QUADRIGA INITIATIVE
CRYPTO WATCHDOG & FRAUD RECOVERY PLATFORM
A COMMUNITY-BASED, NOT-FOR-PROFIT
UNKNOWN
MAY 2021
GLOBAL
WATERMINE
DESCRIPTION OF EVENTS
"WATERMINING IS THE MOST ADVANCED TECHNOLOGY. Low energy consumption - high efficiency."
"Watermine Company is a team of professionals and an online platform for generating income from investing in cryptocurrency mining."
"Our company deals not only with crypto-currency mining but also with their trade on international exchanges. The popularity of crypto-currency and the increasing difficulties in obtaining it increase the popularity and demand for crypto-currencies in the markets and in general. Therefore, sales of digital currency are very profitable for us, and this kind of activity brings us and our investors a decent income."
"Our service makes mining accessible to everyone. We believe in the future of cryptocurrencies and we love to be part of this growing community. Our dual mining system is suitable for those who are new to the world of cryptocurrencies and looking for easy way to invest money." "Find a plan that is right for you! OUR MINING PLANS OVERVIEW."
"Watermine Corporartion LTD offering 4 levels referral program. Earn up to 20% from your referrals."
"The activity of our company is aimed at the forex, stocks and cryptocurrency trading and providing investment services worldwide. Any kind of investment activities and fiduciary management services are carried out on legal grounds." "The legality of our company's activities can be judged by the presence of all registration documents and licenses allowing us to attract private investment." "[W]e have taken all possible measures to protect customers' personal information from getting to third parties. We are using the strongest DDoS protection in the industry with 100% up-time guarantee. Transfer information from and to our website is realized and ciphered by SSL Encryption." "Customer trust and deposit protection are guaranteed by the creation of a reserve fund, which under adverse circumstances will become a source of fulfillment of our financial obligations."
"Watermine is a scam that does not do any cryptocurrency mining. It is an illegal Ponzi scheme that is going to collapse, and all the money will disappear. Stay away from it!"
"According to their traffic stats, they were in a huge decline after February 2021 and simply just ran out of money."
"Watermine will be discontinued We have worked night and day the last 3 days to make everything functioning again, but it has been nearly impossible to solve in such a small time frame. The hacker has gathered a lot of data, they are requesting payouts if we continue. We do not believe its impossible to solve, but we need minimum of a month. Ninety percent of Watermines' users can not wait. Our name has been tarnished on trust pilot. Many users are saying add more team members to speed up the process, as we are very leery of adding new team members. We will try to pay manually to those who are not in profits. Please stop Watermine promotions. Ending like this very painful for Watermine team and loyal investors. Watermine was making millions for investors. We had no intentions of closing this amazing opportunity . Please forgive us"
"Pretty sure watermine just official took off.. hope I’m wrong I never invested into it but I have too many friends that did.."
"I just lost a bunch of money with Watermine. They did disappear, and started a new website, looks identical to the original, but just changed the name to “king finance” or something."
WaterMine was supposedly a cloud mining platform where users purchased mining packages. In reality, there is no evidence that any mining actually occured, and the packages beared strong similarities to other panzi schemes. After running for over a year, the website claimed that they were hacked by a support worker. The website is presently offline.
HOW COULD THIS HAVE BEEN PREVENTED?
Experienced cryptocurrency users can typically tell what's fraudulent, however this takes practice, so it's always best for new participants to err on the side of caution, and avoid investing in most services.
To prevent such ponzi schemes, our framework provides that 2 industry reviews should be conducted of each proposed new service, by knowledgeable organizations. Regular reviews should also be conducted to ensure that all customer assets are fully backed, which prevents ponzi schemes since the key component is that funds are no longer backed.
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