HotNews No 112: Another Crypto Pyramid Scheme – Beware of Golden Tech Consulting
Lately, we have been seeing an increasing number of fake crypto investment platforms promising quick and easy profits. One such scheme is Golden Tech Consulting, which operates as a classic MLM pyramid scheme.
How Does the Scam Work?
- No real product or service – Members don’t buy any actual product or service; instead, they pay a $50 cryptocurrency membership fee to access the system.
- Earnings come solely from new recruits – Participants must invest an additional $80 to $1,200 to “participate” in the program, while recruitment of new members is the only way to generate earnings.
- Hidden ownership – Golden Tech Consulting does not disclose who runs the platform. It is officially registered in Delaware, but the provided address belongs to a virtual business address provider, meaning the real owners remain hidden.
- Suspicious origins – Analytics show that 95% of the website traffic comes from India, suggesting that the fraudsters are either based there or have strong ties to the region.
Why Is This a Scam?
Golden Tech Consulting is a typical pyramid scheme, where new participants fund older ones, and once recruitment stops, the system collapses. Those who join last lose their money.
How to Protect Yourself?
- Never invest in companies that don’t disclose their owners.
- If earnings depend on recruiting new members, it’s a pyramid scheme.
- Be skeptical of investment opportunities that guarantee profits.
If you have been targeted by this scam or have already invested money, contact us to discuss possible legal actions.
Your DefendMe Team