The website Treasureboom.com solicits funds from members of the public while claiming to invest them in Bitcoin mining rigs which are then used to generate revenue for all members. They claim that the reason as to why they are soliciting funds from internet users who are interested in investing in Crypto currencies is because setting up and maintaining mining rigs is costly, and they need to find a way to fund the project. They have now rolled out investment plans for the purpose of funding the project where investors can purchase ”packs” to automatically earn profits. There are 4 investment packs in total with a minimum deposit requirement of $1,000. These packs are supposedly generating revenue from Bitcoin mining. However, the ultimate plan requires a minimum deposit of $15,000 and promises a 100% return after a period of 24 hours.
We are already suspecting that this is a fraud because Treasure Boom exhibits the kind of characteristics which are commonly found in scam Crypto currency websites. These sites lure victims into sending them Bitcoins by claiming that these funds will be invested in mining rigs. But the truth is that a thief is only lying somewhere waiting for naive investors to send funds so he can spend them. Treasure Boom is definitely run by a thief, and we have good evidence and logic to prove so. The moment someone asks you to send funds with the intention of investing in packs, you should realize that the person in question is not mining or trading Crypto currencies but simply asking you to participate in a ponzi scam or something worse. When we look at the daily returns that Treasure Boom is promising, we realize that these returns are exaggerated and cannot be earned through the usual Bitcoin mining that we all know.
The site is ignoring the fact that mining difficulty together with the price of Bitcoin and other Crypto currencies have been facing challenges lately. Mining difficulty is rising and prices are dropping. We could still earn good profits if we capitalized on these professional cloud mining services. However, majority of the sites that claim to mine Crypto currencies are just a total waste of your time because they do not really mine.
The site provides a phone number, an email and a contact form for purposes of communicating with prospects. They claim to be based in LouisvilleVKentucky,USA. There is no specific physical address that was provided to help us locate the exact position of their establishment. However, one thing is clear. If they are based in the US, then the SEC requires that they register their securities because what they are offering is a financial or investment service that is categorized under securities. There is no way they can continue to offer the alleged service while not breaking the law.
With regards to the ownership of Treasure Boom website, we feel that there is lack of transparency as the owner or the people in charge of this site are all anonymous and mysterious. They claim that the site works with experienced traders who diversify risks by studying the Crypto currency markets and assessing how funds can be wisely invested and protected.
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While they claim to be traders, there is no evidence that any form of trading is taking place on this website. In addition to this, there is no evidence of mining rigs anywhere on this website. These two areas are being used as an excuse for collecting funds from naive internet users who might be fooled to think that Treasure Boom is a legit investment operation. The truth is that if they were traders of Crypto currencies, they would have provided all information that is necessary to prove so. The same case applies to their so called Crypto currency mining pool. We don’t believe these stories for the simple reason that Treasure Boom has not provided evidence to support the claim that they have a Bitcoin mining pool. What they have done is to make those proclamations on their website but nothing more.
We have already seen that this asset management service is a fake one. There is no Forex and Crypto currency trading behind the curtains. They also claim to have traded for 10 years but this claim too cannot be verified because the website does not have proof of this as well. Anyone who has traded for 10 years should be able to produce their broker statement or even share their performance with prospects on Myfxbook.com. But this isn’t the case for Treasure Boom and yet the scammers still need a minimum of $1000.
The site does not address the safety of members investments because what is contained in their FAQ is how the site is protected against DDOS attacks. This is a lame excuse and a trick to divert attention. The site is simply asking for too much money and the naive investor who will end up trusting Treasure Boom will lose their funds.
If they are based in the US, they are required to register their service as a security. But this is not the case, and we are also not even sure if this is an operation that is based in the US. All in all, if they claim to be based in the US, the SEC requires them to register their securities before they can offer them to the public. Treasure Boom has not done so, which again confirms that this is a fraud.
The bottom line is that this site cannot be trusted for mining or trading since there is no evidence of these two activities taking place. Treasure Boom resembles a ponzi scheme where investors are tricked into sending money and paid minimal returns before they can be scammed altogether. This idea should be outdated this year. If you plan to start investing in Crypto currency trading, we advice that you use these Crypto currency trading bots and nothing else.
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