Thousands may have fallen for the Crypto trading app scam

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iEarn Bot claims to be based in the US (Picture: Getty)

Another cryptocurrency trading app may have lost thousands of people their hard-earned life savings, it has been reported.

In terms of business, iEarn Bot told customers that their investments would be managed by the AI ​​program, ensuring high returns.

But experts who have investigated the company, which claims to be based in the US, say it could be one of the biggest crypto scandals to date.

Roxana – not her real name to protect her identity – from Romania, told the BBC she lost hundreds of euros when she invested.

She said: “I invested in a bot for a month. You could see in the app how many dollars the app was generating: there were graphs showing how the investment was progressing.

“It looked quite professional until at some point they announced maintenance.

‘Some people have started saying ‘I can’t take back…what’s going on’. I made the withdrawal request and the money just disappeared.

“The portfolio has become zero. But I was not credited any money to my wallet.

Digital currencies have a history of boom and bust cycles, and with the fall of Bitcoin in 2022, the market is becoming more volatile.

But trading remains popular, with people often promising big rewards over short periods of time.

What happened to the Romanians is not an isolated incident either. Silvia Tabusca, a Romanian organized crime expert from the European Center for Legal Education and Research, started looking into iEarn Bot.

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She discovered that many people in other countries also lost their money in the scheme.

The company claims to have 800,000 customers. After joining, the app works “very well,” Ms. Tabusca said.

“When they have enough investors and enough money invested in a specific country, they no longer allow that country to withdraw – and they open up other countries,” she added.

Looking at the iEarn Bot website, there are a number of red flags. On the website, the company does not provide any contact information.

Metro.co.uk attempted to contact the company via its automated messaging feature, but there was no response.

The Massachusetts Institute of Technology, along with companies such as Huawei and Qualcomm, are all named as “strategic partners” of iEarn Bot.

But they told the BBC they had no knowledge of the company and were not working with it.

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