As much as we’re all aware of the prevalent nature of scams on the internet, it’s an eyesore to see people fall for these things. But hey, people have to pay bills, even without holding down jobs.
The unfortunate thing about these scams isn’t the outrageous claims made, but the gullibility of the victims. It’s sad, yet annoying that people aren’t doing enough research before investing in scams.
Not all projects are scams. There are genuine businesses offering the public a small stake for much-needed funding. Yet, there are those projects with massive ROI that you have to look at twice to be sure you’re not dreaming. If it looks too good to be true, it’s a trap.
Then there’s the new school scam that has infiltrated blockchain and the digital asset arena. The technologies aren’t bad, but the dearth of regulation on there appears to spur these scams, letting them run riot on people. The unpleasant side of these scams dabbling into blockchain isn’t just limited to the misery it causes the victims, there is its blanket effect on the mass adoption of this blockchain and cryptocurrencies. This affects genuine projects as most never get the benefit of the doubt opportunity due to these scams.
The CryptoUnit project is one of such scams that has dragged the exceptional technological name of blockchain in the mud. Of course, the CryptoUnit project claims to offer real value to its participants, but this supposed value is mostly a façade just meant to mislead the gullible.
Let’s face it, humans are always looking for an easy way out. No one would do a thing if they can afford that life. And that’s why projects like CryptoUnit continue to thrive despite the numerous red flags.
While human nature creates the enabling environment for the CryptoUnit project to sow its seed of fraud, a hook or bait is always needed to make the kill. And that’s where the portfolio investment claims come into the picture. CryptoUnit promises its members the opportunity to enjoy tremendous proceeds from a diverse portfolio. The returns are often unbelievable, yet most don’t attempt to verify these claims before offering their money.
Even the worse criminals always try to muster some sort of defense, perhaps they might be acquitted of a crime they committed. And it works quite often – we have seen the worse criminals get a slap on the wrist or sometime in the sunset, regardless of their guilty status. So it’s no surprise seeing CryptoUnit Project trying to do just that since their past continues to hurt them through massive search engine queries like ‘CryptoUnit Scam’. The effrontery, right?
Andrei Khovratov, the fraudster responsible for the creation of CryptoUnit had come out with several PR hogwash in an attempt to launder the image of the project.
The scammer claimed CryptoUnit is a charity project that attempts to provide financial education to the public through the offer of courses on this subject. What he fails to mention is that interested persons are forced to buy CRU tokens, which are needed to purchase the courses. Please, how is this charitable cause?
Another defense put up by Andrei, the crook is that its CRU tokens will be available for purchase through an STO that follows the guidelines stipulated by the Securities and Exchange Commission of the United States. Yet, to this day, the STO hasn’t happened, while CRU tokens continue to be disbursed to deluded investors around the globe expecting to own some shares in assets scattered across different sectors. It’s a pathetic situation that needs to be dealt with decisively, else there’s going to a lot of mass suicides all connected to the CryptoUnit project.
The Way Forward
To stop the CryptoUnit project in its track, relevant government agencies have to step in. For instance, the SEC can try blacklisting the CryptoUnit project, so no one touches it even with a barge pole.
Then actual arrests have to be made. Andrei Khovratov should be given brought to book. His company, NEEW should be thoroughly scrutinized to find just how many people have suffered from the activities of these unscrupulous individuals.
While we wait for the slow but surely reaction of the government agencies, investors should always do their research before investing in anything, no matter how tempting the offers might be. Remember, Andrei Khovratov is still out there looking for his next victim; don’t add to the numbers.
I have written several articles and books about Bitcoin, Ethereum, Litecoin, Ripple, Monero and other popular cryptocurrencies. My work has been featured on major media outlets such as CNBC, Forbes, The Huffington Post, etc.