BitcoLoan has collapsed as a Ponzi scheme.
On TrustPilot, an alleged BitcoLoan affiliate from Russia posted the following testimonial;
Everything worked until July, the platform paid regularly. But for almost 3 weeks now there is no way to withdraw funds, the withdrawal simply does not work and no specific information.
At first they said wait 5-7 days, then they just began to write the standard “stay tuned for news”.
BitcoinLoan affiliates contacting support are being told:
Our technical service is now working on the implementation of our token through the “Bridge” system.
We are working on the transition from CEFI to DEFI system.
We apologize for the inconvenience caused.
At the end of the work, the company will reimburse everything to our customers.
No withdrawals are being permitted by BitcoLoan despite an unannounced transition from one platform to another, regardless of whether the move is related to crypto jargon exit scams.
It takes no more than three weeks to switch platforms, again unannounced.
This all seems designed to line affiliate investors up with excuses they won’t be able to understand.
This buys BitcoLoan’s anonymous admins time to make their getaway with what’s left of invested funds.
I reviewed BitcoLoan back in February. typical crypto Ponzi scheme pitching returns of up to 3% a day.
We noticed that several videos on BitcoLoan’s official YouTube channel had been set to private a week ago.
The actors in these videos had distinct eastern European accents.
BitcoinLoan also recently deleted all the content on their Facebook profile.
According to experts, BitcoinLoan was founded by Russians and/or Ukrainian scammers.
Based on website traffic analysis by Alexa, BitcoLoan’s victims are primarily from the US (18%), Russia (17%) and India (7%).
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