Bitcoin

Another Exit Scam: NovaChain Shuts Down

A new crypto exit scam just took place, NovaChain closed both of it’s website and it’s twitter account and stopped replying to it’s users emails.

NovaChain twitter Account

I learnt about NovaChain from a YouTuber whom I follow Hack Crypto who is currently has more than 25k subscribers, he promoted NovaChain in one of his videos that he posted couple of weeks ago by the name “NOVACHAIN Cryptocurrency High Frequency Trading Bot Passive Income UPDATE” claiming its a trusted source to earn passive crypto and unfortunately some of his followers fall in this scam. Gladly that smelled fishy so i didn’t even bother checking NovaChain.

NovaChain was a platform that had an arbitrage trading bot “T-rex trading Bot” that allegedly was making profits 24/7 while trading the Crypto in Binance using arbitrage trading technique. Same Like BitConnect.

It seems that NovaChain made good money from it’s users.

Screenshot from NovaChain Facebook

NovaChain was promoting its scam through fake reviews and through some crypto YouTubers and Twitter influences who have followers. And through heavy paid social media campaign.

An example of a fake Review posted oncryptocanary.app

Another fake Review posted oncryptocanary.app

Twitter propaganda

Sying Tien

Professional Trader, Social media scholar and a Crypto expert. If you have any comments, suggestions or questions feel free to contact me at sying.tien@thecoinspost.com and i will get back to you shortly.