In recent months, there has been a disturbing rise in cryptocurrency scams, with one of the most prominent new scams being Rockchain FXC.
This fraudulent firm has been preying on unsuspecting individuals through enticing online advertisements and aggressive marketing tactics, to encourage new investors to their platform. In this article, we will explore further into the RockchainFXC scam, the warning signs of the scam, and what to do if you have fallen victim.
What is the Rockchain FXC scam?
The Rockchain FXC scam begins with a seemingly innocent advertisement on social media platforms such as YouTube. These ads present Rockchain FXC as a legitimate cryptocurrency trading platform, promising significant returns on investments and an easy pathway to financial freedom. The allure of quick profits leads many into this fraudulent scheme.
Once potential victims’ express interest, they are contacted by scammers via email or phone. These representatives often employ high-pressure sales tactics, convincing individuals to invest in cryptocurrencies through their platform. Victims make payments under the guise of purchasing cryptocurrency, only to be directed to transfer these funds to Rockchain FXC’s fraudulent trading platform.
Once the payments have been made into the platform, users may be able to withdraw a small amount initially, a tactic used by many scammers to gain the victim’s trust. However, once the victim attempts to withdraw a larger amount, they will be asked to pay withdrawal or blockchain fees, in order to receive their money. The scammers will continually move the goalposts with these fees to withdraw, until the victim realises they have been scammed.
How RockchainFXC scams users
The main tactic employed by RockchainFXC to scam victims is aggressive marketing with the promise of high returns from small investments. After the initial investment, promises of further profits are made in order to convince the victim to invest more.
On July 18th 2023, the Financial Conduct Authority (FCA) issued a warning about RockchainFXC, urging consumers to exercise caution. The FCA highlighted that this firm is not authorised to provide financial services or products, which should serve as a red flag for anyone considering engaging with them.
An estimated 19,000 users worldwide have been affected by RockchainFXC, which shows the true extent of the scam and the impact it has had on so many users.
How to avoid falling victim to RockchainFXC scam or similar investment scams
To stop you from falling victim to potential investment scams, it is always recommending to be aware of the following before investing any funds or sharing any information:
- Check the FCA register: Always verify whether the firm is registered with financial regulatory bodies like the FCA. are not authorised, avoid any dealings with them. You can check any organisation on the FCA website.
- Research: Make sure to check reviews online of the company, to ensure the company has positive reviews from other users who have invested with them.
- Promises of exceptionally high returns: If an investment opportunity sounds too good to be true, it probably is. Be cautious of any claims that guarantee high returns with little risk.
- High-Pressure Tactics: Scammers often create a sense of urgency to push victims into making quick decisions. Take your time and do thorough research before investing.
- Demands for further funds: Account managers would never pressure you into depositing more funds into any investment opportunity, if you find you are being pressured to increase your investment, this is a big warning sign and a potential scam
What to do if you fall victim to a Rockchain FXC scam
If you have fallen victim to a Rockchain FXC scam, stop any interactions immediately and do the following:
- Contact Action Fraud: It is important to always report any scams to Action Fraud, they can conduct a full investigation and help prevent any other investors falling victim to the same scam.
- Contact your bank: If you have sent money from your bank into a cryptocurrency exchange or investment platform, notify your bank who may be able to stop the release of any pending payments.
- Get professional support: Get in touch with our fraud recovery experts at Wealth Recovery Solicitors. Our friendly UK-based team can provide expert guidance to recover funds lost to investment scams such as Rockchain FXC. If you or someone you know has been affected, we encourage you to reach out for a free consultation.
