On July 31st MAS (the central bank and financial watchdog of Singapore) made an official statement saying they had uncovered a website using false claims attributed to a very public figure to entice investors to trade Bitcoin.
The website used statements they said had been made by Goh Chok Tong, a trusted politician who'd served as Singapore's prime minister between 1990 to 2004, statements MAS insists were "either false, or were taken out of context and used in a misleading way." The quotes urged people to deposit a minimum of $250 into a scam Bitcoin trading platform named Bitcoin Loophole by entering credit card or bank account details. The website claimed it would "make you $13,000 in 24 hours ... guaranteed!" by automating trades on their users’ behalf.
However, Bitcoin Loophole has already roundly been outed as "one of the worst Bitcoin scams in history" after Facebook removed any mention of the site from their platform in June having recognised a similar campaign involving supposed claims from the crown prince of Abu Dhabi was just a scam.
So what is Bitcoin Loophole? It is just the brand name for cryptocurrency trading software that - according to the owners - completes a user's Bitcoin trades for them automatically without any risk to even the most inexperienced and unsophisticated user (their promotional material goes on to say the system will never fail to generate a profit as it is proven these the market 123 out of 126 times) and all the user needs to do to kick start their fortune is deposit $250 into their trading account.
The only problem is there isn't any evidence Bitcoin Loophole exists. All the evidence suggests those behind the platform simply are simply pocketing all those $250 deposits and moving on to their next mark.
Similarly those who have tried to find Steve McKay, the crypto-investment guru who brought Bitcoin Loophole to the public's attention (an extremely generous move when you think about the potential returns he could have made with software that could generate such an incredible success rate and a level of return don't you think?!) can find no evidence that he exists. They have however found that all the clients who appear to have been happy enough to put their faces and their testimonials on the Loophole site aren't happy or clients. They are just copy-written statements attached to faces that have quite clearly been lifted from Google images.
Once you sit down and revisit the facts it's pretty obvious, Bitcoin Loophole had to be a scam. After all who can really guarantee that level of continuous success in such a volatile market and with such a low 'buy in'?
But for 2 years people were drawn in by the figures (and by the plethora of supportive reviews from 'investment experts' all over the Internet ... even though after a quick scan it's obvious every site features exactly the same content in exactly the same format which in itself should have rung alarm bell) and lost a lot of money. Bitcoin Loophole is yet another very public cryptocurrency fraud that serves a timely reminder this type of scam is only on the rise as the value of crypto continues to build.
So that you don't get caught out by the next scam always follow our top 10 tips -
1. Be wary and remember scams exist
2. Always know exactly who you're dealing with
3. Never open pop-ups, texts, links in emails or any other unsolicited contacts even if they're fronted by a household name
4. Never give anyone you don't know remote aces to your PC, laptop or tablet
5. Always keep your personal details, PIN numbers and passwords totally secure
6. Always create the strongest possible passwords by using upper- and lower-case letters, numbers and punctuation marks
7. Never share access to your IT and always avoid doing anything private or financial on a shared or public computer
8. Use all the privacy settings on social media to block potentially harmful ads reaching you
9. Never offer any credit or bank details until you know exactly who you're dealing with
10. And above all else, if it looks too good to be true, it almost definitely is!
If you have lost money as a result of Bitcoin Loophole or any other type of cryptocurrency, online or digital fraud and want to know what you need to do next, please call us today on 020 7792 5649 or email us at This email address is being protected from spambots. You need JavaScript enabled to view it..
We will help.
