In this post, the next Scam of the month: Crypto Trading Bots show you the dangers of using these unreliable tools to generate you riches.
In fact, I will go one length further to expose a TikToker who tried selling me his so-called amazing auto crypto trader that he thinks is going to change the world and make you a millionaire blah blah.
So saddle up and get ready to learn some home truths about these crypto auto traders that will only leave you high and dry and clear out your bank balances quicker than they leave with your money.
![Tony’s Cash Bot Scam [FULL REVIEW]](https://darrenprotheroe.com/wp-content/uploads/2023/01/blog-post-banners-1-1-1024x576.jpg)
Here are some well-known facts about Crypto Trading Bots and how they can turn your investments into a pile of dust in just seconds for almost everyone who tries them.
Every time the cryptocurrency market is driven by bulls, more scam coins and schemes with unattainable returns start to appear.
Scammers, however, are increasingly using trading bots and phoney sophisticated trading tools to prey on novice traders.
The con artists claim that trading bots guarantee winning trades and no losses.
Many new crypto traders are losing money to scammers that promise to use these allegedly complex methods because the prospect of making consistently profitable trades or above-average profits is so alluring.
For instance, the brains behind the infamous Mirror Trading International (MTI) in South Africa were able to con thousands of investors by constantly assuring them that the business had a sophisticated trading bot conducting transactions on its behalf.
Key executives behind the company stuck to their trading bot story despite mounting evidence that MTI was a hoax.
However, the company collapsed when CEO Johann Steynberg mysteriously disappeared along with investor funds only a few months after regulators in the U.S. and South Africa forbade traders from participating in MTI.
As later investigations have revealed, the highly praised trading bot turned out to be nothing more than a ruse used to deceive investors.
Because MTI was never a true investment company, to begin with, it never produced substantial returns for its investors.
Similar claims were made by Africrypt, another bitcoin trading business based in South Africa, on the performance of their trading bot.
Africrypt, like MTI, crumbled when its two young directors vanished, though.
Preliminary research indicates that the trading bot narrative was once again just a deception employed to dupe unwary investors, even if inquiries into Africrypt’s collapse are still underway.
The Lure Of Crazy Returns Plays Its Part
Smaller crooks are also defrauding naïve and unskilled investors by adopting the trading bot narrative. Crypto Trading Bots are on the rise in 2023. So be very cautious indeed.
They achieve this by persuading investors to purchase trading software or bots that they represent as having the potential to produce profits in excess of 100% in a short period of time.
Social media platforms are frequently used by con artists to find their victims. Even after being warned, many unwary traders have fell for this.
Many more traders will continue to lose money to this type of scam as long as trading bot scammers are out there. This raises the issue of who ought to employ a trading bot.
How can one tell if a so-called trading bot is a fraud? Dmytro Volkov, CTO of CEX.io, was contacted by Bitcoin.com News to provide answers to these issues and more.
Volkov acknowledges in his written reply that some trading techniques do call for quick decisions and calculations. According to him, a trading bot is used to execute certain trading methods because humans are unable to do so.
Nevertheless, the CTO asserts that “the most successful trading techniques continue to require ongoing supervision and advice from experienced high-skilled human traders – quants.”
CASE STUDY: TONY's CRYPTO TRADING BOT
As the saying goes, there is always one born every day and that’s so true but unfortunately for them, I have been scammed enough to recognize red flags, false promises, and dodgy people.
So the other day I came across some dude on TikTok who sells his Tonys Cash Bot aka Power Of One (www.powerofone.uk) and all seems great at first at face value but then when you look at the person trying to sell it, alarm bells ring.
Recently, they suspiciously rebooted the scam by rebranding it with the Power Of One name. Yet if you look at the bottom of the site, it’s still the same scammer in the form of Anthony Davis and it states this in the copyright section below.
This person, a guy who goes by the name of Anthony Davis, maybe not even his own name, looks like some pot washer from London who speaks nothing but garbage about his trading bot.
Here are some of the red flags about this dude’s crypto trading bot that you need to see in order to avoid it at all costs.
- THREATENS ANYONE – who questions the validity of the program.
- SELLS VERSION 2 – when he realizes version 1 didn’t sell well at all.
- STOPS WITHDRAWALS – he has messed about with some of the mad people who have invested in this nonsense already.
- NEVER GETS BACK TO INVESTORS – You literally get zero support from him and his so-called support team.
- BANS YOU ON TELEGRAM GROUP – If he doesn’t like your questions he swiftly bans you from the group.
So based on the above red flags, this person is very
- DODGY
- UNINVESTABLE
- CLUELESS
- UNRELIABLE
- DELUDED
- UNSTABLE
- GREEDY
The price structure of this scammer’s crypto trading bot at $1340 (now reduced to $749 due to people waking up about this scam) is overpriced and in my view is just a simple money grab on that basis, I believe this program won’t last longer than a couple of months.
UPDATE:
They are now using a new TikTok channel having just been banned from the platform and they decided to rebrand by calling it Power of One thinking nobody will notice. As you can see from the screenshot of their new TikTok account, popularity is slowing down fast for their scam.
Plus, I have noticed all the nasty videos have been taken down. Hmmm, i smell something very fishy.
Just go watch the videos on these scammers’ TikTok and tell me, if this is someone you would trust with your hard-earned money?
Thank me later guys!
SCAM SCORE: 1/10
Welsh finance blogger who has been blogging since 2008 and finding the best ways to make money online and from blogs in almost every niche.