Bitkins, a dollar based ponzi scam is making waves

Arabian Gulf Fund

Nigeria’s Ponzi scheme community is always becoming more creative with the arrival of Bitkins.

According to the owners of the Ponzi scheme, Bitkins uses “a well structured Lottery system”. They claimed that the scheme will be very stable, organised and not a scam like many of its ilks.

However, there are many red flags about the claims of Bitkins.

First is that the scheme is promising its investors 150% within a minimum of 24 hours and a maximum of 48 hours.

As a supposed financial services provider and or network, there are no information about who owns and ow runs Bitkins. The only information available on the domain information is that Bitkins was registered by Nigerians.

A search on Alexa traffic ranking site shows that over 76.5% of the site traffic are from Nigeria.

A background check on the site showed that the domain name was registered on the 4th of January, 2016.

There are no guarantees that Bitkins will not end up to be another scam. One of our favourite Ponzi scheme analysts said the site is probably owned by the same people who are used to launching typical ‘provide help’ to ‘get help’ schemes. Their choice of Dollar (USD) is also suspicious and red flag for anyone who is used to the antics of Ponzi scheme scammers.

The Bitkins website is also professionally done and as such the site is run by people who have experience in running such scams.

The next few weeks will determine whether it will confirm fears that Bitkins will not last long. The choice of Dollar is also a very big risk for anyone who go ahead to invest their funds in the scheme.

The rise and fall of ponzi schemes is becoming ‘one to many’. A ponzi scheme analyst told PageOne.ng that the influx of new ones will keep coming so far as people are willing to get in fast to get their own share of the funds.