Coin Reverse Scam Offering Premium Rates for Your Bitcoins

Bitcoin.com_Scam Warning

When it comes to selling Bitcoin over the Internet, there are plenty of options at one’s disposal. However, it is important to keep in mind not all of the websites claiming to buy bitcoin are legitimate. Over the past few months, various platforms have popped up, all of which claim to pay above market price for your bitcoins. Needless to say, dodgy company information with PayPal payments and too good to be true rates make for a dangerous combination. One such site is Coin Reverse, despite their press release being published on Yahoo Finance.

Also read: These 3 Online Multiplayer Video Games are Embracing Bitcoin

Coin Reverse is Not What it Claims to Be

On paper, there seems to be nothing wrong with the Coin Reverse website. All of the details are very clear, as the company will buy your bitcoin at a premium rate. Furthermore, they offer convenient payout methods, such as PayPal and bank transfers, both of which make for smooth purchases. But this is where that illusion comes to an abrupt halt.

Although Coin Reverse has issued a press release that got picked up by Yahoo Finance through the Accesswire platform, this shouldn’t be interpreted as a sign of legitimacy. Anyone in the world can pay a few hundred dollars for a press release and have it picked up by these major news outlets.

The real problems arise when taking a closer look at the Coin Reverse website itself. At the time of writing, the site was inaccessible, as it had exceeded the allotted bandwidth. This goes to show the site owners bought one of the cheapest web hosting packages available through Web.com, in the hopes of running their platform without too much hassle.

However, the press release makes mention of information regarding the Coin Reverse CEO, Tom Juno. Unfortunately, there is very little to no information about this person available on the Internet, begging the question whether or not he even exists. The contact details, such as the address, does not check out either, as 1307 Broadway, 5th Floor belongs to Normandy Real Estate Partners.

To make matters even more interesting, the phone number provided at the bottom of every press release is registered to a person in Newark, New Jersey. However, a quick Whitepages search shows how this number is VoIP enabled and is not a landline number by any means. This may or may not be suspicious to some people, but these are all red flags to those familiar with these types of scams.

Last but not least, there is the WHOIS information of the Coin Reverse domain name itself. Or in this case, the lack thereof, as everything is protected by Privacy Guard. Plus, the website was created on January 20th, and the company started advertising their services two days later. Looks a bit suspicious, wouldn’t you agree?

Not the First or the Last Scam Site

Bitcoin has been attracting a lot of attention over the past few years, which unfortunately means internet criminals will try to lure in novice users looking to sell their digital currency. By offering a premium price and looking to buy very large quantities of bitcoin, sites like Coin Reverse are giving the popular digital currency a bad name.

“Any website that promises above market prices for you bitcoins is a red flag,” Christopher Hering, Crypto Coach at Bitshares Munich, told Bitcoin.com. “What makes these types of scams worse is that they reinforce the public’s negative view of Bitcoin. People must be made aware to stay away from these sites and only buy and sell their coins on a trusted exchange.”

It is not the first time such a website pops up, though. Just a few months ago, Miners Center was offering a very similar service of buying bitcoin at premium rates. Consumers should stay away from these sites at all times, as there is no guarantee of ever getting your money, either in Bitcoin or fiat currency.

Have you used other services similar to Coin Reverse? Let us know in the comments below!


Source: Yahoo Finance

Images courtesy of Shutterstock

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