Fun

A Spain Based Crypto Ponzi Scheme Abruptly Freezes Accounts of 120,000 Investors

News Feed - 2020-09-17 07:09:04

A Spain Based Crypto Ponzi Scheme Abruptly Freezes Accounts of 120,000 Investors


A Spain based crypto Ponzi scheme, Arbicorp abruptly froze accounts of more 120,000 investors on September 12, after the discovery of an error that causes one of its cryptocurrency trading bots to overpay. Arbicorp claims that the error, which went unnoticed for almost a year, led to its trading bot called Community Bot, to pay 28% more in profits than were due.


Interestingly, despite incurring severe financial losses, Arbicorp management said they still went ahead with the overpayments for more than a month. However, Arbicorp assures investors in a statement that “no one will lose” and management even suggests that aggrieved investors that want to take legal action “can proceed.”


Yet in the same statement, the organisation reminds such investors of the terms and conditions of the investment agreement they signed. Part of the terms state:


“The client accepts that the use of our website or service is at own risk and responsibility. The client agrees that the said service is provided as explained depending on availability. The company does not guarantee that the service will be uninterrupted, safe or error-free; nor does it guarantee the results.”


Consequently, Arbicorp warns investors that choose the legal route that “we will hold your payments until the judicial resolution” has been made.


Meanwhile, despite suffering this setback, Arbicorp management appears keen on getting some of the affected clients to continue investing with the company. The management reminds investors:We remind everyone that Arbistar 2.0 still has 4 bots of Forex, 1 commodities bot, shortly one of crypto trading and the Personal Bot Pro of Cryptocurrency Arbitrage THAT ONLY KNOWS TO WIN and that in a few weeks it will enter phase 2 to 5,000 euros per year.


Immediately after the announcement, some Arbicorp investors took their complaints to Twitter. Replying to the announcement, an investor Diana Ruiz asks:


“Good afternoon, I want you to explain to me and I think we have that right to know what will happen with our investment, we are a family of brothers who invest all our capital in your company and we fully trust you, please we want the truth.”


Another investor, Jamerson Andres said:


“As for me, I have an account for a year from which I have not withdrawn much and at this moment when I look at it I see a lower investment than the initial one.”


Meanwhile, Arbicorp asks investors seeking any information on the closing and liquidation of community bot accounts to reach out.


Do you think Arbicorp will reimburse all investors? Tell us what you think in the comments section below.Kiss" Gene Simmons Tweets Cryptic Message About His Bitcoin PlansNEWS | 6 hours agoDefi Platform Bzx Recovers Stolen $8.1 Million From HackerNEWS | 23 hours agoTags in this storyArbicorp, Crypto Ponzi, cryptocurrency arbitrage trading, cryptocurrency trading bot, investment terms, legal action, Liquidation, Ponzi Scheme, Trading bots


Image Credits: Shutterstock, Pixabay, Wiki CommonsSpot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here.Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Read disclaimerShow comments

News Feed

Bitcoin lacks support above $60K, chart shows as BTC price halts gains
William Suberg8 hours agoBitcoin lacks support above $60K, chart shows as BTC price halts gainsBTC price analysis warns that "downside is the path of least resistance" despite Bitcoin rebounding from its latest
Dogecoin Network Activity Surges 47% In A Month – What’s Next for DOGE?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
FTX Founder Sam Bankman-Fried Thinks Bitcoin Has No Future as a Payments Network
FTX Founder Sam Bankman-Fried Thinks Bitcoin Has No Future as a Payments Network Sam Bankman-Fried, the founder of the cryptocurrency exchange FTX, has given his take regarding the
Rendering Videos – a Fast, Reliable and Low Cost Service From GAIMIN
Rendering Videos - a Fast, Reliable and Low Cost Service From GAIMIN sponsored GAIMIN has launched video rendering into the services provided by gaimin.cloud, GAIMIN’s decentralis
Amaka Nwaokocha19 hours agoFTX seeks $175M settlement with Genesis entities to resolve disputeHowever, FTX creditors expressed discontent and urged the Official Committee of Unsecured Creditors of FTX to contest the agre
SEC Chair Tells Senator Legislative Priority Should Center on Crypto Trading, Lending, Defi Platforms
SEC Chair Tells Senator Legislative Priority Should Center on Crypto Trading, Lending, Defi Platforms The chairman of the U.S. Securities and Exchange Commission
Arijit Sarkar37 minutes agoEthereum OFAC compliance dips to 45% post-Merge upgradeThe list of top censorship offenders is populated by popular platforms such as Binance, Celsius Network, Bitfinex, Ledger Live, Huobi (HTX
Veteran Investor Jim Rogers Optimistic About Future of Crypto Money
Veteran Investor Jim Rogers Optimistic About Future of Crypto Money Renowned investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, says he ha
Gareth Jenkinson12 hours agoAI’s energy consumption concerns echo Bitcoin mining criticisms, says Heatbit founderWhile artificial intelligence continues to grab headlines, small and large-scale Bitcoin miners might not
Liza Savenko8 hours agoHow to buy Bitcoin with VenmoDemystify the world of digital currencies with a detailed guide to purchasing Bitcoin with Venmo and reviewing transaction fees, limits and security precautions.746 Tot
Telegram Mini Apps are ‘Trojan horse’ for mass blockchain adoption — TON investments director
Zoltan Vardai10 hours agoTelegram Mini Apps are ‘Trojan horse’ for mass blockchain adoption — TON investments directorOnboarding the next 500 million users will require simple apps with “actual usability,” Just
Meta Launches Horizon Worlds Metaverse App in Spain and France
Meta Launches Horizon Worlds Metaverse App in Spain and France Meta, the social network company, has expanded the services of its flagship metaverse app, Horizon Worlds, to Spain a