BBB Warns Consumers Against Local Cryptocurrency Activities

DAYTON – The Better Business Bureau (BBB) ​​has been alerted to a digital currency company called Giving Bulls, possibly based in Englewood, after customers reported that the company had taken their money without getting anything in return.

Giving Bulls claimed to be selling non-fungible tokens (NFTs). An NFT is a unit of data, stored in a type of digital ledger called blockchain, that can be sold and traded. The NFT may be associated with a particular digital or physical asset, including but not limited to artwork, 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 – can be traded and sold on digital markets.

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

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The BBB’s investigation found that the business owner had erased the company’s digital footprints on Twitter, Discord, Instagram and other social media networks. The website is also no longer active and the telephone number provided by respondents is no longer in use.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. The members of the BBB team tried to reach the company via email and telephone, but without success.

As a result of the BBB’s investigation and unanswered complaints, Giving Bulls was awarded an F rating on BBB’s company 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. BBB offers the following tips to avoid cryptocurrency scams:

• Protect your wallet. When buying cryptocurrency, wallet security is paramount. If you lose the key, your money will disappear forever.

• Check email addresses and website addresses carefully. Phishing scams often try to trick people into logging in and then capturing login credentials. These can then be used to steal money. Searching for an exchange with an internet search engine can lead to fake sites that advertise and pretend 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 any other cryptocurrency.

• Beware of false reviews. Scammers often create fake reviews for their own business.

• Watch out for celebrity notes. He may be tempted to rely on a prominent figure who invests in cryptocurrency. But these recommendations are often not allowed and even if they are, the celebrity may be paid for the effort and may not know more than you do.

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

• Beware of “friends” who contact you on social networks and tell you how they have made money with cryptocurrency. Accounts are often compromised. Call your friend over 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 scams, but they provide a basic level of protection.

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

“It’s important to do your homework before doing business with a company for the first time. Check them with your BBB before handing over your hard-earned cash. We are just a click or 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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