BBB Warns Consumers Against Local Cryptocurrency Activities

DAYTON – The Better Business Bureau (BBB) ​​has been alerted to a digital currency company called Giving Bulls, which may be located in Englewood, after customers reported that the company took their money without anything in return.

Giving Bulls claimed to sell non-fungible tokens (NFTs). An NFT is a unit of data stored on a type of digital ledger called blockchain that can be sold and traded. The NFT may be associated with a specific digital or physical asset, including but not limited to art, songs and sports highlights, and a license to use the asset for a specific purpose. An NFT – and, if applicable, the associated license to use, copy or display the underlying asset – can be traded and sold on digital markets.

The company sold NFTs through its website Givingbulls.com using Ethereum’s virtual currency. Consumers who contacted BBB purchased between $250 and $2,126 in NFTs only to discover that the company went bankrupt and failed to meet its obligations. The owner promised refunds, but consumers never received them.

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The BBB’s investigation revealed that the business owner had deleted digital footprints associated with the business on Twitter, Discord, Instagram and other social media. The website is also no longer active, and the telephone number provided by the respondents is no longer in use.

BBB staff discovered that there was no registration with the Ohio Secretary of State under the name Giving Bulls or its agent/registrant. BBB team members attempted to contact the company via email and phone, without success.

As a result of the BBB’s investigation and unanswered complaints, Giving Bulls received an F rating on its BBB business profile. BBB rates companies from A+ to F, such as the education system.

Cryptocurrency can be an interesting way to invest your money. As with any investment, there are risks and consumers should do their homework. The BBB offers the following tips for avoiding cryptocurrency scams:

• Protect your wallet. If you buy cryptocurrency, wallet security is paramount. If you lose the key, your money is gone forever.

• Carefully review email addresses and website addresses. Phishing scams often try to trick people into logging in and then capture login credentials. These can then be used to steal money. Searching for an exchange with an internet search engine can lead to fake websites that advertise and appear to be real companies. Be especially careful when viewing them on a phone.

• Do not pay for products with cryptocurrency. Be careful if someone asks you to pay with Bitcoin or another cryptocurrency.

• Beware of fake reviews. Fraudsters often create fake reviews for their own businesses.

• Beware of celebrity endorsements. He may be tempted to trust a prominent personality who invests in cryptocurrency. But these endorsements are often not allowed, and even if they are, the celebrity may be paid for the effort and may not know more than you.

• Beware of claims made on social media. This is the most common place where people encounter investment scams.

• Beware of “friends” who contact you on social networks and tell you how they made money with cryptocurrency. Accounts are often compromised. Call your friend on the phone to see if it’s really him.

• Only download apps from Google Play or the App Store. Trusted app stores do not eliminate the threat of app fraud, but they do provide a basic level of protection.

• Do not believe in promises of guaranteed returns. No one can guarantee the return on an investment.

“It’s important to do your homework before dealing with a company for the first time. Check them with your BBB before handing over your hard earned money. We are just a click or a phone call away. Visit BBB.org or call 937-222-5825 or 800-776-5301. You can also get more cryptocurrency tips at https://www.bbb.org/all/cryptocurrency-tips,” said John North, president and CEO of BBB serving Dayton and the Miami Valley. .

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