Cryptocurrency

Website “Double-your-Bitcoin” Sounds Like the Next Con Scheme

With an adequate name like Doubly, the site has ample red flags which alert the investors, however, it is still acquiring enough traffic. It is widely believed that this can be another Bitconnect.

Among the sea of crypto schemes, here’s the latest entrant in the form of Doubly. Despite being a high-return investment program, it has already caught enough wrong attention. The program has 300% returns on offer within the span of 54 days. The funds are disbursed on a daily basis and not just that, a commission of 15% is also provided on the introduction of each new person. Moreover, the program claims that the funds you invest are covered.

If that still doesn’t seem like a warning, consider the fact which says that this platform circles around an uncertain trading bot that apparently draws all those moneymaking returns. Moreover, Doubly has stated through its official website that it has partnered with Bitfinex, and Huobi but only recently Huobi has affirmed against having made any such partnership. Bitfinex has not yet responded on Doubly’s partnership claims. In addition to that, the platform’s website offers a full marketing kit to spread referral links.

But even after all these factors and red flags are made public, more and more people are getting interested in Doubly. Whether it will stop or reach to the heights of con scheme Bitconnect, remains to be seen.

The promise of the Doubly scheme is quite easy to understand: you invest certain money and get daily returns that are double and at times even triple than the original, just within or less than a couple of months. And as is always the case, you get increased ROR if you put more money in. At present, Doubly accepts Ethereum, Bitcoin, Dash, Litecoin, and Bitcoin Cash payments.

If that was not all, the scheme also offers 15% referral commission of which 5% is disbursed instantly while the remaining is disbursed in portions of 0.5% every day for the period of consecutive 20 days. The site also provides marketing kit which comprises a complete slide deck, logos, and images in 3 varied languages. Although the site discloses that it has as many as 17 experts, there is no clear mention about even a single expert.

Doubly has a dedicated competition page to take the referral stuff a notch higher. To elaborate further, people who can get more people signed up for the program, increasing the scheme awareness, can stand a chance to win extravagant prizes.

With all these lucrative options, Doubly has undoubtedly been gaining attention. In business only since March last year, it has gained more popularity through sponsored news material on cryptocurrency news outlets such as NewsBTC, AMBcrypto, and CCN. While its Instagram following has reached 5,900, it has 7,300 followers on Facebook. Having a presence on Telegram as well, Doubly has a sum of 12,000 members on its 2 chat groups.

The way it is gaining momentum, it appears that it will follow in the footsteps of Bitconnect which was a renowned con scheme that even had its very own digital currency. Bitconnect had reached a valuation of 1.5 billion dollars before it had a great fall. Though it seems Doubly has still some more time to reach a similar status and fanbase, its marketing techniques may help it head there soon enough if it doesn’t hit the ground before that.

It is also learned that one BTC address connected with this exchange has acquired 960 BTC till date. But it’s tough to say how much of the amount comes from the punters and if the fund has been credited many times.

So is there anything genuine in it?

Well, the Telegram chats are noted of posting about the winnings but whether they are actually paid out is not known or verified. Bitconnect, on the other hand, did pay out money until its collapse.

And please be aware of the fact that the company, as it claims, is not the verified one with the Companies House, company accounts registrar of the United Kingdom. The said proof only implies that they’ve uploaded the incorporation statement but does not suggest that the Companies House has made the verifications.

Doubly has also stated about its partnership with FGI or Financial Global Insurance Solution Limited in order to insure the funds which could be paid back in case they’re considered missing. In fact, there is also a contract between these 2 entities. But what doesn’t seem convincing is that when you go searching for FGI, all you can find is the information that it was founded last year in December and nothing else.

So the question remains what does this team want to do? Are they only interested in doubling your funds or is it yet another of those lucrative Ponzi schemes that are built around maximum profit expectations as well as vigorous referral links? The decision is purely yours.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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