There are many different ways to generate profit in the cryptocurrency market. Some traders and investors choose to exploit arbitrage opportunities in the market, while others choose to invest in promising new cryptocurrency tokens. While these strategies can be profitable, they are also complex, which leads many newer investors to seek an easier solution.
Recently, a range of new platforms have emerged that promise to deliver guaranteed returns on investment. These platforms are often referred to as high yield investment programs, or HYIPs, and can be both good and bad. The vast majority of HYIPs are legitimate, but there are many that are little more than elaborate ponzi schemes.
The worst version of these platforms are ouhtright scams, and seek only to prey on unsuspecting or ignorant traders and separate them from their cryptocurrency as fast as possible. In this article, we’ll take a look at one of the more unscrupulous cryptocurrency investment platforms, called CryptoShield.
We’ll take a look at CryptoShield and find out what it promises, as well as breaking down the red flags that identify it as a scam to help you assess other platforms in future and protect yourself and your wallet from crypto scams.
Is CryptoShield A Scam?
CryptoShield is a new trading program that is presented by “Anthony Hopkins”, who is the purported creator of the platform. CryptoShield claims that Hopkins became rich by trading in Bitcoin, and presents the idea that his success is due to an automated trading system called CryptoShield. The platform claims that it is able to deliver returns of up to $1,500 per day.
The most obvious red flag for this platform is that the CryptoShield system is available for free. In reality, Anthony Hopkins doesn’t exist- or at least spends his time acting sophisticated cannibal roles in Hollywood films, not investing in cryptocurrency. The image used to portray “Anthony Hopkins” on the CryptoShield is clearly a stock image, cementing the fact that the entire persona of Hopkins is a fraud.
Stock photos are also used extensively in the testimonials section of the CryptoShield website. Notably, the stock images used in the CryptoShield testimonials section are commonly used by other scam sites, primarily because they’re part of a free set of business stock images. If you see these photos elsewhere, it’s likely that the platform you’re assessing is a scam.
Poorly Covered Cloning
Another glaringly obvious red flag that identifies CryptoShield as a scam is the clear use of site cloning in the construction of the site. Scroll down and read the CryptoShield disclaimer to reveal references to “GatesWay”, another crypto investing program. The creators of the CryptoShield site didn’t even bother proofing the text they’ve used to create their fraudulent platform.
Finally, the CryptoShield platform provides users with trading software that is used in many different cryptocurrency scams. The software offered by CryptoShield has also been used in other well known cryptocurrency scams such as Liberty BTC System and The Bitcoin Club. This platform, without a doubt, is guaranteed to lose money in real trading.
How CryptoShield Really Works
While it’s obvious that CryptoShield is a scam, it’s not clear what the purpose of the platform is without doing a little digging. After investigating the site, you’ll find that the purpose of the CryptoShield platform is to drive investors into depositing funds with an unregulated broker called Tradex Options. The developers of the CryptoShield scam are profiting from referral bonuses paid by Tradex Options.
CryptoShield is an outrageously obvious scam that is designed only to separate reckless investors from their currency, and has nothing to do with real cryptocurrency trading. Unless you’re intent on losing money, stay away from CryptoShield.