Ponzi schemes have a perennial appeal; each time we see new iterations of the same old scheme: they promise high returns to investors and use money from previous investors to pay new investors.
Recently, our intelligence team came across a few of these schemes in the cryptocurrency space. The first is called Bank of Tron [bank-of-tron.com]. It claims to be a platform for investing in the cryptocurrency TRON and is designed as a blockchain smart contract. The first thing that indicates this is a Ponzi scheme is the incredibly high profit it promises. Bank of Tron claims to be able to pay daily profits of 3.7% to 6.7%, which translates to 1,350.5% to 2,445.5% in a year!
Another sign that this is a Ponzi scheme besides the high profit is that Bank of Tron does not offer any product or service, so where does it generate the revenue to pay investors? ‘Dominus’ an Admin in their Telegram group provided the answer below:
The Admin stated that Bank of Tron redistributes money back to its investors. This is just a round-about way of saying profits are paid from other people’s investment. This admission clearly shows that Bank of Tron is a Ponzi scheme.
Apart from being a Ponzi scheme, there are other dangers that could be lurking that most investors may not be aware of. To illustrate, last year there was a similar website called Tron Bank which also promised to pay high dividends.
After Tron Bank operated for some months, it disappeared with all the funds of its investors. There have been accusations and counter-accusations on how this happened but a popular explanation posits that a backdoor was placed in the code of the contract which allowed all the funds to be moved.
The above incident highlights the added risk of investing in such schemes as very few investors have the technical knowledge to review the code of a blockchain smart contract to verify if they contain any backdoors.
Digging further, we notice that some other actors were cashing in on the popularity of Bank of Tron by setting up a clone of the site. Websites such as tron-bank[.]io and tron-bank[.]com are an exact copy of Bank of Tron but with a different smart contract address.
The latter domain; tron-bank[.]com redirects to another domain 250tron[.]com after taking the investor’s funds.
A final point worthy of note concerning scams is that the creators like to remain anonymous. All the websites listed in this report do not have a contact address neither do they list the owners or operators. Poking around, we were able to find an email address listed on the Bank of Tron Facebook page.
By sending an email to the address provided on their Facebook page and reviewing the chat logs on the Bank of Tron Telegram group, we were able to confirm that the Admin “Dominus” on their telegram group is the same individual that owns the email address listed on their Facebook page.
Mr. Charles A.K.A Dominus claims not to be the Founder of Bank of Tron. This may be true as the social media accounts connected to Bank Of Tron are just a few months old. However, he cannot possibly claim to not know those behind the scheme. Who hired him to be an admin on Bank of Tron Telegram group? Who made him the person to contact on the Bank of Tron Facebook page? The most likely options are he owns the scheme or he is among the owners or he knows the owners.
In conclusion, we advise you to not invest in Bank of Tron as there is a high probability of you losing your money.
32 Responses
Thank you very much for this wonderful article on bank of tron.
You’re welcome.
I really need this programme
Hmmmmmmmmm, such a bitter truth… I can only hope it is legit
Is bankoftron.net related to this scam?
Yes, bankoftron.net is a scam.
Thank you for this result. It awaken. I really appreciate so much.
Thank you for the update and result.
We really appreciate so much.
I already invested
What will happen now
Try pulling out your funds.
Please I can I retrieve my Tron back from the bank of tron. I need a your assistance
I had invested my trons,I was able to cash out once ,my 320 trons still there.please is there any means I can recover my trons?
Unfortunately, we don’t know the answer to that question. You should ask blockchain developers, they might be able to profer a solution.
I put 80 usd there and now I only have 5 in the wallet. I did it 3 days ago and now I’m not able to withdraw any TRX from the contract so I can tell my money is gone.
I just visited the Bank of Tron because I have few investment. With my surprise, I can no longer withdraw the dividends.
Since I read your article, it means the investment is gone with the winds.
Which legit platform do you advice we invest out trx
Thanks for the enlightenment but which other legit investment would you advise us to invest into?
You guys are doing a great job. Kudos!
If by ending of this month and I could not withdraw my invested funds those involve in this dubious act will blame themselves.
I was wondering what’s going on until i see people’s review here, i invested 80trons after making my profits, i wasn’t able to withdraw any thing does this really mean that the tronx is gone
Dear friends u can trust on street dog, u can trust on any poisonous snake but never ever trust on china and chinese products both are 110% pure scam…all the Chinese people are cheats and fraud including thier product TRON and tron bank bcz Tron bank doesn’t have 1 Tron also in their Tron bank wallet whatever u invested totally they transferred in their personal wallet…and whatever u seen that ur fund is growing that is just a timer nothing else. I lost my hard-earned money but pls u never give a penny to them.
I had already invested before seeing these 😔
I just invested 100usd
I just lust again.. oh my god!.. but thanks to good I was planning on investing 4000trx
thank God i only invested 20trx
Whoever fooling others, remembers dat, u are going to reap wat u soul, u ave wise n ur way today, but u are not going heaven with wat u gather with lies. “oun ti o fi eru kojo” … Is just 6feet, be waiting 4 God Judgement …u ave cheated innocent fellow… God will pay u back…
Until my friend told me he couldn’t withdraw from his account that was when I realized something funny is really going on but believe you that funny timer is still counting up till now and my investment was 400 trons now I have 620 to withdraw but I can’t
Thank you so much! I was about investing and felt I should check out the legitimacy. Am very grateful.
I’m unable to withdraw my trons what is wrong?
Hi
for last 3 months i cant withdraw or invest. Actually I invested small amount but my friends invested some more amount, i’m the one who recommeded this. Now they are asking, when will this issue be resolve. Please let us know…
Please do we still have hope concerning our investment in the bank of tron? Bcoz I invested huge amount of Tron there.
I see that Bank Of Tron is still around. The website is Bank-of-tronv2. Still offering high returns. Shameful!