Recently, there is a new Ponzi scheme discovered in Malaysia through the use of a service called iShareFans. A registered user will be able to earn income by completing social media tasks from different platforms such as TikTok, Instagram, Youtube, or Facebook.
It claimed that the revenue from iShareFans is from individuals and organizations which are willing to buy followers and likes. That is how they can afford to share the revenue with their users.
The catch is normal users have limited tasks to complete. They can upgrade their membership to gain more tasks and higher tier rewards. Furthermore, the service referral system allows users to gain more if they managed to invite other new users.
Such an issue is not new in the crypto community as well. There are plenty and active schemes like this plaguing the industry and giving cryptocurrencies an unpleasant reputation.
One of the controversial names recently making headlines is the BitClub Network mining scam. Plus, the infamous multi-level-marketing scam of OneCoin. They might look like an obvious scam at the textbook level, well it is.
The only reason these scams appearing here and there is because users being desperate and gullible. They should have invested that much money to educate their financial knowledge.
The Crypto Community Awareness
Throughout the years, the crypto community learned several painful lessons that the iShareFans victims should take note of for preventing the same loss in the future.
There is no easy money!
There is no easy way to obtain a large sum of money, especially without too much effort. There are ways to earn digital assets easily, but the rewards are tiny. We shared about it here.
Most of the no or fewer effort tasks usually will not grant users grand rewards.
The VIP status
There is nothing wrong with offering a different type of plans or packages for services. However, the main shady indication is the unreasonable amount it charges.
It looks similar to the ‘get-rich-quick’ scheme nonetheless. If a user has to pay a certain amount to earn more in an unrealistic time frame, it is a definitive red flag.
The ‘others get paid, how it is a scam?’
No one will doubt it when there are proves shown. There are two ways to look and understand here.
Firstly, there is a possibility that they are actors. The person could be an accomplice to persuade others. For example, there are shady groups in Telegram that promote different crypto schemes. For them to convince new users, there will be testimonies with screenshots from other users. However, it is arguable that these people are accomplices with edited screenshots.
Second, the typical method used in Ponzi schemes is the rolling capital. It is when scammers received money from victims and distribute it to other unsuspecting victims. So, the money gained by a victim is probably the money lost by another victim. Cunning, isn’t it?
So, please stay vigilant and always Do Your Own Research (DYOR). It is important to understand how certain things work and know where our money would go.
If one can spend thousands of dollars to reach VIP status, one should use it on regulated exchanges and let it grow for the future.