UNKNOWN

AUGUST 2020

GLOBAL

BANK OF TRON

DESCRIPTION OF EVENTS

"Bank of TRON runs automatically on the blockchain and its smart contract is uploaded to the TRON blockchain. No one is able to edit or delete the smart contract, nor influence its autonomous operation. The dividends are also automatically paid through the smart contract. Get 3.7% - 6.7% per day! Bank of TRON smart contract set 3 tiers of referral rewards, which are 5%, 2%, and 0.5% respectively. Moreover, the invitee can also get 0.5% of his/her own investment as rewards. The referral rewards are distributed to your balance automatically and you can withdraw at anytime."

 

"Bank of TRON runs automatically on the blockchain and its smart contract is uploaded to the TRON blockchain. No one is able to edit or delete the smart contract, nor influence its autonomous operation. The dividends are also automatically paid through the smart contract."

 

"Bank of TRON smart contract generates 3.7-6.7% dividends per day based on your investment and distribute your dividends to your balance. For example, if you invest in the 4.7% plan, then you will get over 100% of your first deposit in 21 days. The dividends generate every second and you can withdraw or reinvest your dividends each second. When you reinvest, the total investment would increase and you will get more dividends."

 

"Bank of TRON smart contract set 3 tiers of referral rewards, which are 5%, 2%, and 0.5% respectively. Moreover, the invitee can also get 0.5% of his/her own investment as rewards. The referral rewards are distributed to your balance automatically and you can withdraw at anytime."

 

"Mr. Charles A.K.A Dominus claims not to be the Founder of Bank of Tron. This may be true as the social media accounts connected to Bank Of Tron are just a few months old. However, he cannot possibly claim to not know those behind the scheme. Who hired him to be an admin on Bank of Tron Telegram group? Who made him the person to contact on the Bank of Tron Facebook page? The most likely options are he owns the scheme or he is among the owners or he knows the owners."

 

"Ponzi schemes have a perennial appeal; each time we see new iterations of the same old scheme: they promise high returns to investors and use money from previous investors to pay new investors."

 

"Recently, our intelligence team came across a few of these schemes in the cryptocurrency space. The first is called Bank of Tron [bank-of-tron.com]. It claims to be a platform for investing in the cryptocurrency TRON and is designed as a blockchain smart contract. The first thing that indicates this is a Ponzi scheme is the incredibly high profit it promises. Bank of Tron claims to be able to pay daily profits of 3.7% to 6.7%, which translates to 1,350.5% to 2,445.5% in a year!"

 

"Another sign that this is a Ponzi scheme besides the high profit is that Bank of Tron does not offer any product or service, so where does it generate the revenue to pay investors?"

 

"Bank distribute ous money back to us using a smart contract. The bank does not lend our money to anyone for profits. What the bank does is give our money back to us using the dividends plan we choose. And because each day people invest and reinvest aside withdrawing, there is money in the bank as always. We work as the traditional bank but in a different was. What [you] shoudl know is that, if there is no money in the bank, the bank can't work. It will not collapse either because [once] people start to reinvest again the bank will come back alive."

 

"A final point worthy of note concerning scams is that the creators like to remain anonymous. All the websites listed in this report do not have a contact address neither do they list the owners or operators. Poking around, we were able to find an email address listed on the Bank of Tron Facebook page." "By sending an email to the address provided on their Facebook page and reviewing the chat logs on the Bank of Tron Telegram group, we were able to confirm that the Admin “Dominus” on their telegram group is the same individual that owns the email address listed on their Facebook page."

 

"It's a scam site after taking people's money they migrated to another new bank of tron site that older users can't get access too... please dtop deceiving people take the site down the old one and please stop all these crypto ponzi. Scam everywhere pls don't fall victim guys..."

Bank of Tron operates as a smart contract which promises high returns to investors. However, there is no valid means of generating any profit, and so the scheme is doomed to eventually collapse when there is a shortage of new participants. It's unknown how much was lost. The website is presently offline, and there are online reports of failures to be able to get funds out.

HOW COULD THIS HAVE BEEN PREVENTED?

Having a simple regulatory framework can allow for legitimate firms to enter the space with minimal cost overhead. This reduces the legitimate perception of unreglulated firms, as the average user is no longer interacting and using unregulated firms. Increased education can be provided for new market entrants. Requiring 2 expert approvals of all new firms would easily prevent such schemes.

 

Check Our Framework For Safe Secure Exchange Platforms

Sources And Further Reading

 For questions or enquiries, email info@quadrigainitiative.com.

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