Numerous Warning Signs
The online financial services provider, Teslabtx.com, is associated with a company that remains unnamed, providing no information about its leadership or legal background. The legal documents vaguely point to Malta as the possible location where the scammers operate, as they mention the exclusive legal jurisdiction of Malta’s courts over the firm.
Unfortunately, this limited information is insufficient for making any reliable conclusions, except for the fact that this company appears to be an unscrupulous scheme. Notably, it has never obtained a license from the stringent local regulator, MFSA. Additionally, a thorough search through other regulatory registers, including those maintained by FCA, CySEC, and BaFin, yielded no license information.
Promotions Across Social Media
Miscreants rely on the widespread availability of social platforms to target victims. The scheme’s promoters actively scour social networks to identify potential targets. Once a target is chosen, they engage in persistent stalking through calls and messages until the victim succumbs and invests in the fraudulent scheme. Continuous marketing campaigns tout high returns, exceptional trading conditions, and automated trading robots, particularly appealing to less experienced investors.
Those That Fell Victim
Despite the convincing appearance of the website and its well-executed marketing, individuals from countries such as the United States, Australia, Canada, and Romania have fallen victim to this scam. The scheme, operational since October 2023, continues to accumulate victims. Staying informed and exploring recovery options is crucial to avoid becoming another target.
Non-Operational Software
Contrary to successful strategies, Teslabtx.com’s platform lacks functionality. The software lacks essential tools and features, rendering it virtually dysfunctional. While some bogus platforms at least incorporate basic customization tools, Teslabtx.com’s interface relies on borrowed charts from Tradingview, surrounded by unresponsive links and buttons.
Digital Currencies Exclusively
The platform exclusively focuses on crypto trading, offering services such as exchange, staking, spot, and leveraged trading. Although specific details about available cryptocurrencies are limited due to account creation issues, known options include BTC, ETH, LTC, ETC, BNB, BCH, ADA, DOT, DOGE, ZEC, NEO, XRP, among others.
<h2id=”part6″>Accounts Are A Pain To Register
The registration process is cumbersome, with limited email acceptance, seemingly favoring those susceptible to security breaches. The inability to register prevents exploration of the user area, and the site lacks information on the benefits and costs of a live account.
Fee Structure And VIP Hierarchy
Trading fees vary based on the VIP level, determined by trading volume. Initial Maker and Taker fees start at 0.075%, reaching 0.035% / 0.045% at the highest VIP level 7. Transaction fees for account funding or payouts depend on the chosen currency, with BTC deposits incurring a 0.00005BTC fee and withdrawals a 0.00012 BTC fee.
Referral Program
The scheme employs a referral program, resembling a Ponzi scheme, to attract new victims. Existing customers are incentivized with artificial bonuses and commissions to recruit new targets, offering a supposed 40% reward on fees paid by affiliates and a trading fee discount to 0.1%.
Concerning Facts About Transfers
Deposit and withdrawal processes involve account managers and the support service. Clients must contact the support team for funding or withdrawal requests, primarily through phone calls. The lack of transparency in the process raises concerns about potential mental manipulation and financial extortion.
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