LoanBit is the latest Ponzi scheme to enter and infect the Bitcoin community with empty promises of quick riches acquired through minimum effort. Hosted at loanbit.net, LoanBit portrays their operation as a mediator between small business owners looking to acquire loans and those who invest their hard-earned bitcoins into their operation. Claiming to generate unrealistic ROIs of at least 114% within 7 days are among a one of the few red flags we will address throughout our impartial and resolute review.
What is LoanBit.net?
LoanBit asserts their operation as a decentralized Bitcoin lending platform that grants Bitcoin loans to small business owners. Relying upon the deposited bitcoins of investors, LoanBit claims their investment capital goes towards funding legitimate businesses that are in need of a loan. Of course no mention of these business ventures is ever disclosed to the investors who are putting their bitcoins on the line, which raises some alarm in regards to what else LoanBit may be hiding from their generous investors.
According to LoanBit.net, they hate bureaucracy which is why they strive to deliver results in the shortest amount of time. Claiming to bridge the gap between small to medium business owners to Bitcoin users looking for an opportunity to earn from their Bitcoin investments, LoanBit employs a tactful marketing model which makes it difficult for inexperience cryptocurrency investors to turn down.
To generate a false pretense of increased credibility and legitimacy, LoanBit goes on to explain how their operation is registered in Australia under the corporate entity of LoanBit Proprietary Limited. While an ASIC Register report will verify that LoanBit Proprietary Limited is indeed a registered company under number 619 812 323, it by no means provides any justification or increased sense of credibility to the LoanBit operation like the operators behind the site would like for you to infer.
Promises and Features
LoanBit.net provides investors looking to have their bitcoins stolen with the ability to enroll in four plans. The loan period of your plan will dictate your daily interests returns along with a full return of your Bitcoin investment after your loan as matured.
Loan Period: 7 days
Daily Return: 2%
Gross Return: 114%
Loan Amount: 0.01 – 0.29 BTC
Loan Period: 14 days
Daily Return: 2.5%
Gross Return: 135%
Loan Amount: 0.30 BTC – 14.99 BTC
Loan Period: 21 days
Daily Return: 3.0%
Gross Return: 163%
Loan Amount: 15.00 – 49.99 BTC
Loan Period: 28 days
Daily Return: 4.0%
Gross Return: 212%
Loan Amount: 50.00 – 249.99 BTC
Can I Trust LoanBit?
Considering all of the information provided in this review coupled with the disturbing community feedback, there is no doubt in our minds that LoanBit is not a trustworthy operation. Just like most Ponzi schemes, LoanBit was initially paying their investors – no doubt to draw in new victims and earn more income – but as investor feedback will suggest this operation has stopped acknowledging all withdrawals requests for quite some time now.
An abundant amount of reviews have been published that are exposing LoanBit.net as a Ponzi scheme. Investors who have fallen victim to the LoanBit operation have rallied and reported neglect of withdrawal requests and blatant theft of deposited bitcoins.
Throughout the past few months, LoanBit was a relatively minor operation that barely received any traffic. According to SimilarWeb, loanbit.net has increased their global ranking 7 fold over the past month alone by paying traffic exchange sites to have their site featured and surfed by users who get paid to browse these sites.
Over 93% of the traffic that visits loanbit.net originates from adbtc.top, which is a known cryptocurrency traffic exchange site. These traffic exchange sites trick search engines into believing that paid advertised sites are receiving more traffic than they organically are obtaining.
The SimilarWeb global rank of loanbit.net as of November 8th, 2017 was 142,086, indicating it receives quite a few daily visitors. Most of them seem to live in Russia, Ukraine, Brazil, Vietnam and India.
LoanBit Review Conclusion
It is unmistakable that LoanBit is not a genuine investment opportunity for Bitcoin investors. For those of you who are determined to accrue profits on your established bitcoins, our best advice would be to hoard your bitcoins and ride the strong bullish trend that cryptocurrency investors have been relishing over the past several months.
Verdict: LoanBit is a SCAM!
Blacklisted Site: LoanBit.net
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