpose of inducing our client to pay further money, enticed by the fake profits shown by the platform.
Why did our client get suspicious?
As already described above, our client became suspicious following the expectation of a withdrawal that never arrived, indeed, at a later stage, some ‘taxes’ were requested by the brokers of this company to be paid as the capital had been blocked and the latter were required in order to ‘unblock the deposited funds’.
It is important to underline that at the beginning of the relationship between our client and the representatives of the company ‘CryptoAlgoritm’, the latter had guaranteed the possibility of being able to withdraw the capital at any time without any ‘taxation’ and/or ‘commission’ to match the platform.
Clearly, that it was a further scam, it was evidently deduced from the fact that this sum of money could not be deducted from the capital earned as a further payment must necessarily be paid by our client.
However, despite the initial mistrust, our client lent himself to paying the aforementioned sum for the payment of taxes, feeling threatened by the possibility – represented by the company – of BLOCKING all the invested capital.
As you can imagine, this payment turned out to be a “hole in the water” as payment of some commissions was subsequently requested for the activity provided by the brokers of the “CryptoAlgoritm” company.
At this point our client, aware of having been the victim of an online scam, decided to contact our law firm and rely on a crypto lawyer expert in the cryptocurrency sector to take legal action aimed at recovering the unduly paid capital.
What is our opinion on ‘CryptoAlgoritm’?
Considering the numerous reports we are receiving about this company, before making any type of financial investment we urge you to proceed with extreme caution (we advise you to avoid any type of investment!!!).
This is the usual crypto scam scheme, the interpreters are always the same!
Be wary of those who offer you “safe and guaranteed” investments: risk, in the world of financial investments, is intrinsic and therefore, those who claim the opposite are simply lying!
Do not rush and do not be enticed by the graphs they will show you but request all the authorizations obtained from brokers and companies offering investments of a financial nature and above all
<<CHECK IF THESE AUTHORIZATIONS ARE TRUE AND ACTUALLY OBTAINED ON GOVERNMENT SITES OR CONTACT A LAWYER SPECIALIZED IN MATTER I CAN DO THE CHECK FOR YOU>>.
We are aware of the difficulties of understanding this new world of online trading, especially when it pertains to cryptocurrencies: the representatives of fraudulent companies rely precisely on people’s lack of knowledge and deceive them with all possible stratagems in order to induce them to always pay further money by entering an endless vortex.
In these cases, even before proceeding with the investment, it would always be advisable to consult a lawyer with proven experience in the sector in order to avoid (or in any case drastically reduce) the risks associated with the world of online investments.
But is it possible to recover the money after having suffered an online scam?
In our opinion, the answer is yes because we have already done it in favor of some of our customers.
Read the article on how we managed to recover money from an online scam.
I am obliged to tell you that it was not the only case, in fact, in Italy, there have been several episodes in which law enforcement have managed – through seizures of hundreds of thousands of euros – to recover the money unsuspecting small investors thought they had invested and instead had fallen into the trap set against them.
Read the article on how you can recover money from a cryptocurrency and bitcoin scam.
Moreover, internationally, several arrests have been made against people who have perpetrated online scams and several accounts have been frozen for a value of about 120 million dollars ready to be returned to the people who, precisely, have been scammed.
You can read the news of the arrests made by Interpol here within this link.
What is our experience in online scam cases?
We have dealt with several cases of online scam also in the Cryptocurrency field and we advise you to be very careful: before taking any step, especially when you decide to make important investments, first consult experts on the subject since, 24/7 online consultancy, can save your wallet and all your savings!!!
I leave you other articles on our site related to the online crypto scam topic so that you can find useful information:
- Crypto Scam: is it possible to recover the money?
- Online Scam, money recovered: how did we do it?
- Online scam: what to do and how to get the money back?
We have also covered these topics on our YouTube channel. Watch our videos:
Online Scam: how to get your money back
If, on the other hand, you would like specialized advice with one of our crypto lawyers for online scam, do not hesitate to contact us, we will be at your disposal immediately.