After deceiving buyers for a big period of time with claims concerning SMS suppliers, COTP has lastly come clear and acknowledged that it has been unsuccessful. So, to some extent.
Earlier at present, COTP knowledgeable buyers that “hackers!” had stolen their cash and cheated them out of their funding.
Round Could 13, COTP started deceiving buyers with false data. The congestion on the TRON blockchain served because the justification for the choice to disable withdrawals. COTP slowed down with SMS failures shortly after it grew to become obvious that there have been no visitors issues occurring on the time.
In a nutshell, the buyers have been knowledgeable that the service was experiencing difficulties. Actually, COTP did nothing greater than delay delivering the SMS verification previous the time that had been set.
To withdraw funds from their COTP accounts, customers have been required to acquire these verification codes, which meant that COTP withdrawals remained inaccessible. This was used as an excuse for a substantial period of time, up till this morning, when COTP knowledgeable buyers about an tried hack that happened at an opportune second.
“We have been hacked on Could 22 at 11:05 p.m. native time in the USA and acquired a ransom electronic mail from an unknown hacker. The community that attacked us was unlawful.
In the course of the hack, data belonging to customers was misplaced, and because of this, the platform is now not functioning correctly.”
This can be a traditional instance of an MLM Ponzi scheme with an exit.
“We wasted no time in getting in contact with a well known community safety agency to research the problems that have been introduced on by the assault, and we’ve already begun working to retrieve the misplaced information.
It ought to take between 3 and 5 weeks to get higher.
Then, after “3 to five weeks,” one thing new comes up, or, if COTP’s web site continues to be round at that time, the “therapeutic course of” will likely be over for months at that time.”
Buyers have to be conscious that the COTP Ponzi scheme has been uncovered as a fraud. Your cash is gone, and there’s no likelihood that you’re going to get it again. This 12 months, COTP emerged on the scene as a multi-level-marketing (MLM) cryptocurrency Ponzi fraud. Even supposing the COTP web site wasn’t launched till the latter a part of 2018, buyers stated that the Ponzi scheme has been working since 2019.
As a result of it was initially led by an actor and inventory picture executives, COTP gave off the looks of being a Boris CEO Ponzi scheme. Nevertheless, the group was not managed by Russians. Con artists working out of Southeast Asia and calling themselves COTP tried to drag off a rip-off known as Boris CEO.
Utilizing the unique Ponzi’s backend platform, different clone Ponzis have been launched, the overwhelming majority of which have been unsuccessful as effectively (earlier than I might get round to reviewing any of them).
My concept is that Chinese language con artists with doable ties to Singapore have been operating COTP behind the scenes. They could have been based mostly there. The query of whether or not or not they are going to be capable of compete with the Russians within the actor CEO MLM Ponzi sector continues to be up within the air.
The COTP web site was inaccessible on the time of publication attributable to technical difficulties. It was a failure, and I am undecided if it is gone for good or not, but it surely wasn’t working.
In response to SimilarWeb, nearly all of customers who go to the COTP web site are from the USA (38%), adopted by Colombia (9%), the UK (5%), Australia (4%) and Nigeria (3 %).
We do not understand how a lot cash COTP buyers misplaced, until the regulators do one thing actually unbelievable.
Buyers in COTP have been required to provide a photograph ID earlier than initiating a withdrawal request. The failure of COTP could lead to stolen identities along with different sorts of losses, together with monetary ones.