Thousands may have fallen for Crypto trading app scam

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iEarn Bot claims to be based in the US (Pic­ture: Getty)

Anoth­er cryp­tocur­ren­cy trad­ing app may have lost thou­sands of peo­ple their hard-earned sav­ings, it has been reported.

In cor­po­rate terms, iEarn Bot told cus­tomers their invest­ments would be han­dled by the arti­fi­cial intel­li­gence pro­gramme, guar­an­tee­ing high returns.

But experts who have inves­ti­gat­ed com­pa­ny, which claims to be based in the US, say it could be one of the biggest cryp­to scan­dals to date.

Rox­ana – not her real name to pro­tect her iden­ti­ty – from Roma­nia, told the BBC she lost hun­dreds of euros when she invested.

She said: ‘I invest­ed in a bot for one month. You could see in the app how many dol­lars the app was cre­at­ing: there were graph­ics show­ing how the invest­ment was progressing.

‘It looked quite pro­fes­sion­al until, at some point, they announced maintenance.

‘Some peo­ple start­ed to say “I can­not with­draw… what is hap­pen­ing”. I made the request to with­draw and the mon­ey just disappeared. 

‘The port­fo­lio became zero. But I was not cred­it­ed on my wal­let with any money.’

Dig­i­tal cur­ren­cies have a track record of boom and bust cycles, and with 2022’s fall of Bit­coin, the mar­ket is becom­ing more volatile.

But trad­ing remains pop­u­lar, with peo­ple often promised large rewards over short periods.

What hap­pened to peo­ple Roma­nia is also not an iso­lat­ed inci­dent. Sil­via Tabus­ca, a Roman­ian organ­ised crime expert from the Euro­pean Cen­ter for Legal Edu­ca­tion and Research, began look­ing into iEarn Bot.

She dis­cov­ered that many peo­ple in oth­er coun­tries had also lost their mon­ey in the scheme.

The com­pa­ny claims they have 800,000 cus­tomers. After join­ing, the app works ‘very well’, Ms Tabus­ca said.

‘When they have enough investors and enough mon­ey invest­ed in a spe­cif­ic coun­try, they don’t allow that coun­try to with­draw any more – and they open oth­er coun­tries,’ she added.

Look­ing at iEarn Bot’s web­site, there are a num­ber of red flags. On the web­site, the com­pa­ny does not pro­vide any con­tact information. attempt­ed to con­tact the com­pa­ny through its auto­mat­ed mes­sag­ing fea­ture, but there had been no response.

The Mass­a­chu­setts Insti­tute of Tech­nol­o­gy, along­side com­pa­nies such as Huawei and Qual­comm, are all named as ‘strate­gic part­ners’ of iEarn Bot.

But they told the BBC they have no knowl­edge of the com­pa­ny and they are not work­ing with it.

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