According to a complaint filed with the BBB (Better Business Bureau), in April 2024, a scammer named Cary Lorie, posing as a cryptocurrency investment expert, convinced a victim to invest with Protocoin.us via Facebook Messenger. The victim invested $2000 via Bitcoin purchased from crypto.com and transferred to a wallet. Cary promised high returns, and subsequent investments increased the value to $538,000. However, Cary continuously demanded more money for “taxes” to release the funds, totaling $20,350, before the victim reported it to the FBI.

Dollars Lost: $20,350

Scammer Details:

• Name: Cary Lorie
• Location: Newark, NJ
• Website: protocoin.us

If Cary Lorie or protocoin.us have scammed you, please share your story to help others avoid this scam.

Domain Analysis

The scam associated with protocoin.us demonstrates a sophisticated manipulation of trust and financial desperation. Registered on October 31, 2023, this domain was administered by Lauren Francis from Lagos, Nigeria, indicating a possibly fraudulent operation right from its inception. The registration was handled by Hosting Concepts B.V. d/b/a Registrar.eu, with the domain set to expire on October 31, 2024, reflecting a short-term lifespan often characteristic of scam websites designed to disappear after defrauding victims.

The hosting details also reveal crucial technical information. The domain is hosted by Hostinger International Limited, with the IP address 191.96.56.116, located in Phoenix, United States. This geographical dispersion of registrant and hosting locations is another red flag, as it complicates the tracing and prosecution of scammers.

As reported by Semrush, Protocoin.us had a minimal online footprint, indicated by its lack of organic search traffic, backlinks, and keyword rankings. This lack of visibility suggests the domain was never intended for legitimate business operations but solely for fraudulent activities.

Protocoin.us Review

The website protocoin.us purports to be a professional investment corporation specializing in stock market trading, foreign exchange (Forex) market operations, and gold trading. It claims to offer high-yield investment programs with daily earnings ranging from 20% to 50%, depending on the size of the deposit and the selected investment plan.

The site emphasizes ease of use, instant payments upon reaching a balance of $1000, and fast customer support available 24/7 through various channels, including email (support@protocoin.us), phone (+1-973-922-0851), and online chat. The site also promotes a partnership program that offers referral commissions, suggesting a multi-level marketing component to its business model.

Red Flags

Protocoin.us boasts a live dashboard for managing accounts, emphasizing the security and profitability of its investments. However, numerous indicators raise serious concerns about its legitimacy. The company’s claims of guaranteed high returns with minimal risk, instant payment processing, and the ability to earn without investing through a referral program are classic red flags of a Ponzi scheme.

Additionally, the site admits in its FAQ section that it operates on the principle of a financial pyramid, where returns for earlier investors are paid from newer investors’ contributions rather than from legitimate business activities.

Moreover, the registration and contact information provide another layer of concern. The listed registrant, Lauren Francis, is based in Lagos, Nigeria, a location notorious for online scams. The phone number (+1-973-922-0851) links to Newark, New Jersey, which does not align with the Nigerian registrant details, suggesting an attempt to obscure the operation’s true origin.

The website’s various sections, such as the About Us, FAQ, Terms, and Investment Plans, are filled with grandiose promises of wealth generation and secure investments. Yet, they lack any verifiable credentials or legal standing. The site claims to employ experienced financial specialists but provides no verifiable names, credentials, or professional backgrounds.

In summary, protocoin.us displays numerous red flags indicative of a scam:

1. Unrealistic promises of high returns with minimal risk.
2. Operation on the principle of a financial pyramid.
3. Generic and unprofessional contact information.
4. Discrepancy between the registrant location (Nigeria) and the contact number location (New Jersey).
5. Lack of verifiable credentials or legal standing.
6. Admission to operating as a financial pyramid is in the FAQ section.

Protocoin.us Reviews

ScamAdviser and Scam Detector flag protocoin.us with low trust scores, indicating it as a high-risk site. ScamAdviser notes multiple indicators that suggest the website may be a scam, urging users to exercise extreme caution. Scam Detector gives protocoin.us a low score of 20.9, reflecting its dubious nature and the potential for fraudulent activity.

User reviews corroborate these warnings. A user on ScamAdviser mentions, “The number they have listed doesn’t work, and they don’t return your email or answer your questions! I’m trying to pull the amount invested, and no one is helping me. My friend who started me with Protocoin deleted her FB account and blocked me on Messenger! I do not recommend Protocoin at all! Complete scam!” This testimonial underscores the unresponsiveness of the site and the likelihood that it operates as a scam, cutting off communication once the investment is made.

Ripoff Report details another user’s experience, where the scam involved hacking or spoofing a trusted friend’s Facebook account to solicit investments. The fraudulent friend assured and promised high returns, but when the user tried to withdraw the profits, they were told they needed to invest more to reach a higher tier. Eventually, their account was closed, and the money was lost. The report highlights that the company’s supposed location in Newark, NJ, does not match the Nigerian registration details, making recovery of funds unlikely.

Bottom Line

Based on a comprehensive analysis of protocoin.us, it becomes evident that the platform exhibits numerous characteristics typical of investment scams. The promises of exceptionally high returns with minimal risk, coupled with the lack of transparency regarding their business operations and the individuals behind them, raise significant red flags. Testimonies from users who have experienced unresponsive customer support and eventual financial losses further strengthen the argument that protocoin.us is not a legitimate investment opportunity.