Our attention has been brought to one of the most popular sites (China-sinopec.company) doing rounds on forums like Beermoneyforum. The site is proclaiming that they are mining oil and giving returns of up to 500% in one day. This is clearly something worth investigating. If these crooks are not claiming to mine Cryptocurrencies, they talk about mining assets like oil and investment in the real estate sector.
The reason as to why China Sinopec Company is a scam is because the website plus the alleged company behind this operation is a copy-cat of a genuine company in China called Sinopec Group. By calling themselves China Sinopec Company and using a domain with those words written on it, the scammers are hoping to convince gullible internet users to part with money which they will ultimately lose.
So the first mistake here is that this scam is illegal using the name of another entity which is not related to them in any shape or form. The entity that is being copied here is called China Petrochemical Corporation.
They claim that China Sinopec Company is a super-large petroleum and petrochemical enterprise group that was established in 1998. The truth of the matter is that this domain was registered in July 2018 and not in 1998. The year of registration which they are talking about is the year that the genuine company which they are copying was incorporated.
The website claims that China Sinopec Company has a registered capital of 274.9 billion yuan. Again, we can confirm that these details are not accurate. These details closely match those of the company that this scam is copying.
In fact, every other detail of this website is a direct copy-paste of the details of the legit company which they are copying. Also, while they claim that China Sinopec Company appeared on the list of Fortune 500 companies in 2017, the truth is that this scam was not around at the time. So there is no way they could have appeared on the Fortune 500 list of successful companies. In addition to this, we realize that this information was directly copied from the site whose company is being copied here.
NB: Interested In Mining Bitcoin And Other Cryptocurrencies for Profit? Now, You Can Mine Better, Faster and Smarter for More Profits With The Ready to Use, "High Performance", and Approved IQ Mining BTC Cloud Service For Miners. With This Mining Service, You Will Get Up to 128% Yearly ROI from Mining Bitcoins Alone Without Having to Buy Any Expensive Mining Hardwares and Softwares! Not Only That, You Will Get Your First Payout In First Few Hours After Buying a Plan With IQ Mining. You’re Also Given a Dedicated Account Manager After You Buy A Plan Who Will Help You With the Best Pool Allocations and Account Setup Plans To Get the Most Out of Your Purchase.
So, can we say that China Sinopec Company is a scam? Yes of course. From the description of the company to the average daily returns which they are promising, this website is implying that they are scammers. Here’s more information about what is going on.
Note: You can mine altcoins with these legit companies.
The moment you come across a site that is copy pasting content or impersonating another company, it means that the site is not professional, and is clearly committing a crime.
Whereas the site is claiming that they are investing in the oil mining business, the fact of the matter is that China Sinopec Company is a ponzi scam and there is no oil business behind this operation. That should be quite clear based on their style of presentation which depict that they are operating a ponzi scheme.
We picked it up on a forum and analyzed user feedback to see if the site was truly paying the alleged daily returns. There are a few alleged users on that forum who are claiming that the site is paying and that others should also try it. The truth is that these people are misleading other internet users to sign up under their affiliates. The payment screenshots which they are providing and also fake as anyone can easily edit such photos with a photo editing software.
So basically we are saying that there is no proof that China Sinopec Company is paying.
One user was claiming that the site has paid them. According to the screenshots which they were providing to suggest that the site is paying, we saw something like $3.50 worth of Bitcoin had been sent to their Bitcoin address.
The thing is, even if this information is true, the fact of the matter is that they didn’t get paid the advertised returns according to the site. Even if they are paying, there is no telling when the site will stop issuing these peanut payments. Most ponzi schemes start out by paying a few cents to early users. However, as time goes and the owner is not able to sustain these small payouts, they will simply pull back and collapse the ponzi scheme because no funds are coming in and yet withdrawals are exceeding deposits.
Basically, when you participate in such a scam, you are stealing someone else money because you are waiting for them to deposit so that part of their funds can be used to pay you.
We strongly believe that it is such a big crime to impersonate another entity with the aim of defrauding internet users. By misleading gullible internet users to believe that China Sinopec Company is the company which they are impersonating, they are committing a serious crime.
We believe that China Sinopec Company is based out of China and if by any chance this is the case, then it is a serious crime being committed within the boundaries of China. This would mean that China Sinopec Company is not going to last any longer because sooner than later, authorities will zero down on the anonymous owner of the scam operation.
By the way, do you know why they are anonymous? It is because the entire operation is designed to scam you. It is not designed to issue any payouts except those which the owner of the site is using to allure more people into joining the scam.
China Sinopec Company is clearly a scam and you should never risk your money in such a website. Even though the minimum investment is quite small, don’t disregard the fact that these scammers are collecting small amounts of money here and there to enrich themselves and it counts whether you sent pennies or huge dollar bills. If you want to venture into the business of investing online, consider these sites.
Help Us Fight Scams. Please Donate to Support Our Work. No Amount is too Little or too Big. Thank You..
February 8, 2019 By Ghazanfar
The phrase ‘Necessity is the mother of invention’ seems true for Iran. This is because Iran has unveiled its own...
February 8, 2019 By Ghazanfar
In spite of long bear market, Bitcoin transactions per day are increasing. Today the level of these transactions has touched...
February 4, 2019 By Ghazanfar
Although bear market in crypto world is extending, yet many fiat currencies are facing the threat of destabilization. This is...
February 4, 2019 By Ghazanfar
In spite of mix signals from the cryptocurrency world about the future of cryptocurrencies, many countries are planning to test...
February 3, 2019 By Ghazanfar
The idea of Bitcoin adoption as an international currency is not at all new. Over the years, many financial experts...
February 2, 2019 By Ghazanfar
Bitcoin’s entry into the longest ever bear market in history is one of the most burning issues of today. The...
Valforex.com cannot be held liable for any damages incurred due to the usage of any information displayed on this website. The information and trading guides found on the website constitute the authors’ opinion only. Both Forex and Binary options involve high-risk and are not suitable for all investors. Either Forex or Binary options may not be legal in your jurisdiction. It’s visitors’ responsibility to make sure these entities are legal in their jurisdiction before engaging in trading activity… Read More