|First Reported||Jun 11, 2020|
|Scammer Name/ID||BTECoin, BTE|
How the Scam Works
The person reporting this scam did not specify how they were approached, but it appears to be based in China only for now. The BTECoin token (BTE) is listed on mytokencap(dot)com using false information.
The site describes BTE as an “AI technology system” with an ERC20 token (BTE) that “provides regular returns once purchased.” The founder is listed as Adam Back alongside other false information. BTE scammers have demanded a minimum investment of CNY 6,000.
It’s unclear how the scam operates, other than fraudulently using Adam Back’s name to gain trust with potential victims, but we can say for sure that this project is not in any way related to Adam Back or Blockstream and should be avoided at all costs.
The Real Adam Back
Dr Adam Back is an applied cryptographer and the cofounder and CEO of Blockstream, a Bitcoin infrastructure technology company.
Adam Back or any other Blockstream employee will never reach out to users to request mnemonic backups or other sensitive information.
Technology projects that Adam Back has been involved in can be found on his official website, and his official social media accounts include:
How to Report the Scam
If you have encountered the scam described above, send us the details on our Report a Scam form.
Unfortunately, we are not able to help you with resolving any disputes or recovering any funds, but your report will help us identify high-risk scams, alert the community, and report them to the relevant authorities.
We would also recommend that you take these additional measures:
- Submit an international scam report to econsumer.gov, an initiative of the International Consumer Protection and Enforcement Network (ICPEN).