In this latest scam, people lost millions as fraudsters found a way of scamming people. IDA app started like any other investment scam, promising to make millions for anyone who cared to join in.
Like most Ponzi schemes, the IDA app promised exceptionally high returns and easy money. So, what went wrong and were there warning signs that people may have ignored? Join us as we discuss everything to do with the IDA app including how it was set up and how to recognize a scam.
How Did the IDA Scam Work?
The IDA trading platform in Pakistan ended up being a Ponzi scheme and when it was shut down overnight, it resulted in losses of millions. The company used many YouTubers and digital content producers to gain people’s trust.
Those YouTubers conned the already desperate masses into investing and making handsome profits in just two weeks.
Young people’s money is gathered for IDA by the promise of high profits, but eventually, like the earlier schemes, it implodes, leaving disaster in its wake. The platform guaranteed users a profit after a month had passed.
It was discovered that investors were promised $5 for every $35 invested, leading a significant number of people to spend their hard-earned cash in a cryptocurrency trading program.
People were drawn in by handsome payouts and the promise that they could make withdrawals at any time. However, just like any other Ponzi scheme, only a handful of people could withdraw their funds.
What Were the Warning Signs?
Like any other scam, there are always telltale signs. For the IDA app, there were a few that people may have ignored. Here are just but a few of them:
- There were a lot of negative customer reviews on all major review sites like ScamAdviser and Trustpilot.
- We wrote an extensive review of the site asking; Is Ida-vip.com legit or a scam?
- The App was actually removed from the Google Play store which is always a huge warning sign.
- Some investors said they received notifications like “the withdrawal amount cannot be greater than 0” and that they were not permitted to withdraw their funds.
Bottom Line
Overall, millions were lost to fraudsters who found a way to scam people with the IDA trading platform. Just like CryptoZoo, social media and influencers were used to convince people to invest in a fraudulent scheme.
The IDA trading platform followed a pattern that most Ponzi schemes follow where they promise quick and easy returns but only a handful of people were able to withdraw. People who are able to recognize trading and investment scams can avoid losing money to fraudsters.
Be vigilant and mindful of any platform that promises high returns with little to no signs of what they actually do to make money should be treated with caution.
