Bitcoin Wallet & Investment Platform
Is BitCrowdy Fake or Real?
Why Is BitCrowdy Fake?
BitCrowdy is a website that claims to be a Bitcoin wallet that also provides interest on deposits, up to 6% per week. The claim is quite hard to believe as you would be lucky to obtain such a high interest even annually on other platforms. Therefore, BitCrowdy is giving the impression of being a Ponzi scheme right from the get-go.
A domain name lookup of the website shows that it was registered on 9th September 2020. The registrant’s information such as name, location and contact details have been hidden for privacy. However, it is clear that BitCrowdy is just a few months old.
The home page contains several quotes supposedly from reputed publications such as Business Insider and CNBC. The quotes portray that BitCrowdy is a ‘unicorn’ that is valued at over $1 billion. However, these quotes seem to be completely fabricated as there is not a single article about BitCrowdy in any of the publications mentioned.
I really have to question the professionalism of the people running BitCrowdy after noticing that the ‘n-word’ is prominently displayed on the website’s main banner.
BitCrowdy makes baseless claims such as being ‘Africa’s No 1 Finance App’ and ‘Europe’s Fastest Growing Bitcoin Wallet’. There is no evidence that these claims are true in any manner.
The home page also claims that BitCrowdy has a debit card. However, the website always says that the card is ‘Not available in your location’ no matter which country you access the website from.
There is an embedded video that in the same section that has been lifted from Fuze’s Facebook page.
As soon as I created an account and logged into the platform, I was shown a message saying that BitCrowdy is no longer to keep their promise of delivering withdrawals within 24 hours. Such excuses are often the sign of a failing Ponzi scheme.
It should also be noted that I did not receive an email confirmation about my account being created – a basic feature that any legitimate platform would have.
BitCrowdy Microfinance LLC claims to be registered with an organization called Securities Investor Protection Corporation (SIPC), under the name CrowdVest Securities LLC. While both these companies do exist, there is no clear evidence that BitCrowdy is related to CrowdVest, as none of the details of the companies match.
The company registration details of BitCrowdy Microfinance LLC mention an email ID and Facebook page, both of which don’t exist, and the number provided is a VoIP number.
BitCrowdy does not seem to have a social media presence. The only contact method provided on the website is a link to chat via Facebook Messenger. However, this link is fake. No phone number or address has been mentioned.
There are several reviews available for BitCrowdy on Scamadviser and TrustPilot. All the reviews allege that BitCrowdy is a scam. The users have stated that BitCrowdy has stopped paying out investors and that it is related to a fraudulent scheme called AgriSunFarms.
It seems extremely likely that BitCrowdy is a scam. It claims to be a Bitcoin wallet that offers 6% interest per week on deposits. Such a high rate of interest is too good to be true and is the first sign that BitCrowdy might be a Ponzi scheme.
All the information given on the website seems to be fake. There are fake quotes from publications such as CNN and Forbes about BitCrowdy having a valuation of $1 billion. It claims to be ‘Africa’s No 1 Finance App’ and ‘Europe’s Fastest Growing Bitcoin Wallet’ even though there is no proof that any of these statements is true. The company also claims to provide a debit card which doesn’t exist at all.
Immediately after logging in, an apologetic message saying that the company can no longer keep its promise of giving payouts in 24 hours. Considering that BitCrowdy has only been operating since September 2020, such an excuse signals that it might be a failing Ponzi scheme.
While BitCrowdy claims to be registered with an organization called SIPC under the name CrowdVest Securities LLC, there is no reason to believe that the two companies are related.
The reviews of BitCrowdy are all negative and the users have alleged that it is a scam related to a fraudulent investment scheme called AgriSunFarms. It is advisable to avoid investing with BitCrowdy, as it does not seem to be a legitimate business.
Remember: If something seems too good to be true, it probably is.
To read about other Investment Scams, click here.
If you have been a victim of an investment scam, you can take the following steps:
- File a complaint with the payment portal. However, investment scammers mostly use methods such as Bitcoin, Western Union, MoneyGram and other untraceable methods which make refunds impossible.
- File a formal police complaint with the Cybercrime department.
- Leave a negative review on review portals such as Scamadviser and TrustPilot
- Report the website to Google using the Suspicious Site Reporter extension for Chrome
- Give a low rating to the website on Web of Trust. You can also install their extension for the same.
- If the company has a listing on Google My Business or Google Maps, file a complaint using the Business Redressal Complaint Form. Also, leave a negative review explaining what kind of experience you had.
Disclaimer: The views expressed in this article are presented as an educated opinion based on facts and evidence. There is no malicious intent or attempt to defame any individual/s or organization/s. If you are a website owner and would like to provide clarifications regarding your business and/or website, please get in touch using the Contact Form.