Cryptocurrencies Are Dangerous

Last week we came across a story on the BBC which highlights the dangers of cryptocurrency investment.  It also highlights the dangers of investigating those who carry out cryptocurrency frauds. It can be summed up by our title – Cryptocurrencies Are Dangerous.

Here is the link and we suggest you read it if you are ever tempted to consider cryptocurrencies as a way to make big profits very quickly. It is a great story which explains how a multi-billion dollar cryptocurrency scam was established and able to grow to a size which rivalled that of Bitcoin, and it was all fake.  There is a series of podcasts available if you register with the BBC.

This links in with the latest follow-on-fraud doing the rounds and which we received this morning. This FOF is targeted once again at the victims of European Property Coin, a fake cryptocurrency scam which proves that cryptocurrencies are dangerous.  The letter is being sent by a group of scammers who are using the identity of an established firm, City Capital Markets, to make it look as if they are genuine. The fact that EPC investors are receiving so many follow-on-frauds suggests that these letters are being sent out by the people who actually carried out the fraud.  We believe the group of scammers, led by Florian Pierini, will prove to be behind these FOFs.

We have copied the text of the scam letter below. If you ever receive a letter like this in connection with any scam investment you made it is guaranteed to be a follow-on-fraud.  The name and address of the victim has been removed from the text below.

Dear XXXXXX,
After a long turbulent journey and ultimately due to the amount of uncertainty surrounding the cryptocurrency market, it is with regret that we write to inform you that European Property Coin have now entered voluntary liquidation under the authority of the Insolvency Service and the high court. This means that they are no longer in a position to act in any capacity as your cryptocurrency broker or to manage your cryptocurrency portfolio.

Throughout their existence they did make it their ethos to provide unparalleled customer service to their investors, ensuring that profits were paid on time and portfolios were managed accordingly. This duty of care is something that we intend to continue despite their impending demise and therefore we are urging all existing clients who still hold portfolios under management with European Property Coin to contact us immediately in regard to redeeming any stagnant funds still held within the market.

The liquidation of European Property Coin will unfortunately affect all clients regardless of whether you invested as a private or corporate client.

We are aware that companies are currently contacting investor’s and offering them options to trade out of the market. Please be very careful and only deal with companies that are able to issue you with your URN [Unique reference number). We are giving clients the opportunity to sell their current cryptocurrency portfolio and allowing all clients the chance to redeem their full portfolio value including any profits made from the sale of assets.

Failure to act proactively will result in your portfolio and ultimately your finances dissolving with European Property Coin as a company when they go into official liquidation, resulting in a loss of assets and funds. If this applies to you please feel free to contact us on 0203 633 7563 in order to discuss your options.

Yours sincerely,
Mark Lockwood Director

City Capital Markets,

Address: 1st Floor, 239 Kensington High Street, Kensington, London, W8 6SN   Contact 020 7164 6018

Company Registration Number: 06561725

Cryptocurrencies are dangerous. Before you risk any money on them ask yourself “Can I afford to lose this money” ? because there is a strong likelihood that you will lose your money.

To view our previous article on European Property Coin please click on this link