Coinnet.info Review Scam or Legit Bitcoin Mining Beware!

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Coinnet.info Review: Scam or Legit Bitcoin Mining? Beware!

Coin Net Mining Review: Scam or legit? coinnet.info claims it could make you good profits from bitcoin mining. How true is this? You may have come across many systems on the internet promising you quick fortunes, the truth is that majority of them turn out to be scams. In this review of coinnet.info, we provide you information based on our investigations and user experiences to help guide you make the proper decision.

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What Is Coin Net Mining

Coinnet.info is allegedly a cryptocurrency mining venture that offers astronomical ROIs for a 1 month investment. According to the information on their web page, they have over 21,200,000 transactions, with almost 2 million investors. They are allegedly registered in the England with the following number-6383421.

Is Coin Net Mining Trustworthy

From our investigations, we are convinced beyond doubt that Coin Net Mining is not a place for you. First and formost, the returns they offer is quite ridiculous. Below are other reasons why you should stay away from Coinnet.info:

  • The company number provided is that of another company located in China- Coin Net, and has no relation with Coin Net Mining.
  • They are an anonymous lot. After thorough investigation we couldnt find out who is behind this platform.
  • They have no physical address with which they can be reached.
  • Report of Theft- A lot of customers have made complaint on how they were scammed in this platform.

OUR VERDICT- SCAM ! Stay Away from Coinnet.info

Conclusion

Everyday we get complaints of people been scammed. Most people fall for these schemes because of the sweet promises of making huge profits within a short time. On a serious note, legit systems exists but scams are very very numerous. So you need a guide to help you make a good decision. We have made it our duty, by exposing scams.

Our Recommendation

They are lots of online investment opportunities which could fetch you money and give you a good Return On Investment. We constantly search them out to guide our readers so they don’t fall for scams. Always feel free to interact with us in the comment section.

Coinnet.info Review – Investor “Scammed out of $40,000!”

After receiving correspondence from a day trader who lost over $23,000 to the slick operators behind the scenes of Coinnet, we knew it was time to investigate into this shady investment operation.

Coinnet, hosted at Coinnet.info, is a highly deceptive Bitcoin mining scam that promotes highly unrealistic income guarantees for cryptocurrency enthusiasts who are looking to make money online.

Projected monthly ROIs with Coinnet start at 300% and require a minimum deposit of $500.

To find out more regarding Coinnet and WHY you should AVOID this dangerous cryptocurrency scam, we invite you to read our factual and comprehensive review below.

What is Coin Net Mining?

Coinnet is presented as a legitimate cryptocurrency mining venture that offers astronomical ROIs for a 1 month investment.

During the time of writing this review, Coin Net Mining allegedly had completed over 21,200,000 transactions to date while catering their platform to over 2.2 million investors world-wide.

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To add to their bold claims, Coinnet.info states that they have been online for 7 years and have 2 mining farms to date.

Below are the 2 investment packages currently offered at Coinnet.info:

Regular Package

Return: 300%

Duration: 1 month

Investment: $500

Premium Package

Return: 500%

Duration : 1 month

Investment: $2,500

Bitcoin, Ethereum, Bitcoin Cash and Litecoin are the only accepted payment forms available at Coinnet.info.

Who is Behind Coinnet.info?

According to their FAQ, Coin Net is a private mining company that operates with the AntMiner S9 and with the “best BITCOIN MINING POOL.”

The only way to reach out to the operators behind Coinnet would be through [email protected], [email protected] or [email protected]

No reference to a physical address, telephone address or verifiable ownership information can be found at Coinnet.info.

Disclosed in the footer of their site is a vaguely uploaded image of a company document that allows people to make out that Coin Net Mining (the alleged company behind coinnet.info) is a registered company for England and Wales which can be verified through Company Number 6383421.

However, when you search this corporate entity across UK business registers, the entity does not appear to exist.

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Domain Insight

Coinnet.info was registered on November 13th, 2020 by the organization Coin Net, which is based out of Shangai, China.

What we found suspicious would be why Coinnet.info only makes reference to “Coin Net Mining,” not solely Coin Net.

We tried searching Coin Net Mining along with their alleged company number of 6383421 across search engines, but we were unable to find any matches verifying the legitimacy of “Coin Net Mining.”

Coinnet.info stated that they supported over 2 million investors, yet their site failed to secure any web-rankings, which likely indicates that their site actually receives little to no traffic at all.

Coinnet Scam Complaints

Coinnet.info does not reflect much of a presence across the web, which could be why their misleading Bitcoin mining scheme may be lasting as long as it is.

Our attention wasn’t drawn towards Coinnet until one of our readers reached out to us to share their experience and asked us to warn the public.

Attached in the image below is a copy of the email with the day traders experience.

Red Flags & Question Marks

Lack of Transparency

Before you invest you should always know who is at the helm of the venture in case things don’t go according to plan .

Coinnet.info only refers to “Coin Net Mining,” yet research indicates a different entity of Coin Net to be the existing entity.

They state they are a UK based corporation, yet our investigation quickly debunked that, while their site failed to provide any verifiable forms of contact such as a physical address or something as simple as a telephone number!

Unrealistic ROIs

The return-on-investments asserted by Coinnet are completely unrealistic.

Claiming that you can generate returns of 300% to 500% within a months period is absolutely ludicrous, even if it is generated by “Bitcoin mining” done by Coinnet.

No reference to the location of Coinnet data centers are shared, what a surprise.

Report of Theft

The only community feedback that is available regarding Coinnet would be from a day trader who suffered serious financial loss at the hands of Coinnet and their slick account managers.

Why invest into a platform that is not only shady but unverified across the community?

Is Coinnet.info Trustworthy?

Coinnet is certainly not a trustworthy Bitcoin mining operation.

Coinnet.info Scam Ruling

Coinnet is a classic example of a cryptocurrency scam targeted unsuspecting Bitcoin enthusiasts.

Allegedly functioning as a private mining company, Coinnet is built upon fabricated lies which quickly unravel when you connect enough dots.

Don’t believe the promise of rich reward through minimum effort, remember if it sounds too good to be true then it probably is!

Verdict: Coinnet is a SCAM!

Blacklisted Site: Coinnet.info

We invite you to share any experiences, insight or feedback you may have below!

Beware this ‘celebrity’ bitcoin scam

Losses of up to £200,000 are being reported by victims of a sophisticated global investment fraud

Criminals are exploiting trusted global websites to post fake celebrity endorsements for cryptocurrency, in one of the most prolific internet scams Which? has seen.

Victims of a prolific bitcoin scam are reporting individual losses of up to £200,000 after following links on AOL, MSN, Yahoo and Facebook.

Which? has spoken to dozens of people who’ve encountered the scam – which falsely claims celebrities have backed a bitcoin investment scheme – while browsing legitimate sites.

In many cases, the fake advertorials are convincingly designed to look like pages from the BBC or Mirror websites.

Read on to find out how the scam works, how to avoid falling for it, and why Which? is calling time on legitimate sites hosting dodgy links.

Celebrity ‘endorsements’ used to ensnare investors

Celebrities used in these fake advertorials include Deborah Meaden and Peter Jones from Dragon’s Den, Ant McPartlin of presenting duo Ant and Dec, billionaire businessmen Lord Sugar, Sir Philip Green and Sir James Dyson, presenters Simon Cowell and Holly Willoughby, and former Love Island contestant Charlie Brake.

To be clear, none of these celebrities are responsible for the fraud, but their images and reputations are being ruthlessly abused by organised scammers.

We’ve found countless variations of the scam still live at least three years after it first surfaced, but most of them proceed in a similar way.

How the scam unfolds

Imagine you’re browsing AOL.co.uk. On the sidebar you spot a picture of Dragons’ Den star Deborah Meaden, with a black eye.

There’s nothing obvious to suggest it’s an advert – it looks like an image from a legitimate news story.

Clicking on it takes you to a news story on a third-party page, which seems like a respectable news site for investors. It describes how Meaden and her fellow dragons were impressed with a bitcoin investment scheme on an episode of the show.

The strange photo of Meaden’s black eye is forgotten as you read how the dragons chose to invest and reaped the financial rewards. At the bottom of the page is a web form where you can express interest in joining the investment scheme.

Heeding the warnings that the scheme will soon close to new investors, you submit your name, email address and phone number.

The buy-in

A short while later, you receive a phone call from your ‘investment manager’. She or he encourages you to make a surprisingly modest initial investment to purchase £250 worth of bitcoin.

By email you receive a link and login details to the ‘trading platform’ where your bitcoins are being held. Over the coming weeks the value of your bitcoin holdings appears to increase, and your investment manager calls you frequently, encouraging you to buy more.

When you refuse to pay anything further and mention that you’re thinking of cashing out, your investment manager releases £40 to your bank account so you can ‘enjoy the profits’. Reassured, you carry on investing.

Months later, you’ve sunk £5,000 into the scheme – although your bitcoins are valued at £50,000 on the trading platform.

Now you decide it’s time to enjoy your returns, so your manager directs you to deposit their commission – a further £5,000 – into a bank account and await a phone call releasing your funds.

That call never comes.

This was the appalling experience of one Which? reader, who has asked to remain anonymous.

The scale of the problem

We’ve obtained exclusive data from police fraud reporting centre Action Fraud, which shows the huge scale of the problem.

There were 1,560 cases of cryptocurrency investment frauds reported in the first six months of 2020 alone. In the same period, there were 212 reports of investment fraud where celebrity endorsement was specifically cited by the victim as an enabler of the scam.

Action Fraud is a self-reporting tool now no longer used in Scotland, so it’s likely that these alarming figures are in fact underrepresenting the scale of the problem.

What is bitcoin?

Bitcoin is a cryptocurrency – a form of digital money which can be bought with other currencies, traded for them and (where retailers accept it) used to buy goods and services. Cryptocurrencies such as bitcoin run on a technology called blockchain – essentially a huge online database of transactions.

Blockchain’s great strength is that it’s considered unhackable. This is because rather than transactions being recorded on a traditional centralised database which someone could manipulate, they’re recorded and updated in many locations simultaneously.

Bitcoin is far from the only cryptocurrency to be targeted by scammers. In July 2020, we explored the sometimes murky world of ‘initial coin offerings’. Unlike bitcoin, which has achieved some respectability and is accepted by some retailers, there is no guarantee that investors will be able to spend these newly established cryptocurrencies anywhere.

How to stay safe

This scam proceeds along classic psychological principles – appealing to authority (using celebrities and trusted sites), starting out with small demands (£250) before gradually escalating and releasing a nominal sum to trick you into thinking you can get the rest.

All the traditional investment advice applies. Be extremely sceptical of grandiose claims, and seek advice from a financial adviser registered by the Financial Conduct Authority if you’re not sure about something.

Novice investors should consider traditional investments first and aim to build wealth gradually through a diversified portfolio.

The websites respond

We’re extremely concerned to hear reports of legitimate websites serving up scam adverts – some of them in recent weeks – and we put our allegations to them.

A Facebook spokesperson said: ‘We don’t tolerate fraud on our platform, which is why we’re taking action to stop scams wherever they appear. We have donated £3m to Citizens Advice to deliver a new UK Scam Action Programme, and we have created a new scam ads reporting tool on Facebook in the UK, supported by a dedicated internal operations team.

‘If people see something on Facebook they think is a scam, we urge them to report it by clicking on the top right of any ad they see.’

A Microsoft spokesperson explained that ‘the issue of “ad cloaking” is a challenge across the online advertising industry’ and that Microsoft is ‘working…to address the techniques scammers use and detect, block and remove advertisements more effectively.

In the meantime, we urge customers to remain vigilant and only engage with brands they trust and recognise.’

A spokesperson for Verizon Media, the parent company of AOL and Yahoo, told us: ‘Deceptive and misleading ads are not acceptable, and we expect our partners to comply with all laws, regulations and our policies.

‘We will take action to block ads in violation of our policies, as well as bad actors who work to circumvent our human and automated controls.

‘We have a new, simplified AdFeedback reporting tool for our users to identify anything they believe to be “misleading or a scam” through a simple thumbs up, thumbs-down icon on ads served through our platforms that is rolling out now. Our teams will remove any ads identified and confirmed as such.’

  • The full investigation appeared in the December issue of Which? Money magazine. You can try Which? Money today for just £1 to have our impartial, jargon-free insight delivered to your door every month.
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