It was Wednesday morning when I stumbled on a sponsored Facebook post claiming that Google has developed an AI platform called Google AI which lets you earn cryptocurrencies with Google’s help.
This is what the post stated; „Google Crypto AI, the company’s latest project, is a web or app-based software that allows users to trade cryptocurrencies on behalf of Google, as Google CANNOT trade themselves due to rules set by global governments and anti-competition laws.“
In short, the ad promises gullible people a chance to get into the crypto market and earn thousands of dollars or euros quickly, all with the help of Google’s AI algorithms.
The ads stated that the algorithm gives you the best suggestions – all you have to do is to make trades, and consequently, earn a bunch of money with the help of Google.
„Google AI calculates all crypto-trading transactions, allowing its users to make extremely profitable trades quickly, easily, and without any pre-existing trading knowledge“, the ad promises.
Once you click on the link from the ad it brings you to a coindaq.io website and asks you to make a deposit.
In a matter of minutes, you also get a call from someone from London trying to bully you into depositing more and more money.
„We thought we would only invest $250.00 but as our conversation continues, you will be manipulated by these people to invest more and more and when you knew it, you were scammed“, wrote a user names Issa under a Coindaq review page.
When you clicked on the link of their sponsored ad, a man calls you and starts talking quickly.
„Do you have a plan, how much do you want to earn monthly, is it 2000, 3000 euros? It is best to have a plan!“ he speaks, among other things, all the way trying to urge you to make a deposit.
He is trying to rush up the process.
Of course, it all sounds fishy.
A lot of people were duped.
For instance, one man wrote a complaint to Google claiming he lost $15,000.
In a similar fashion, upon clicking on the ad which promised him to buy a new Chinese cryptocurrency, he landed on the Yuan Pay Group website where he purchased the asset via credit card. He was then redirected to the Coindaq exchange where he was asked to further fund his account and ended up spending $15,000.
He added that the platform employed the tactic of changing the landing page once the ad was clicked.
In his complaint, he requested Google to check into the ad to curb further fraud.
„I realized that Coindaq.io scammed my $15,000, and I requested Coindaq.io to close my account and give me a refund. So far, Coindaq.io has no intention of making a refund. How stupid I am“, he wrote detailing the scam with a bunch of screenshots.
On Coindaq review page, one man complained about the same tactic.
„I saw a Facebook (this is also a scam) Ad about China launching a Crypto Currency, so I clicked and an article from Bloomberg.com popped up, I read the article and it sounds legit, later I found out that was a FAKE website copying the real Bloomberg.com but was to late.
When I clicked on a link that took me to coindaq.io contact, they called me back instantly and the representative asked me a few questions, told me that I could take easily 5.000,00 Euros per month, and redirect me to “my Account Manager Richard Bennet”, this man explained. He adds he invested 1000 dollars, but the scam team was persistent and manipulated him into investing two thousand euros. They wanted more. They were redirecting him over the phone from one person to another.
„At that time I was already sure that was a scam and insisted I want my money back, just the 2k euros originally invested I didn’t want the “profit” of 1.094, 00 euros they can keep that. He continued insisting that I should put another 3k to make the 5k investment, all I was answering was I WANT MY MONEY BACK!, so he finally gave up and transferred me to a 3rd person, this one screaming that I was stupid and I should give them 3k more, I was fed up and repeating that I WANT MY MONEY BACK! He continued insisting that I should put another 3k, all I was answering was I WANT MY MONEY BACK!, so he finally gave up and transferred me to a 3rd person, this one screaming that I was stupid and I should give them 3k more, I was fed up and repeating that I WANT MY MONEY BACK! Finally, after almost 5 hours on the phone with these disgusting people, he agreed in the process a refund, he told me that the 1st guy Richard Bennet will contact me the next day to give me information on the refund. So far 12 days have passed since my money was illegally separated from my account more than 20 e-mails, many phone calls, and looks like I can kiss it goodbye“, wrote this man.
„Massive scam. Fake Forbes article linked me to create an account on Coindaq. Oh i wish i never done that!“, commented a man under a username Jack Van Goethem.
A simple Google search will tell you that The Coindaq exchange is registered under the laws of the Commonwealth Dominica.
Their website shows that they do not fall under any regulating agency.
That is a MAJOR RED FLAG!!
That should be enough for you NOT to invest with them.
And they also work with websites that offer “Automated trading software” which is another red flag, as this kind of websites are notoriously famous for scamming schemes.
So Coindaq is just another unregulated forex broker, which means the customers are not protected, and there is highly likely they will get away with your hard earned money and there will be no regulating agency to hold them responsible.
How does it work?
Usually unregulated forex brokers work in the following way. They will call people to persuade them to make the initial minimum deposit, while trying any conceivable method in order to make that happen. They will offer deals that sound too good to be true, like we will double your initial deposit or you will make $100 per day easily. After making the initial deposit, people get transferred to a smarter scammer, called a “retention agent”, who will try to get more money out of you.
If you want to withdraw your money and it does not matter if you have profits or not, they will delay the withdrawing process for months, claims a blog Personal Reviews.