Categories: EducationScams

Bitcoin Scam Site Warning – BTCPanda

In the wake of Hashocean shutting down, Bitcoin users are looking for new ways to increase their holdings. Unfortunately for then, the number of Ponzi schemes continue to increase at an accelerated pace. BTCPanda is one of the most recent platforms to launch, offering users up to 12% return every day, depending on how much they invested.

BTCPanda Will Eat Your Bitcoin Like It’s Bamboo

As the name would suggest BTCPanda is designed to lure in unsuspecting investors. Moreover, the company is making some very bold claims which no legitimate company would ever be able to back up. Everyone knows that investments have little to no chance of paying themselves back in a less than three weeks.

Despite those obvious concerns, BTCPanda is attracting a lot of Bitcoin users as of late. This has partially to do with the promised returns this platform offers, ranging from 5% to 12% every single day. Investing more money and referring more members will increase user rewards, of course.

The only reward available will ultimately go to the people who run BTCPanda. This is a clear Ponzi Scheme, which will only pay for as long as people keep spending funds on it. Once these deposits start drying up, there will be no further payouts, and users will lose all of the money they have invested.

Related Post

The statistics on the website are only adding to the fake claims, though. BTCPanda claims to be online for over 215 days, with nearly 30,000 accounts. Moreover, there is over 60,000 Bitcoin invested in this program, which would mean the average deposit is close to 300 Bitcoin.Impossible at best, to say the least.

The WHOIS records show that BTCPanda may be online for as long as they claim, though. The last update was made on March 29th,  and the domain was registered in November of 2015. However, with no company information on the site, it is hard to lend any credibility to these outrageous claims. Stay away from BTCpanda and invest your funds wisely, that is the best advice anyone can give right now.

Images credit 1

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Dogecoin Community Donates $1M DOGE For Animal Welfare

While the Dogecoin community has always had its share of news to talk about, it…

4 hours ago

Polymarket Natively Integrated With The Bitget Wallet As AI Tools Integrates Prediction Market

In a major development, Bitget Wallet has announced the integration of Polymarket directly into its…

24 hours ago

Aave Freeze Sparks Immediate Exit of $274M

The Aave rsETH/wrsETH market froze abruptly, leading to a rapid series of withdrawals, including one…

1 day ago

Strategy Increases Bitcoin Holdings With $2.54B Record Purchase

Last week saw major investment firm Strategy Inc. (MSTR) bust into the crypto world with…

2 days ago

Bitmine Sets Record In Weekly ETH Purchase, Ramping Up 101,627 ETH In Just Seven Days

One of Bitmine Immersion Technologies came out to be the most aggressive in its cryptocurrency…

2 days ago

Three Major Exchanges Investigate RAVE Accusations of Market Manipulation

The RAVE controversy is now one of the most significant market integrity matters in recent…

3 days ago