With the Bitcoin price on the rise nearly every day, it becomes even more important to be aware of potential scams. Unfortunately, it does not appear there will be less Bitcoin Ponzi schemes anytime soon. Sennator, a website offering weekly returns on investment, should be avoided at all costs. It sounds too good to be true, which usually means it is.
The Self-proclaimed Cargo insurance Company is a Fake
It has to be said, Ponzi scheme artists are becoming more creative when it comes to running a Bitcoin scam site. Sennator is a prime example of how a semi-believable story is more than sufficient to attract potential investors. The company claims to be a transnational cargo delivery company established in 2017. While that may sound credible, rest assured this company will run off with your money sooner or later.
Sennator also claims they offer logistics and customer support for all clients. To further improve the transport service and special services, they are inviting private investors to contribute funds in Bitcoin. Contrary to the annual dividends one would expect from a legitimate company, Sennator will issue weekly returns to investors. In fact, investors can make up to 64% profit per month. Quite ambitious for such a young company, to say the least.
This is where the scam aspect of this platform comes into the picture. Any company claiming to offer fixed rewards – either on a daily or weekly basis – is not legitimate by any means. There is no way anyone can guarantee any return during a specific timeframe these days. Even the cargo shipping industry is subject to busy times and boring times, which makes any claim of weekly returns virtually impossible to maintain. Especially when considering how Sennator offers a weekly return of 41%.
However, the company also provides other investment plans to trick users into parting ways with their bitcoins. Their “Marine” plan offers a 110% return on investment after just eight days. The “Land” plan provides a 7% daily return for a period of 22 days. These numbers are completely impossible to maintain for longer than a week. Then again, a lot of people will be swayed by the prospect of turning 10 BTC into 11 Bitcoin after eight days. Most people will never see their money back, though.
As is to be expected, programs such as Sennator have to offer an affiliate program to attract even more unsuspecting investors. There are different tiers of referral commission, depending on how much money newcomers invest. This also allows anyone who is not actively investing in the platform to make money from referral commission. It is a common tactic among Ponzi schemes to offer high affiliate commission percentages, and this scam is no different.
One thing that makes Sennator stand out is how the company is registered in the US, rather than the United Kingdom. The company is registered in Ohio, yet has an address in the state of Delaware. The date of incorporation is April of 2017, which means the company is just over one month old right now. It appears the domain is registered to a Robert Rhodes of Sennator Logistics LLC. It would be better not to invest any bitcoin in this program, though, as the site will most likely disappear sooner or later.
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