A web search for UEFA Football Crypto Fund turns up a cryptocurrency-based algorithmic sports trading platform described as a football speculative investment fund jointly initiated by the UAE consortium and City Football: two nonexistent entities.
UEFA Football Crypto was set up as an alternative way to invest in soccer through betting, i.e., wagering sums of money in order to make a profit by leveraging users who are passionate about fantasy soccer and sports betting.
Features of UEFA Football Crypto
UEFA Football Crypto was an app that was easily installed on an iOS or Android mobile device, and for each new user there was a welcome bonus on the first deposit, ranging from $2 to $120, depending on the initial amount deposited by the user: the minimum deposit was a not excessively high amount of only €20.
As mentioned above, there is sports betting trading in UEFA Football Crypto Fund, where users invest on the odds of certain sporting events: the more the odds decrease, the more the investor’s position gains value.
Therefore, the user had only two daily matches to bet on and the possibility to then define the match based on certain parameters such as risk percentage, odds trend, and betting prediction.
How did the scam take place?
The scammed users were promised daily interest as a percentage of 2.50 of the capital invested in bets and a refund of losses: in other words, even if the user did not hit…
