The world of cryptocurrencies, known for its anonymity and lack of regulation, provides a fertile ground for scammers. In recent times, BrokersView has received numerous complaints about a scam platform called MBBO.
MBBO has its own tactics to lure individuals into sending money to them.
Initially, scammers reach out to their targets via WhatsApp, offering tempting job opportunities. Victims are then invited to join a Telegram group to fulfill various tasks, a mix of subscribing to YouTube channels and other financial missions. To build trust, managers even proactively give them some money at first. The first several tasks will bring victims promised returns, motivating them to continue.
Then victims are directed to open an account on the MBBO website and transfer funds to a specified bank account as required. And the nightmare investment tasks begin.
Each level of these tasks entails a specific sum of money and promises incredibly high returns. Investment returns are based on how much you deposit. However, as victims advance to higher levels, meeting the financial requirements becomes increasingly daunting. Tasks of higher levels require substantial payments that victims can't afford.
Here's where the fraudsters reveal their true colors. If victims want their commissions, fraudsters refuse to repay unless victims continue with yet another task. If victims decline to continue, they lose the funds they have invested and are removed from the Telegram group.
As for the money supposedly held in the MBBO account, it is nothing more than a fictitious number. Consequently, victims discover that they are unable to withdraw a single cent.
This shady platform frequently changes its domains. It started with mbbo.vip and now operates under mbbo11.vip (registered in August 2023, only a month old). This strategy helps them dodge potential regulatory actions while severing connections with their victims.
When it comes to the physical address, MBBO seems to be keeping it a secret, indicating that the owners of the site do not want to reveal their real location. Instead, they vaguely claim to have their headquarters in Singapore and offices in the US, South Korea, and Hong Kong. However, they aren't registered with the financial regulators in any of these countries.
MBBO flaunts the MSB license issued by the Financial Crimes Enforcement Network (FinCEN) to highlight its security. However, the MSB license is meaningless. It is neither a certificate of legitimacy, nor an endorsement of the business. What's more, it is unclear whether MBBO is related to Coinftx, the MSB number holder. Put simply, MBBO is an unlicensed digital asset exchange.
(MBBO's Alleged MSB License & FinCEN's Statement About MSB Registration)
The Securities Commission Malaysia (SC) has added MBBO to its warning list for operating a digital asset exchange without proper registration, a move substantiating the platform's fraudulent nature.
It's crucial to exercise caution when confronted with unsolicited job offers or investment opportunities via messaging apps or social media. Always verify the legitimacy of companies and individuals through official channels.
Regarding cryptocurrencies, investors are advised to exercise extreme caution as it is a worldwide regulatory headache. In case of any violations, traders may find it impossible to recover their funds or seek compensation.