Funds Recovery - Scam Recovery company

About

This was a Ponzi scheme with a front as a cryptocurrency mining business. It operated from the end of 2020 till May 2021. The fraud incurred financial damages going up to millions of dollars.

Platform

The site stated that Watermine was a UK incorporated company. However, there was no actual proof behind it. There have been indications that the scammers might have been operating from India. Apart from the fraudulent info, there was no further information on who the CEO was or anyone who was running the company.

Watermine.io had a very appealing design and decent UX, giving it an air of professionalism and legitimacy. The site and the domain name are down.

How They Tricked Victims

Cryptocurrency trading and mining have made many people rich, and it seems that everyone wants to get in on the action. This is what the scammers were counting on. They presented WaterMine as an investment company dealing in revolutionary new technologies for crypto mining. This was probably misleading for many people, as there are various legitimate companies that offer crypto-mining services.

 

What set WaterMine apart from official businesses is the attractive offer that seemed ludicrous to miss. They offered 4 different ‘mining’ packages that enabled daily returns. The smallest deposit was $10 and the biggest investment was $2500. These offers used crypto jargon, like hash rate and SHA-256 algorithm miner, making it more believable.

Depending on the package the investments would yield from 2% to 2.6% daily returns. The numbers implied that an individual could have large gains after just 2 months. Additionally, WaterMine boasted referral programs. Members would get additional money if they would enlist new investors, and they would continue making a profit if those recruited would go on to enlist further.

Like any other Ponzi Scheme, the initial members were experiencing returns on smaller amounts, so they felt like the business was legit. They would get excited and invest more money, also encouraging their loved ones to do the same.

Collapse and Aftermath

 

In the period between late April and early May of 2021, Watermine reported a hacker attack. They contacted their investors and explained that they had taken security measures. As a result, the withdrawals had to be disabled and all the assets were frozen. Of course, this was just an excuse, and people quickly caught on. Soon after the site disappeared along with anyone culpable.

Old Scam new Cover

Just several days after the disappearance of WaterMine a new investment opportunity sprang into the world – King Finance Mining. The platforms were almost identical. They had the same presentation and design and they offered identical investment packages. The scammers behind it just tweaked the text a bit. King Finance Mining was also quick to vanish into thin air with people’s money.

If you or someone you know has been the victim of the WaterMine and King Finance Mining Ponzi schemes you should know that there are actions you can take. Contact us for a free consultation, and make a first step towards retrieving your money.

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