Re: YOBIT SCAMMERS: Here Is The Email Bait Used For Scamming Users
⭐ Merited by Foxpup (2)
Let's take the X10 scam as an example, since it was the one which was shilled on here.
This "token" has no blockchain, has no smart contract, can't be withdrawn or deposited, and doesn't exist outside of YoBit. It was created out of nothing by YoBit to be traded only on YoBit. It was launched on December 19th, with ridiculous claims of being "100% safe". YoBit created and sold 68.7 BTC worth of tokens, generating around half a million dollars of pure profit for YoBit:
After creating this scam out of nothing and having it bought up rapidly, YoBit then simply ignore it. Early buyers dump on later ones, and YoBit continue to create tokens out of thin air to pay the "10% interest" in a worthless non-token which you can't do anything with. The result being we now have bag holders stacking up sell order upon sell order, with no idiots left to buy:
Don't worry though, users here will tell you, it's definitely not a scam. Everyone who invested is getting their 10% more X10 a day, and their tokens are 100% safe! They are certainly right about that last point - the tokens can't be stolen since they don't actually exist in the first place.
With the scam complete and a nice half-million profit, YoBit can simply rinse and repeat with the next made up token.
This "token" has no blockchain, has no smart contract, can't be withdrawn or deposited, and doesn't exist outside of YoBit. It was created out of nothing by YoBit to be traded only on YoBit. It was launched on December 19th, with ridiculous claims of being "100% safe". YoBit created and sold 68.7 BTC worth of tokens, generating around half a million dollars of pure profit for YoBit:
After creating this scam out of nothing and having it bought up rapidly, YoBit then simply ignore it. Early buyers dump on later ones, and YoBit continue to create tokens out of thin air to pay the "10% interest" in a worthless non-token which you can't do anything with. The result being we now have bag holders stacking up sell order upon sell order, with no idiots left to buy:
Don't worry though, users here will tell you, it's definitely not a scam. Everyone who invested is getting their 10% more X10 a day, and their tokens are 100% safe! They are certainly right about that last point - the tokens can't be stolen since they don't actually exist in the first place.
With the scam complete and a nice half-million profit, YoBit can simply rinse and repeat with the next made up token.
The way you detailed and articulated their scam in a nutshell is commendable. Thank you.
When early buyers/holders dump on later ones that is in itself nothing more than a ponzi. To create useless thin-air tokens generating an income to the tune of 68.7 BTC is disgraceful, utterly and totally disgraceful. They can keep adding their 10x daily to the already useless tokens and making massive balances for their users but what will their users do with them? Yobit will pass off user complaints by claiming it was not a scam but there is only one winner in this scam - Yobit.
Many of the users here promoting Yobit could not care less that they are effectively promoting a scam because they are getting paid and their income trumps their morals but some have stopped using Yobit and moved on to other signature campaigns. Some still show the banner in the misguided belief Yobit is not a scam as they probably do not know all the facts about their scam operation.
The ones you alluded to that will cite it not being a scam because users get their 10x are the same that will call their 10x promotion and investbox in to question but will also say that investors should avoid them therefore Yobit is not a scam.
I still find myself unable to blame all those users showing Yobit banners for perpetually recycling this scam because not all of them are aware of what is really going on.