Last Updated on November 4, 2022 by admin
How the Companies Operated
My Bitcoin Research LLC and BTC Luther Ltd. operated by soliciting investments from individuals through the internet, email, and social media. The investments were made into a “trading pool” with a stated goal of earning a return through cryptocurrency trading. BTC Luther also had a presence on social media platforms Instagram and Facebook.
BTC Luther claimed their platform was “fully automated” and that investors could earn a daily return of 1%. My Bitcoin Research promised returns of 2.5% per day, guaranteed returns, and risk-free investments. In total, the two companies raised over $600,000 from at least 85 investors throughout the United States.
None of the investors have received any type of regular account statements detailing the status or value of their investment, nor have they received payments as promised. attempts to contact both My Bitcoin Research and BTC Luther by phone and email have been unsuccessful.
Warning Signs That These Companies Are Not Legitimate Investment Opportunities
There are several red flags that should have indicated to potential investors that these were not legitimate investment opportunities, including:
-Guaranteed returns are unheard of in legitimate investments
-Promises of above average returns should always be met with skepticism
-The lack of transparency regarding how exactly funds will be used or invested
-Unsolicited contact by an unknown entity seeking investments
If you believe you may have been a victim of investment fraud, please contact the Nebraska Department of Banking and Finance at 877-573-3439 or 402-471-3439. You can also file a complaint online at https://mycfoiowa.gov/.
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