You are currently viewing Bitcoin loophole scam or legit?  /Case study/ |  by Viktor Osint |  Coinmonks |  Oct, 2022

Bitcoin loophole scam or legit? /Case study/ | by Viktor Osint | Coinmonks | Oct, 2022

At the time of filming the video and producing the case study from the previous post, the previous platform under investigation has been deleted. Why?

I think you can answer that question yourself.

In today’s post, we’ll look at https://bitcoin-loophole.io/.

Is this the next platform to beware of, or is it legitimate?

First of all, we should mark the name itself. That is the presence in front of future users. As we can see is not any kind unique. It is made of 2 parts — Bitcoin and loophole. What is concerning is the second word which is a synonym for “door in the law”/ “hole in the law”. We can mark it as the first red flag in our review.

Prior to investing/using any website services, you should familiarize yourself with the team of it. You can easily find them just using Google Search Operators. No kind of data could be found about them. No media presence too.

Keep in mind that any legitimate platform announces all its team such as developers, etc, and has a strong media presence (examples are Binance, Crypto.com, and ByBit)

Every founder of a platform, application, etc. has the freedom to choose the domain by himself. So probably your question is “then why should we check it”? As I mentioned in my previous blog post we should do our DDD (domain due diligence) using tools such as WhoIs and ScamAdviser.

What WhoIs research shows about the above-mentioned platform — anonymous owner, bought on 2 Sept. 20 using the Epik.com services, no contact details. The price was $33.33.

ScamAdviser on his own shows a low trust score due to red flags visible in the picture below.

Based on a review in Trustpilot could add an additional red flag.

After we review all the above-mentioned let’s step into the final steps for our decision steps. We should always read the content and try to notice as much as we can.

The homepage is “very poor” in terms of useful content — what we can see is just a sign-up form with an image on the left side. After using Fake news debunker (a useful extension for reverse image search) we can notice that the image has been downloaded from Google (“true measure of profit for business” is the original search string for finding the owner of the image).

Note that most of the sites with such a “style” of working “sign up and I will let you see further” are most likely scams.

Scrolling down we can see a Quick introduction on how to start — and there are the red flags. Remember the red flags from the previous post (direct (cold) calls, high minimum deposit) — so here they are. In order to start first, you should speak with a representative called by them licensed broker (remember that we did not find any information about the team), and the MINIMUM deposit is $250.

In the FAQs sections, we can see punctuation mistakes from the first sentence. Furthermore, on the “Is this legal in my country?” question, the writer gives wrong information — take your time familiarizing yourself with entities and regulations in the crypto sector. “Is Bitcoin Loophole a scam?” — none of the legitimate platforms will add such questions in the QA section.

The privacy policy of the site is as “poor” as the rest of the site content. None of the legitimate platforms starts by welcoming the users on the policy page (picture below). Just to mention that important information about the data collection is missing (compare with Binance privacy policy for example).

Based on the following red flags I would consider the platform to be a scam:

— Site name
— Missing team information about the team
— Whois/ScamAdviser/Trustpilot findings
— Minimum deposit
— Privacy policy and Web content

The full PDF report could be downloaded from my LinkedIn profile.

As always thank you for your time reading the case study.

If you stumble upon a platform you are not sure about — do not hesitate to contact me on my social media accounts above — I will be more than happy to help you!

New to trading? Try crypto trading bots or copy trading

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