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EliumCoin Review Update: Another crypto scam that stole from hundreds of naive investors.
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There are many Crypto currencies that claim to run on blockchain with the intention of revolutionizing the industry in general. But one thing you have to know is that all these coins do the same thing. That is, the work like any other Crypto currency. There is no revolutionary element behind these coins. Therefore, before you invest in any of the coins which are being touted on the internet, you need to think long and hard especially if you are planning to invest a large amount of money.
Having said that, we want to analyze EliumCoin in details to help you make an informed decision. EliumCoin website tells us that the site has introduced a coin whose mission is to help us send money across borders without paying exorbitant fees the way we do at the moment.
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EliumCoin has created their own wallet and an internal exchange. This setup is supposed to ensure that users can conveniently exchange their coins into usual Crypto currencies like Bitcoin and Ethereum. The site claims that this is also to enjoy flexibility in the financial system. EliumCoin allows users to transact directly with one another without incurring banking fees. EliumCoin functions like any other Crypto currencies. It can be used to buy and sell across the borders at a cost effective manner.
The site also tells us that unlike Bitcoin whose transaction in the blockchain can take up to 45 minutes to be confirmed, this one takes up to 30 minutes. That is apparently one of the advantages that EliumCoin claims to have over BTC and other Crypto currencies.
EliumCoin can also be used as a micro tipper, contract, will, crowd funding platform, futures market among other uses. This means that the coin’s function have been extended beyond what Bitcoin is currently doing. This makes the coin quite attractive indeed. Even before some people can do their research on the coin, they will be tempted to pour money into the project because clearly the idea behind it sounds attractive.
EliumCoin is the property of a company called Quantum Invest Limited. This company is allegedly located in Ajeltake Island Road, Mauro, Marshall Island. The company, however, does not allow residents of certain jurisdictions. These include Iran, Iraq, Libya and Kenya.
The site has also created a support email address at [email protected]. This can be used to establish contact with the company’s representatives in case they want to discuss more. We have also checked their domain details and discovered that it was created in 18/12/2017. Apart from that, the domain is going to expire in exactly one year from now. However, there is no information about the countries which send the most traffic to the site.
In the EliumCoin website, there are a few testimonials from people who have allegedly used the service and are enjoying it. There are photos and texts alongside those photos. However, it is impossible to establish the identities of these people. So we don’t know whether or not the site is using stock photos. It is suspicious to find that all testimonials published on the site are favoring the service and there are no profiles to trace these individuals. So this could mean that the testimonials are indeed fake. They were probably edited by the owner of this site and not the users of their service.
In addition to this, we were not able to find any other testimonial out of this site. The only testimonials we find were published on this site and nowhere else. Again, this proves that the site is shady and is not telling us the truth. They are only using stock photos to fool investors or even prompt them to invest in their coin. This is a dangerous thing and will always backfire on their faces.
The website of EliumCoin educates the user on what Crypto currencies are and how to avoid falling into the hands of a fraud. The site also informs us about how fraudulent Crypto exchanges are working and how they defraud internet users of their hard earned money.
Other than explaining how fraud involving Crypto currencies work on the internet, the site is also educating on phishing scams. The site even features some common ways to avoid falling into these traps. One article that has been featured on this site was written by Steven Bnehko. The article first appeared on a site known as Coin Central.
This is just basic education about how to protect yourself from scammers. Their KYC documents are also pretty standard. The site verifies accounts by allowing users to upload copies of their IDs and other relevant documents. When an account has been verified, it means the user can qualify for higher withdrawal limits.
Currently, there are no serious complaints against them. We do believe that it is still very early to make judgement just yet. We might have to wait for a little bit longer to see whether any serious complaints will arise. If that does not happen, then we can give the green light. At the moment, we cannot rush into making any decisions. It can be risky. We will not send it into our blacklist the way we have done with similar sites just yet.
However, the site has surprised us because they are accepting deposits and withdrawals in PayPal money. Most of the time Crypto currencies don’t mix with PayPal. So this is a sign that the company is probably headed in the right direction.
As always, our advice is that you should practice some patience. EliumCoin has a purpose behind the coin which they want you to buy. The problem is that there are hundreds of similar coins which aim to change this industry. You should therefore avoid blind investing at all costs. It can be costly.
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My brother sent them about $2,000 and then they threw in like $2,000 but said to withdraw he’d have to reach the $10,000 level. It went on and on like this and he’s sent $50,000 or more but still can not withdraw. Total scam.
Same thing happened to me. I have deposited $92,000 in Bitcoin. However, they locked my account and will not allow me to withdraw. They asked for a ransom payment of $16,000 to unlock my account. Although, I don’t dare sent it because I already know that would increase my total loss from $92,000 to $108,000.