Genesis Bit (genesismining.capital)
Online Crypto Mining and Trading Platform
Is Genesis Bit Fake or Real?
Why is Genesis Bit Fake?
Genesis Bit (genesismining.capital) is a website that claims to generate profits for investors through cloud mining and trading of cryptocurrencies. Investors are promised returns as high as 1.5% in 90 days.
While the ROI is not as ridiculous as most fake investment websites, the fact that Genesis Bit also has a 5-tier referral commission system where investors can earn a ‘rebate’ of 9%-17% on the deposits made by investors is a strong indicator that Genesis Bit is simply a fraudulent money circulation scheme and not a crypto mining or trading company.
A domain name lookup of the website shows that it was registered on 26th October 2021. The registrant’s details such as name, location and contact details have been hidden using a privacy guard. Therefore, it is a new website that is being operated anonymously.
Genesis Bit’s website is of extremely poor quality as the Trading interface does not work at all and the Live Forum still has a ‘coming soon’ status despite the website being almost a year old.
Another sign of Genesis Bit being an illegal investment scheme is that its apps are not available on the iOS and Android app stores. Users have to download the app directly from Genesis Bit. Apps that are not available directly from the app store often engage in illegal activities and may even compromise the security of your phone by installing malware.
Genesis Bit’s website contains absolutely no company information such as the company name, address or contact details. The Terms & Conditions document states that the website operates as per UK laws, but there is no proof of this being true.
The website contains no details about the company management or its vision and mission. There are just three lines of text on the website and even this content has been copied. I found that two other shady websites cadusdt.com and metacoinf.com also contain the same text.
Genesis Bit does not have a social media presence and I could not find any client reviews either. If you want to share your review of this platform, you can do so in the comments below or on my social media pages.
Lastly, there does not seem to be any way to contact Genesis Bit after making a deposit. The website states that company representatives can be contacted using the ‘live support’ feature. However, this feature did not work when I tested it
It seems apparent that Genesis Bit and the two similar websites are likely to be pyramid schemes. There are a number of signs suggesting Genesis Bit is not a genuine crypto mining and trading firm. The platform promises high returns and has a 5-tier referral commission program, strongly hinting that it is nothing but a fraudulent money circulation scheme.
The site is being operated anonymously since October 2021. There is almost no content on the website and the little text that is present has been copied. The same text is present on two websites named Cadusdt and Metacoinf. Genesis Bit’s apps are not available on the iOS or Android app stores, implying that they failed to pass app store rules due to being illegal in nature.
The website contains no company information such as the company name and address. Genesis Bit has no social media presence and no contact information has been provided. I could not find any client reviews online either. It is advisable to avoid investing with Genesis Bit and the two similar sites as there are no reasons to believe that they are genuine platforms. As a general rule, never send crypto to strangers as it cannot be recovered.
Remember: If something seems too good to be true, it probably is.
To read about other Investment Scams, click here.
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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.
- Report the scam site to web filtering companies.
List of websites using the same content as genesismining.capital
Disclaimer: This review is intended for information only and should not be relied on when making financial or business decisions. 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.