[2017-06-05] Scam Alert: ‘We Grow Bitcoins’ Ponzi Takes Shape

[nickbelski]

WeGrowBitcoins, a suspected ponzi scheme abusing bitcoin has gained attention in a local media platform in New Zealand.

The alleged pyramid scam involves new members ‘donating’ money in bitcoin (0.01 BTC or $25) with promised returns of 67.76 BTC (approx. $175,000) has reportedly roped in 1,300 members worldwide.

“Wegrowbitcoins is an online peer to peer donation system built for the welfare of the community,” the website states. Describing it as a peer-to-peer donation platform, the website says it operates a platform which can be accessed by members for a monthly subscription fee. “Platform access allows members to receive donations directly into their bitcoin wallet from other members,’ an FAQ added.

The website and the scheme caught the eye of New Zealand’s Newshub. The news publication looked into the operation with a focus on the Daniel Tepania, a truck driver lured into investing in “We Grow Bitcoins’.

“It’s only been here about a month so I thought I would give it a go, sounded quite good,” Tepania explained.

With his early investment, he is expecting to make returns while climbing to ‘level 3’ of the scheme. Returns, he says, that could make “about 200 grand a month and you can get that every month.”

Reat the full article >>> https://www.cryptocoinsnews.com/scam-alert-we-grow-bitcoins-ponzi-takes-shape/

[Blake_Last]

Well, I heard about this Ponzi scheme before, and I was almost fooled by them to donate 0.01 BTC. The good thing is that I didn't, as a friend of mine told me about how these kinds of donation scam work. But unfortunately for the others, they got sacked by this scam.

Now If I remember it correctly, there is a group on Facebook that promotes WeGrowBitcoins, and they have thousands of members. Basically, what they asked you to do is donate and then invite at least two referrals to give the same amount. However, if your referrals do not donate, you will not receive anything as everything depends on it.

[Immakillya]

Wow! 67.76 BTC in return?! That's insane amount. How they can do that?I wonder how many noobs fall in this scam. Scammers sometimes are ridiculous. They are offering something that's impossible to happen. What's more ridiculous is still many people are falling to this scheme. I hope these scammers put into jail.