The BitcoLoan Ponzi scheme has collapsed.
The following is a
testimonial left on TrustPilot
, by a BitcoLoan affiliate purportedly from Russia;
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”.
Three weeks would put us on or around July 7th.
BitcoLoan affiliates who contact support are being fed this story:
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.
Even if it wasn’t a typical crypto jargon exit-scam ruse, the unannounced transition from one platform to another has nothing to do with BitcoLoan disabling withdrawals.
And switching platforms, again unannounced, certainly doesn’t take three weeks and counting.
The end-game here appears to be to string affiliate investors along with excuses most of them won’t make heads or tails of.
This buys BitcoLoan’s anonymous admins time to make their getaway with what’s left of invested funds.
BehindMLM
reviewed BitcoLoan
back in March. We found a typical crypto Ponzi scheme pitching returns of up to 3% a day.
A week ago we noted several earlier videos on BitcoLoan’s official YouTube channel were marked private.
These videos featured actors with distinctly eastern European accents.
BitcoLoan also recently wiped their Facebook profile of all content.
BitcoLoan is believed to be run by scammers from Russia and/or the Ukraine.
Based on website traffic analysis by Alexa, BitcoLoan’s victims are primarily from the US (18%), Russia (17%) and India (7%).
🤖 Quick Answer
What is BitcoLoan and what happened to it?BitcoLoan was a cryptocurrency lending platform that operated as a Ponzi scheme and collapsed in July. The platform stopped processing withdrawals without providing clear explanations to users, leaving thousands of investors unable to access their funds.
Why did BitcoLoan stop allowing withdrawals?
According to support communications, BitcoLoan claimed to be implementing a token bridge system and transitioning from centralized finance (CEFI) to decentralized finance (DEFI). However, these explanations were widely regarded as pretexts for the platform's financial collapse.
How long had withdrawal issues persisted?
Withdrawal problems lasted approximately three weeks before becoming complete. Initially, the platform told users to wait five to seven days, subsequently providing only vague statements about upcoming news without concrete solutions or timelines.
**What evidence confirms BitcoLoan's Ponzi scheme
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