YOBIT SCAMMERS: Here Is The Email Bait Used For Scamming Users

[JollyGood]

For those of you that do not know how Yobit fools its users with its investbox scam, apart from using advertising in this forum and trying to use its cryptotalk forum - here is a screenshot of what Yobit are sending out in their emails to registered users:

They claim (among other things) they will give 0.1% daily or 3% monthly returns on anybody sending their Bitcoin. So if 1000 users send 1 Bitcoin each, they will pay out a total of of 30 Bitcoin on top of the 1000 Bitcoin they received - every month. When you add that same formula to the other crypto they stated their investment schemes for you can see the whole thing is unsustainable and can unravel very quickly. So how can they keep on going without exit-scamming? Simple...

They are running all sorts of fake IEOs and listing all sorts of coins and tokens and charging fees to do so but that is not enough. Yobit are also doing something else to extend their stay, they are offering/baiting users to invest in schemes that will see the value of the investments to sink while the Bitcoin and other crypto used to purchase them will remain profitable and that is no investment it is a scam.

For those are registered with Yobit, you are advised to stop using their exchange because you have zero legal protection. They have nothing on their website terms and conditions which can be used to identify or locate them in the event they selective scam or scam en-mass therefore you are advised to use an exchange that at least will not hide behind anonymity such as how Yobit does: https://www.yobit.net/en/rules

For now the Yobit scammers show no sign of slowing down. They have built up a small amount of traction on their cryptotalk forum - which essentially built its user base by various means from fake accounts to increase its appeal to less learned users and of course those users that signed up after seeing their banner flooded in this forum. Who knows what Yobit will do next to try to stay relevant and active but they show no sign of stopping their payments to users in the forum to promote their signature.


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PLEASE NOTE: This thread will be self-moderated because those posting here with Yobit banners displayed will probably have their posts deleted as soon as I see them. Yobit has been outed by too many users as a scam and for that reason if gullible users or newbies see this thread full of posts showing a Yobit signature campaign they might end up falling victim to it. Those displaying Yobit signature campaigns have the rest of the whole of the forum to promote it. Furthermore, if I think posts might have some worthwhile content but were made just for the sake of promoting a banner or flooding the thread with a particular banner, I will probably delete them too.

[blurryeyed]

The worst thing is that there are accounts on BCT, some of them on DT, that are prepared to take payment for promoting these scammers. I get a few PM's from them once I tagged them, crying about their reputation, it was a mistake, I didn't know, etc, etc - I also get downright lies from them too, like this one:

Hello,

I have removed the yobit shits from my signature, kindly clean the trust review you posted on my trust summary.

Thank you.

You did not remove it - it removed you. You also stated that you enjoyed the campaign:

My problem also fall into this category and i dont think there any reason for me to post it anymore but it is not a fair way to treat people because such rules were not stated from the beginning and there is no enough time to make corrections, something like witch-hunting if i may say.

I actually enjoyed the time spent with the campaign and the bounty manager.

We shall meet again if we are related.

Thank you.

As you enjoy promoting scams the feedback will stay.

I got no time for scammers, scam promoters or liars - these are the kind of users that sign up for this kind of campaign & it stinks.

[The Sceptical Chymist]

they are offering/baiting users to invest in schemes that will see the value of the investments to sink while the Bitcoin and other crypto used to purchase them will remain profitable and that is no investment it is a scam.

I hadn't thought about that angle, but now that you said it I think you're absolutely right.  Some of those "coins" they have available for the investbox are absolute crap and I think they're only available on Yobit.  Some of them are just dead tokens that will never be resurrected and can't even be moved off the exchange--I have an account on Yobit and it looks like the wallets for some of those things are in maintenance mode, probably forever. 

I'm hoping people aren't actually buying coins like YONE, X10, and the rest with bitcoin in the hopes that they're going to earn massive returns, because I bet you that when they go to sell those coins back for bitcoin the market will turn out to be completely illiquid and they won't be able to get their orders filled.

I've always been on the fence about Yobit being an outright scam exchange, because I'd personally never had problems with them, but this crap with the investbox tomfoolery is really pushing the boundaries of scammy-ness.  Add that to all the scam accusation threads I've seen about them over the years and well....I've kind of made up my mind that they're as dishonest as they come.

Props for calling Yobit out on this, OP.

[JollyGood]

The worst thing is that there are accounts on BCT, some of them on DT, that are prepared to take payment for promoting these scammers.

~snip~

I got no time for scammers, scam promoters or liars - these are the kind of users that sign up for this kind of campaign & it stinks.

Well you make a valid point about those being on DT also promoting the Yobit scam but in some cases some must genuinely believe Yobit is legitimate whereas others believe it is a scam but still decide promote it simply because they make money.

I would not put all DT members promoting Yobit in the same boat and would like to think some are misguided rather than selling themselves and their morals just to make money.

[o_e_l_e_o]

they are offering/baiting users to invest in schemes that will see the value of the investments to sink while the Bitcoin and other crypto used to purchase them will remain profitable and that is no investment it is a scam.

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.

[blurryeyed]

Well said!

With the scam complete and a nice half-million profit, YoBit can simply rinse and repeat with the next made up token.

Which is basically what they've been doing since the day they opened.

[Hhampuz]

I agree with you, OP. But so long as nobody comes on here and makes a nice well documented thread about how they were scammed by yobit nothing will change (in regards to their reputation here). It is sad but true.

[JollyGood]

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.

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.

[Gyfts]

I agree with you, OP. But so long as nobody comes on here and makes a nice well documented thread about how they were scammed by yobit nothing will change (in regards to their reputation here). It is sad but true.

You don't necessarily have to be outright scammed by Yobit to point out and identify their shady practices. This post is well documented enough showing their shitcoin scams. Seems like Yobit is only running this exchange as a cover up to keep releasing these altcoins as a ponzi like scheme where they make the money off naive investors through false notion promises. No reputable exchange is going to keep an investment box with altcoin ponzi's.

[hacker1001101001]

I agree with you, OP. But so long as nobody comes on here and makes a nice well documented thread about how they were scammed by yobit nothing will change (in regards to their reputation here). It is sad but true.

You don't necessarily have to be outright scammed by Yobit to point out and identify their shady practices. This post is well documented enough showing their shitcoin scams. Seems like Yobit is only running this exchange as a cover up to keep releasing these altcoins as a ponzi like scheme where they make the money off naive investors through false notion promises. No reputable exchange is going to keep an investment box with altcoin ponzi's.

More likely YoBit is scamming users under the name of "Trading Loss", but on the real side this losses are maupilated by there own trading volumes. Hence, no real victim can document it as an scam or something like breaches in contract and all the risk is transferred to the trader or the one who uses the exchange. Overall they are scamming under different cryptos, so this scamming in a way doesn't correspond to YoBit itself directly. But then promoting those coins through email clearly shows there intrest and participation behind this volumetric manipulation practices.

[Hhampuz]

You don't necessarily have to be outright scammed by Yobit to point out and identify their shady practices. This post is well documented enough showing their shitcoin scams. Seems like Yobit is only running this exchange as a cover up to keep releasing these altcoins as a ponzi like scheme where they make the money off naive investors through false notion promises. No reputable exchange is going to keep an investment box with altcoin ponzi's.

Oh you are preaching to the choir here. I was more talking about how other would perceive it and what would need to happen in order for them to take action against yobit. As of now, everyone "knows" but there is nothing to be done about it. Heck we even have the most respected manager of this forum "managing" a campaign for them just due to fear of what the alternative would look like.

[JollyGood]

I agree with you, OP. But so long as nobody comes on here and makes a nice well documented thread about how they were scammed by yobit nothing will change (in regards to their reputation here). It is sad but true.

I concur whole-heartedly, you are right but how many people from the investbox scam will post here after they have been brainwashed in to believing it was a genuine investment which could increase or decrease in value rather than believing it was a ponzi?

One of the victims that has posted their thousands upon thousands of useless tokens for sale on their Yobit sell wall just might wake up to the fact they have been duped and just might post something here. Until then I guess we all have to wait.

I agree with you, OP. But so long as nobody comes on here and makes a nice well documented thread about how they were scammed by yobit nothing will change (in regards to their reputation here). It is sad but true.

You don't necessarily have to be outright scammed by Yobit to point out and identify their shady practices. This post is well documented enough showing their shitcoin scams. Seems like Yobit is only running this exchange as a cover up to keep releasing these altcoins as a ponzi like scheme where they make the money off naive investors through false notion promises. No reputable exchange is going to keep an investment box with altcoin ponzi's.

I agree with you but that same principle applies to most things, just because one person has not been outright scammed thus not a victim does not make the project bonafide or just because one company offers some parts of its services which might not be able to conclusively be proven as scams but just one or a minority can - it cannot be considered a bonafide project either.

We all have to wait until a victim accepts they were scammed then steps forward to post here with their claim - then see which way it all plays out.

[o_e_l_e_o]

We all have to wait until a victim accepts they were scammed then steps forward to post here with their claim - then see which way it all plays out.

The whole thing is actually set up quite intelligently to let them defend against accusations.

It's not actually a Ponzi because YoBit aren't paying out later investors using earlier deposits, because they aren't paying out anything at all. They sell the initial x number of tokens, and all later trades are between users, with early buyers selling directly to later ones. The "interest" paid is created out of thin air, because there is no blockchain or smart contract rules to abide by.

They can claim the deposits to InvestBox are 100% safe, which again, is technically not a lie. A user has to trade BTC for X10 first. Only once they own X10 can they deposit it to the InvestBox. Their X10 token is completely safe and can't be stolen since it doesn't exist, will earn 10% interest which they can create at will, and can be withdrawn to their trading wallet at any time.

The massive loss in value that all "investors" will see can be chalked up to poor market conditions - "It's not our fault if no one wants to buy our completely made up non-token".

Now, obviously anyone with a little sense can see through all this, but people with sense aren't the ones using this "InvestBox". The question is have they actually broken a written contract anywhere?

[Dorodha]

Invest box just technique scammed another way also agree with you "YOBIT" top one scammer confusion not only did they change the type of scam, they came across different types of tokens and scammed the most Most of their "YOBIT" ICO project scams by "YOBIT" management. Launce ICO After a while they have no value.

[JollyGood]

The way you pointed this out was exactly the way I was thinking - the thin line between investment and scam has been deliberately blurred.

Yobit have capitalised on this scam and is paving the way for other exchanges to do the same. Before they would scam and close but now exchanges can offer useless and worthless tokens which cannot be used or transferred then cite market conditions for their collapse all the while they pocket the hundreds of thousands if not millions of US$.

Already exchanges are launching their own fake IEOs or colluding with scammers and heavily promoting them to their users then pocketing the cash while investors and users watch the value of their investment plummet. This investbox scam from Yobit is a modification on that theft but a with few modifications.

It is clear, Yobit know exactly what they are doing by pulling off this scam and using as much protection they can get from a legal perspective citing "technicalities" as they can in an attempt to pre-empt any legal proceedings which might take place in future.

What is ironic is that Yobit are hiding behind anonymity, their website has absolutely zero details about who owns and operates them and their Terms/Conditions are pointless and all this was done in the hope potential future lawsuits might be put-off for as long as possible.

How is it possible that the tokens have nothing of value yet are a number plucked out of the air effectively and added to user balance accounts yet users sadly fall for the scam? No blockchain, no trading mechanism outside the website and no material or monetary value... very sad indeed to see a modern day scam on this scam that generated over 68 BTC that was mentioned earlier.

We all have to wait until a victim accepts they were scammed then steps forward to post here with their claim - then see which way it all plays out.

The whole thing is actually set up quite intelligently to let them defend against accusations.

It's not actually a Ponzi because YoBit aren't paying out later investors using earlier deposits, because they aren't paying out anything at all. They sell the initial x number of tokens, and all later trades are between users, with early buyers selling directly to later ones. The "interest" paid is created out of thin air, because there is no blockchain or smart contract rules to abide by.

They can claim the deposits to InvestBox are 100% safe, which again, is technically not a lie. A user has to trade BTC for X10 first. Only once they own X10 can they deposit it to the InvestBox. Their X10 token is completely safe and can't be stolen since it doesn't exist, will earn 10% interest which they can create at will, and can be withdrawn to their trading wallet at any time.

The massive loss in value that all "investors" will see can be chalked up to poor market conditions - "It's not our fault if no one wants to buy our completely made up non-token".

Now, obviously anyone with a little sense can see through all this, but people with sense aren't the ones using this "InvestBox". The question is have they actually broken a written contract anywhere?

[Thekool1s]

We all have to wait until a victim accepts they were scammed then steps forward to post here with their claim - then see which way it all plays out.

So I PMed @loyceV a few days ago... about Yobit's dice, I was part of their Cryptotalk and Yotoken campaign... When they launched the X10 campaign I thought that was it I'm out as it was shady as FK, I never placed their X10 Signature on... but they then changed to YoToken whatever the FK it was called...  I continued for a while and once my balance reached 0.01 BTC, This dice page option appeared out of nowhere in the navbar. I visited the page turns out they have a dice game which is only available to users who have a balance of at least 0.01 BTC. I looked around to see if the game was provable fair as I saw 0.3 BTC bets going off in the public history. I couldn't find anything related to it. I searched the FAQs and there was nothing about this game. That was the point I got out of yobit campaign as they are indulged in shady practices. Anyway, I did a bit of googling and found that there were threads created about Yobit's dice but they were never tagged for it, they date back to 2016...

Anyway, my point is its been 4 years and they haven't made their game provable fair. How much time does it take to make the game provable fair and why hide it for new users? They deserve to be tagged for their shady practices at least IMO. I asked @loyceV about his thoughts on this I won't reveal what he said to me... He presented his Opinion, Now I want to hear the opinion of other DT members. Why haven't YoBit been tagged?

[JollyGood]

So I PMed @loyceV a few days ago... about Yobit's dice, I was part of their Cryptotalk and Yotoken campaign... When they launched the X10 campaign I thought that was it I'm out as it was shady as FK, I never placed their X10 Signature on... but they then changed to YoToken whatever the FK it was called...  I continued for a while and once my balance reached 0.01 BTC, This dice page option appeared out of nowhere in the navbar. I visited the page turns out they have a dice game which is only available to users who have a balance of at least 0.01 BTC. I looked around to see if the game was provable fair as I saw 0.3 BTC bets going off in the public history. I couldn't find anything related to it. I searched the FAQs and there was nothing about this game. That was the point I got out of yobit campaign as they are indulged in shady practices. Anyway, I did a bit of googling and found that there were threads created about Yobit's dice but they were never tagged for it, they date back to 2016...

Anyway, my point is its been 4 years and they haven't made their game provable fair. How much time does it take to make the game provable fair and why hide it for new users? They deserve to be tagged for their shady practices at least IMO. I asked @loyceV about his thoughts on this I won't reveal what he said to me... He presented his Opinion, Now I want to hear the opinion of other DT members. Why haven't YoBit been tagged?

As far as I know Yobit has one known user account in this forum and it has been tagged: https://bitcointalk.org/index.php?action=trust;u=406594

Regarding their in-house Dice game for users with a balance of 0.01 BTC or more, it is interesting and new news so thank you for bringing it to the forum.

If there are any Yobit users reading this either with a balance of less than or with a balance of more than 0.01 BTC kindly post here and explain what see with regards to the Dice game. Screenshots would be appreciated.

[Yatsan]

This is what you call a legal way to scam people. Investbox is 100% legit and 100% working, they are not doing anything wrong when you are going to see it in legal way.

The problem here is you know that it's a scam but they are doing it perfectly and legally. Their scheme is working because there's people who are buying that shitcoin and investing it in investbox.

This is just minexcoin scam. Coin is going to die, but no one is going to run LOL.

[JollyGood]

I suppose the technicality that they might claim to be a non-scam holds some ground from a legal perspective.

The manner is which o_e_l_e_o articulated it in his post above captures the argument Yobit would make by claiming they are a legitimate business but if law enforcement agencies were to get involved at any stage their claims would probably not stand a chance in a Court so the scammers behind these types of scams would prefer a plea bargain or plead guilty for a lesser sentence rather than plead innocent and get a longer jail sentence.

The Yobit team will no doubt continue plodding along as much as they can for as long as they can raking in as much money as they can from their victims but maybe when it ends the Yobit owners might not get a chance to enjoy their stolen funds as who knows how long their jail sentences will be by the time various fraud charges are brought against them.

This is what you call a legal way to scam people. Investbox is 100% legit and 100% working, they are not doing anything wrong when you are going to see it in legal way.

The problem here is you know that it's a scam but they are doing it perfectly and legally. Their scheme is working because there's people who are buying that shitcoin and investing it in investbox.

This is just minexcoin scam. Coin is going to die, but no one is going to run LOL.

[Thekool1s]

Screenshots would be appreciated.

This is pretty much it still looks like... I found it via Google images there are quite a few images on there you can check them out yourself. The image I found was from this article: https://steemit.com/cryptocurrency/@remedy/yobit-net-dice-game-my-experience-and-strategy . The guy shares his experience of losing 18 bets in a row but fails to understand that the game isn't provable fair. He gets this idea that any time his profit reaches 50% of his bankroll in a day there is a trigger of sorts which then results in him losing all of his bankroll. The interesting thing I found out was this...

I Began with YoBit Approximately 4 Months Prior to writing this and played the dice game when I was introduced to YoBit's "Invest Box" program, which pays it's users to loan your existing coins out for a set percentage much like poloniex's Lending program, in particular I was interested in Liza coin (a customer of mine recommended it because of the income he had earned from it), But in order to collect your daily reward for lending your coins, you had to bet at least once on the dice game, The minimum being .00000001, to however many coins you wanted to bet.

I dunno if this still applies on the "investbox" but the more I read about Yobit the shadier they get...