I was approached by someone calling themselves *********** of MGM Markets.com to invest money in on-line trading. I agreed to invest some money. The transaction seemed above board, and I bought Bitcoin through Jubiter, which is (supposedly) a legitimate and reliable Bitcoin exchange.
What I did not know, is that MGM Markets,com transfers the Bitcoin to their own account, and after that the money vanishes. At first they pretend that your trading is making money, but as soon as you try to redeem or withdraw any money, you find that you cannot access the funding. When you ask them to cash out your investment, they tell you that the markets crashed and you lost everything. This is impossible.
What has actually happened, is that they have run a fake account for you which shows that you are making money on trades. This account is bogus.
As soon as you start asking questions, the 'markets' mysteriously and conveniently 'crash' - even if you have not been trading - and your balance suddenly (within a few hours) dwindles away to nothing.
When you make enquiries with Jubiter to find out where your Bitcoin went, they advise you that the money was moved out of your wallet to an external account and they take no responsibility for it. They do not tell you where the money went.
This is despite the fact that Jubiter boasts about their use of Blockchain as a security measure - which is what starts off as reassuring and lulls you into a sense of security. You think that, with Blockchain, you will be able to track your funds. Jubiter is very quick - after your money has disappeared - to tell you that this is not the case.
In the meantime, MGM Markets have moved onto their next victim.
Please login or register to leave a comment…