Digital Yuan Investment Platform
Is Yuanpaygroup Fake or Real?
Why is Yuanpaygroup Fake?
Yuanpaygroup claims to be a platform that allows anyone to invest in China’s national cryptocurrency known as the ‘digital yuan’. The site is promising returns as absurdly high as 5,084% ‘within a few months’. Such unrealistic returns are only promised in fraudulent schemes.
A domain name lookup of the website shows that it was registered on 10th February 2020. The registrant’s details such as name, location and contact details have been hidden using a paid service. Therefore, it is a relatively new website that is being operated anonymously.
Even though the website clearly did not exist before 2020, there are some fake statistics regarding page views and impressions from 2019. Not only is it weird for an investment company to boast about the number of visitors on its website, but the stats are also obviously fake as the website did not exist in 2019.
Yuanpaygroup’s website states that the company has been developing China’s digital yuan since 2014. This is a blatant lie as the digital yuan is actually being developed by the People’s Bank of China (PBOC), which is the country’s central financial regulatory authority.
It is also stated on the website that ‘YuanPay Group is the only approved and legalized company in China to trade and sell cryptocurrencies, and particularly this coin.’ This is not true as there is still a strict ban on cryptocurrency in China.
Funnily enough, another website called YuanPay Team (yuanpaycrypto.com) is also making the same claims as Yuanpaygroup. The website is identical to YuanPay Group, which hints that both websites may be created by the same scammers.
Yuanpaygroup’s premise that anyone can buy the digital yuan is also completely fake, as the cryptocurrency is being rolled out in phases by the Chinese government and is currently only available within China.
The site has a fake timer that says that the price of the coin is rising every 45 minutes. The hilarious thing is that it resets if you refresh the page.
Yuanpaygroup’s website is reminiscent of BitCrowdy, in that it makes false claims to create an illusion of credibility.
The site claims that the digital yuan has been named as ‘TOP 10 technological revolutions in the 21st century’ by Financial Times. The image beside the statement contradicts it by saying that it was named the ‘TOP 10 technological miracle’. There is no evidence of any of these things being true.
The website also has fake Forbes Asia magazine covers hyping up the digital yuan. I could not find these covers anywhere else, which likely means that they are fabricated. I tried to track down the exact editions, but the text on the images is too blurry to make out the month and year.
There is a section on the home page that is nonsensically named ‘Legal Feedback’. It contains fake quotes by Peter Thiel and Richard Branson that can be found nowhere else except other dubious investment sites.
Yuanpaygroup’s Terms & Conditions page is extremely strange as it states:
‘You are not authorized and nor should you rely on the Website for legal advice, business advice, or advice of any kind. You act at your own risk in reliance on the contents of the Website.’
This implies that all the information on the website is fictional.
There are several social media links given on the website, but none of them are clickable. Yuanpaygroup does not seem to have any real social media presence apart from some spam advertising articles posted on sites like Reddit.
There are also some paid press released published through AP News wire, which might trick people into thinking that Yupanpaygroup has been written about in the media.
There are absolutely no contact details provided on Yuanpaygroup’s website, which means that there is no real information about the company.
There are quite a few reviews for Yuanpaygroup available on Scamadviser and Trustpilot, and not a single one of them is positive. Investors have complained that their funds were diverted to random companies and they started receiving calls from rude salespeople to invest more.
It seems quite obvious that Yuanpaygroup is a scam. There is not a single piece of information on the website that appears to be legitimate. Yuanpaygroup claims to be developing China’s national cryptocurrency known as the digital yuan. However, it is actually being developed by People’s Bank of China (PBOC).
Yuanpaygroup is promising ridiculous returns as high as 5,084% ‘within a few months’. Such returns are only offered in fraudulent schemes.
The website has been created in February 2020 and is being operated anonymously. However, the site claims that it has been active since at least 2019, which is clearly a lie.
The site contains references to several fake news articles, nonexistent quotes by famous personalities such as Peter Thiel and Richard Branson and fictional magazine covers of Forbes Asia hyping up the digital yuan.
Yuanpaygroup does not have any social media presence and there are no contact details provided on the website. Therefore, there is no information about the company and neither is there any way to contact them.
Reviews written by people who ‘invested’ with Yuanpaygroup are overwhelmingly negative. They have stated that their funds were diverted to random companies and they started receiving calls from unprofessional salespeople urging them to invest more.
It is advisable to avoid investing with Yuanpaygroup as it is not a real company. It seems to exist for generating leads for other investment scams.
Remember: If something seems too good to be true, it probably is.
To read about other Investment Scams, click here.
List of websites using the same content as Yuanpaygroup
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.