Bank of Tron Ponzi Contract - Revision history

Azoundria at 16:15, 2 May 2023

2023-05-02T16:15:17Z

← Older revision		Revision as of 10:15, 2 May 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/bankoftronponzicontract.php}}		{{Imported Case Study 2\|source=https://www.quadrigainitiative.com/casestudy/bankoftronponzicontract.php}}
	{{Unattributed Sources}}		{{Unattributed Sources}}

	[[File:Bankoftron.jpg\|thumb\|Bank of Tron]]Bank of Tron operates as a smart contract which promises high returns to investors. However, there is no valid means of generating any profit, and so the scheme is doomed to eventually collapse when there is a shortage of new participants. It's unknown how much was lost. The website is presently offline, and there are online reports of failures to be able to get funds out.		[[File:Bankoftron.jpg\|thumb\|Bank of Tron]]Bank of Tron operates as a smart contract which promises high returns to investors. However, there is no valid means of generating any profit, and so the scheme is doomed to eventually collapse when there is a shortage of new participants. It's unknown how much was lost. The website is presently offline, and there are online reports of failures to be able to get funds out.

	This is a global/international case not involving a specific country.		This is a global/international case not involving a specific country.<ref name="nogofallmaga-4571" /><ref name="dappradar-4995" /><ref name="bankoftronarchive-4996" /><ref name="youtube-4997" /><ref name="sitejabber-4998" /><ref name="publish0x-4999" />
	<ref name="nogofallmaga-4571" /><ref name="dappradar-4995" /><ref name="bankoftronarchive-4996" /><ref name="youtube-4997" /><ref name="sitejabber-4998" /><ref name="publish0x-4999" />

	== About Bank of Tron ==		== About Bank of Tron ==
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	!Description		!Description
	\|-		\|-
	\|August 19th, 2020 ~~12:00:00 AM~~		\|August 19th, 2020
	\|Main Event		\|Main Event
	\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
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	\|		\|
	\|}		\|}

			== Technical Details ==
			This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

	== Total Amount Lost ==		== Total Amount Lost ==
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	== Ongoing Developments ==		== Ongoing Developments ==
	What parts of this case are still remaining to be concluded?		What parts of this case are still remaining to be concluded?
			== General Prevention Policies ==
			Having a simple regulatory framework can allow for legitimate firms to enter the space with minimal cost overhead. This reduces the legitimate perception of unreglulated firms, as the average user is no longer interacting and using unregulated firms. Increased education can be provided for new market entrants. Requiring 2 expert approvals of all new firms would easily prevent such schemes.
			== Individual Prevention Policies ==
			{{Prevention:Individuals:Placeholder}}

			{{Prevention:Individuals:End}}

			== Platform Prevention Policies ==
			{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

			== Regulatory Prevention Policies ==
			{{Prevention:Regulators:Placeholder}}

	== Prevention ~~Policies ==~~		{{Prevention:Regulators:End}}
	Having a simple regulatory framework can allow for legitimate firms to enter the space with minimal cost overhead. This reduces the legitimate perception of unreglulated firms, as the average user is no longer interacting and using unregulated firms. Increased education can be provided for new market entrants. Requiring 2 expert approvals of all new firms would easily prevent such schemes.

	== References ==		== References ==
	<references><ref name="nogofallmaga-4571">[https://nogofallmaga.org/bank-of-tron-the-rise-of-crypto-ponzi/ Bank of Tron: The Menace of Crypto Ponzi - #NoGoFallMaga] (Dec 18, 2021)</ref>		<references><ref name="nogofallmaga-4571">[https://nogofallmaga.org/bank-of-tron-the-rise-of-crypto-ponzi/ Bank of Tron: The Menace of Crypto Ponzi - #NoGoFallMaga] (Dec 19, 2021)</ref>

	<ref name="dappradar-4995">[https://dappradar.com/tron/high-risk/bank-of-tron Bank of TRON \| DappRadar] (Dec 29, 2021)</ref>		<ref name="dappradar-4995">[https://dappradar.com/tron/high-risk/bank-of-tron Bank of TRON \| DappRadar] (Dec 30, 2021)</ref>

	<ref name="bankoftronarchive-4996">[https://web.archive.org/web/20200611122901/http://bank-of-tron.com/ BANK OF TRON \| The best investment game on TRON blockchain.] (Dec 29, 2021)</ref>		<ref name="bankoftronarchive-4996">[https://web.archive.org/web/20200611122901/http://bank-of-tron.com/ BANK OF TRON \| The best investment game on TRON blockchain.] (Dec 30, 2021)</ref>

	<ref name="youtube-4997">[https://www.youtube.com/watch?v=fmYPwU7mmQc Bank of TRon Legit or SCAM REVIEW! - YouTube] (Dec 29, 2021)</ref>		<ref name="youtube-4997">[https://www.youtube.com/watch?v=fmYPwU7mmQc Bank of TRon Legit or SCAM REVIEW! - YouTube] (Dec 30, 2021)</ref>

	<ref name="sitejabber-4998">[https://www.sitejabber.com/reviews/bank-of-tron.com Bank of Tron Reviews - 4 Reviews of Bank-of-tron.com \| Sitejabber] (Dec 29, 2021)</ref>		<ref name="sitejabber-4998">[https://www.sitejabber.com/reviews/bank-of-tron.com Bank of Tron Reviews - 4 Reviews of Bank-of-tron.com \| Sitejabber] (Dec 30, 2021)</ref>

	<ref name="publish0x-4999">[https://www.publish0x.com/dapp-btt-bank-of-tron/dapp-btt-bank-of-tron-xwnezkn DAPP BTT BANK OF TRON] (Dec 29, 2021)</ref></references>		<ref name="publish0x-4999">[https://www.publish0x.com/dapp-btt-bank-of-tron/dapp-btt-bank-of-tron-xwnezkn DAPP BTT BANK OF TRON] (Dec 30, 2021)</ref></references>

Azoundria at 16:52, 22 February 2023

2023-02-22T16:52:24Z

← Older revision		Revision as of 10:52, 22 February 2023
Line 1:		Line 1:
	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/bankoftronponzicontract.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/bankoftronponzicontract.php}}
			{{Unattributed Sources}}

	[[File:Bankoftron.jpg\|thumb\|Bank of Tron]]Bank of Tron operates as a smart contract which promises high returns to investors. However, there is no valid means of generating any profit, and so the scheme is doomed to eventually collapse when there is a shortage of new participants. It's unknown how much was lost. The website is presently offline, and there are online reports of failures to be able to get funds out.		[[File:Bankoftron.jpg\|thumb\|Bank of Tron]]Bank of Tron operates as a smart contract which promises high returns to investors. However, there is no valid means of generating any profit, and so the scheme is doomed to eventually collapse when there is a shortage of new participants. It's unknown how much was lost. The website is presently offline, and there are online reports of failures to be able to get funds out.

	This is a global/international case not involving a specific country.		This is a global/international case not involving a specific country.
			<ref name="nogofallmaga-4571" /><ref name="dappradar-4995" /><ref name="bankoftronarchive-4996" /><ref name="youtube-4997" /><ref name="sitejabber-4998" /><ref name="publish0x-4999" />

	== About Bank of Tron ==		== About Bank of Tron ==
Line 43:		Line 45:

	Don't Include:		Don't Include:

	* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.		* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
	* Anything that wasn't reasonably knowable at the time of the event.		* Anything that wasn't reasonably knowable at the time of the event.
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	\|-		\|-
	\|August 19th, 2020 12:00:00 AM		\|August 19th, 2020 12:00:00 AM
	\|~~First~~ Event		\|Main Event
	\|~~This is an expanded~~ description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
	\|-
	\|
	\|
	\|
	\|-		\|-
	\|		\|
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	== Total Amount Recovered ==		== Total Amount Recovered ==
	~~It is unknown how much was~~ recovered.		There do not appear to have been any funds recovered in this case.

	What funds were recovered? What funds were reimbursed for those affected users?		What funds were recovered? What funds were reimbursed for those affected users?
Line 100:		Line 97:

	== References ==		== References ==
	[https://nogofallmaga.org/bank-of-tron-the-rise-of-crypto-ponzi/ Bank of Tron: The Menace of Crypto Ponzi - #NoGoFallMaga] (Dec 18)		<references><ref name="nogofallmaga-4571">[https://nogofallmaga.org/bank-of-tron-the-rise-of-crypto-ponzi/ Bank of Tron: The Menace of Crypto Ponzi - #NoGoFallMaga] (Dec 18, 2021)</ref>

	[https://dappradar.com/tron/high-risk/bank-of-tron Bank of TRON \| DappRadar] (Dec 29)		<ref name="dappradar-4995">[https://dappradar.com/tron/high-risk/bank-of-tron Bank of TRON \| DappRadar] (Dec 29, 2021)</ref>

	[https://web.archive.org/web/20200611122901/http://bank-of-tron.com/ BANK OF TRON \| The best investment game on TRON blockchain.] (Dec 29)		<ref name="bankoftronarchive-4996">[https://web.archive.org/web/20200611122901/http://bank-of-tron.com/ BANK OF TRON \| The best investment game on TRON blockchain.] (Dec 29, 2021)</ref>

	[https://www.youtube.com/watch?v=fmYPwU7mmQc Bank of TRon Legit or SCAM REVIEW! - YouTube] (Dec 29)		<ref name="youtube-4997">[https://www.youtube.com/watch?v=fmYPwU7mmQc Bank of TRon Legit or SCAM REVIEW! - YouTube] (Dec 29, 2021)</ref>

	[https://www.sitejabber.com/reviews/bank-of-tron.com Bank of Tron Reviews - 4 Reviews of Bank-of-tron.com \| Sitejabber] (Dec 29)		<ref name="sitejabber-4998">[https://www.sitejabber.com/reviews/bank-of-tron.com Bank of Tron Reviews - 4 Reviews of Bank-of-tron.com \| Sitejabber] (Dec 29, 2021)</ref>

	[https://www.publish0x.com/dapp-btt-bank-of-tron/dapp-btt-bank-of-tron-xwnezkn DAPP BTT BANK OF TRON] (Dec 29)		<ref name="publish0x-4999">[https://www.publish0x.com/dapp-btt-bank-of-tron/dapp-btt-bank-of-tron-xwnezkn DAPP BTT BANK OF TRON] (Dec 29, 2021)</ref></references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/bankoftronponzicontract.php}} Bank of TronBank of Tron operates as a smart contract which promises high returns to investors. However, there is no valid means of generating any profit, and so the scheme is doomed to eventually collapse when there is a shortage of new participants. It's unknown how much was lost. The website is presently offline, and there are online r..."

2023-01-25T17:42:47Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/bankoftronponzicontract.php}} thumb|Bank of TronBank of Tron operates as a smart contract which promises high returns to investors. However, there is no valid means of generating any profit, and so the scheme is doomed to eventually collapse when there is a shortage of new participants. It's unknown how much was lost. The website is presently offline, and there are online r..."

New page

{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/bankoftronponzicontract.php}}

[[File:Bankoftron.jpg|thumb|Bank of Tron]]Bank of Tron operates as a smart contract which promises high returns to investors. However, there is no valid means of generating any profit, and so the scheme is doomed to eventually collapse when there is a shortage of new participants. It's unknown how much was lost. The website is presently offline, and there are online reports of failures to be able to get funds out.

This is a global/international case not involving a specific country.

== About Bank of Tron ==
"Bank of TRON runs automatically on the blockchain and its smart contract is uploaded to the TRON blockchain. No one is able to edit or delete the smart contract, nor influence its autonomous operation. The dividends are also automatically paid through the smart contract. Get 3.7% - 6.7% per day! Bank of TRON smart contract set 3 tiers of referral rewards, which are 5%, 2%, and 0.5% respectively. Moreover, the invitee can also get 0.5% of his/her own investment as rewards. The referral rewards are distributed to your balance automatically and you can withdraw at anytime."

"Bank of TRON runs automatically on the blockchain and its smart contract is uploaded to the TRON blockchain. No one is able to edit or delete the smart contract, nor influence its autonomous operation. The dividends are also automatically paid through the smart contract."

"Bank of TRON smart contract generates 3.7-6.7% dividends per day based on your investment and distribute your dividends to your balance. For example, if you invest in the 4.7% plan, then you will get over 100% of your first deposit in 21 days. The dividends generate every second and you can withdraw or reinvest your dividends each second. When you reinvest, the total investment would increase and you will get more dividends."

"Bank of TRON smart contract set 3 tiers of referral rewards, which are 5%, 2%, and 0.5% respectively. Moreover, the invitee can also get 0.5% of his/her own investment as rewards. The referral rewards are distributed to your balance automatically and you can withdraw at anytime."

"Mr. Charles A.K.A Dominus claims not to be the Founder of Bank of Tron. This may be true as the social media accounts connected to Bank Of Tron are just a few months old. However, he cannot possibly claim to not know those behind the scheme. Who hired him to be an admin on Bank of Tron Telegram group? Who made him the person to contact on the Bank of Tron Facebook page? The most likely options are he owns the scheme or he is among the owners or he knows the owners."

"Ponzi schemes have a perennial appeal; each time we see new iterations of the same old scheme: they promise high returns to investors and use money from previous investors to pay new investors."

"Recently, our intelligence team came across a few of these schemes in the cryptocurrency space. The first is called Bank of Tron [bank-of-tron.com]. It claims to be a platform for investing in the cryptocurrency TRON and is designed as a blockchain smart contract. The first thing that indicates this is a Ponzi scheme is the incredibly high profit it promises. Bank of Tron claims to be able to pay daily profits of 3.7% to 6.7%, which translates to 1,350.5% to 2,445.5% in a year!"

"Another sign that this is a Ponzi scheme besides the high profit is that Bank of Tron does not offer any product or service, so where does it generate the revenue to pay investors?"

"Bank distribute ous money back to us using a smart contract. The bank does not lend our money to anyone for profits. What the bank does is give our money back to us using the dividends plan we choose. And because each day people invest and reinvest aside withdrawing, there is money in the bank as always. We work as the traditional bank but in a different was. What [you] shoudl know is that, if there is no money in the bank, the bank can't work. It will not collapse either because [once] people start to reinvest again the bank will come back alive."

"A final point worthy of note concerning scams is that the creators like to remain anonymous. All the websites listed in this report do not have a contact address neither do they list the owners or operators. Poking around, we were able to find an email address listed on the Bank of Tron Facebook page." "By sending an email to the address provided on their Facebook page and reviewing the chat logs on the Bank of Tron Telegram group, we were able to confirm that the Admin “Dominus” on their telegram group is the same individual that owns the email address listed on their Facebook page."

"It's a scam site after taking people's money they migrated to another new bank of tron site that older users can't get access too... please dtop deceiving people take the site down the old one and please stop all these crypto ponzi. Scam everywhere pls don't fall victim guys..."

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:

* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - Bank of Tron Ponzi Contract
!Date
!Event
!Description
|-
|August 19th, 2020 12:00:00 AM
|First Event
|This is an expanded description of what happened and the impact. If multiple lines are necessary, add them here.
|-
|
|
|
|-
|
|
|
|}

== Total Amount Lost ==
The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
It is unknown how much was recovered.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?

== Prevention Policies ==
Having a simple regulatory framework can allow for legitimate firms to enter the space with minimal cost overhead. This reduces the legitimate perception of unreglulated firms, as the average user is no longer interacting and using unregulated firms. Increased education can be provided for new market entrants. Requiring 2 expert approvals of all new firms would easily prevent such schemes.

== References ==
[https://nogofallmaga.org/bank-of-tron-the-rise-of-crypto-ponzi/ Bank of Tron: The Menace of Crypto Ponzi - #NoGoFallMaga] (Dec 18)

[https://dappradar.com/tron/high-risk/bank-of-tron Bank of TRON | DappRadar] (Dec 29)

[https://web.archive.org/web/20200611122901/http://bank-of-tron.com/ BANK OF TRON | The best investment game on TRON blockchain.] (Dec 29)

[https://www.youtube.com/watch?v=fmYPwU7mmQc Bank of TRon Legit or SCAM REVIEW! - YouTube] (Dec 29)

[https://www.sitejabber.com/reviews/bank-of-tron.com Bank of Tron Reviews - 4 Reviews of Bank-of-tron.com | Sitejabber] (Dec 29)

[https://www.publish0x.com/dapp-btt-bank-of-tron/dapp-btt-bank-of-tron-xwnezkn DAPP BTT BANK OF TRON] (Dec 29)