19th March 2023 – (New York) A cryptocurrency trading app named iEarn Bot is believed to have caused one of the biggest crypto scandals to date, with thousands of people losing their savings. Customers, like Roxana from Romania, were promised high returns through the company’s artificial intelligence programme but withdrawals from the app were frozen after a period of maintenance, leaving customers unable to withdraw their money. The app is not isolated to Romania and is believed to have affected investors in other countries too.
It presents itself as a U.S.-based company with credentials from companies like the Massachusetts Institute of Technology and Huawei, but none of the companies listed on its website have any knowledge of the firm. Investigations reveal that the way iEarn Bot operates is more like a Ponzi scheme. Withdrawals have been stopped in some countries while the company transforms investment in USDT to a new coin called iBot. Despite warnings from law enforcement agencies about crypto scams, scams like iEarn Bot are still widespread.