Another Crypto Scam, iEarn Bot

The iEarn Bot App is a cryptocurrency trading application that promises investors substantial returns over a short period. The app operates in several countries, including Romania, Indonesia, Nigeria, and Colombia. According to an investigation by the BBC, the app places significant emphasis on urging investors to recruit more individuals to join the app.

The BBC obtained chat conversations where people claiming to be iEarn Bot’s customer service representatives informed investors that they could only withdraw their funds by paying a 30% fee. Local leaders in Nigeria and Colombia, who communicated with iEarn Bot mentors solely via Telegram, were pressured to organize recruiting events. Other users have reported that they cannot withdraw their funds from iEarn Bot’s App.

It looked quite professional until, at some point, they announced maintenance.” At that point, for some time, withdrawals from the app were frozen.

Roxana, one of iearn bot’s users tells the BBC

According to BBC, The iEarn Bot App scam is one of the most significant cryptocurrency frauds to date, leaving thousands of investors across the world with significant financial losses. Law enforcement agencies warn that such fraudulent activities are on the rise, and investors must conduct their due diligence before investing in any cryptocurrency scheme.

Despite repeated attempts by the BBC to obtain comments from iEarn Bot, the company has not responded.

In some nations, such as Nigeria and Colombia, iEarn Bot mentors – who solely communicated with local leaders via Telegram – pressured them to organize recruiting events.

Using the assistance of an analyst, the BBC identified a primary cryptocurrency wallet that received payments from approximately 13,000 potential victims, yielding nearly $1.3m (£1m) in profit in less than a year.