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Binary Option Trading and Cryptocurrency Scams

What are the things in common in Binary Option Trading and Cryptocurrency ?

For those who used to invest in Binary Option in the last few years, and badly burnt or cheated by the various Binary Option Platforms, they would know lately, a lot of people having calling them and claiming that they money lost had been recovered.

The callers would claim they managed to recover their money and the money is now sitting pretty in one Cryptocurrency platform.

And to get access to the money, one needs to have a cryptocurrency account or wallet in order to execute the refund.

Binary Option

Few years ago, there were a lot of binary option trading platforms online.

There were quite a lot of people got themselves in this online Binary Option platform.

One of the common reason was they were not able to withdraw their money from the platform.

I believe a lot of people had lost money in Binary Option, either being cheated, or the trading platform just no longer there.

Scammers who operate the platform happily took the money and enjoy themselves.

Recovery Step

After the Binary Option scam, then came the recovery scam.

Someone claimed they were working for some expert companies specializing in debt recovery.

The callers who said they could help to recover the money as they had the means and resources.

What are the tricks of these debts' recovery companies?

The caller claimed they could help to recover the money lost in Binary Option trading,

However they listed out the following steps:

1. Furnish the proof of money transfer for Binary Option.

2. Provide evidence of identity of the investors.

3. They asked you to pay USD $1,000 being the fees for them to do the recovery.

4. Time frame would be within one month they could fully recover the amounts.

5. The fees charged would be 5% of the amount recovered minus the $1,000 upfront whichever is higher.

There are some doubt of what they were trying to tell you.

They claimed it was the company policy that they needed to collect some fees for doing the recovery.

I told them for normal recovery, the debt collector would do it base on success rate, and deduct the cost from the amount recovered, so there was no reason why an upfront payment need to be made.
After another year, now the new scamming plan surfaced.

What are the new methods scammers have?

lately I came across the newest method of the scammers who supposedly made their money already in Binary Option scam

1. Someone would call you over the phone.

2. The phone number seemed to be the local number even with the prefix of +65 assuming you are in Singapore.

3. Caller would tell you they had managed to recovery the money you lost in the Binary Option.

4. He would then inform you that he would be sending one email to you.

5. Ask you to read the email and click on the link in the email.

6. Then he said he would guide you over the phone on how to recover the money

7. So you click on the link and you notice a platform from one called https://altcrypt.cc/my-account/

8. In that website, you could see the amount equivalent in USD for EURO and some in Crypto currency

9. Caller then tried to explain that the money they recovered were in crypto currency

10. He further explained that the scammer after taking your money in the Binary Option, went to invest in cryptocurrency, that is the reason why the statement showed majority of the money was in cryptocurrency

11. After the explanation, then he said need to convert the cryptocurrency to the USD so that you would be able to receive your money.

12. In order to do so, one needed to pay USD $100 for the conversion.

13. When questioned why could not they just deduct whatever cost incurred from the money recovered and remit the balance.

14. He explained that he was from a company called infinityplus which is responsible to contact all the victims of the Binary Option.

15 infinityplus has nothing to do with that platform, they only charged 5% on the amount recovered.

16. Thus, the USD $100 was more like an administration fee.

17. Infinityplus has nothing to with the collection of the conversion fees.

What do we need to do upon hearing all these?

it seemed strange that a company which owned the website https://altcrypt.cc/my-account/ did the recovery without prior checking with you.

And they were so nice that they went all the ways to recover the money and now wanted to give you the money back.

I always believe in one saying -- there is no such thing as a free lunch. And another saying - too good to be true.

My suspicious was arisen because there were so many gaps from the conversation and unanswered questions which I posted to the caller.

Findings

My findings from internet search about the two websites, i.e. altcrypt and infinityplus showed the followings:

1. https://www.reddit.com/r/CryptoScamBlacklist/comments/kpxguc/altcryptcc_scam/

2. https://uiliu.com/altcrypt-cc

3. https://www.reddit.com/r/CryptoScamBlacklist/comments/kwj1o1/infinityplus/

judging from the comments in the two websites above, it is obvious that this is another scam the scammers started.

It seems that now they may want to have a third bite of the cherry after the Binary Option scam, the Recovery scam and now the Recovered Scam.

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