The ITP Corporation Pyramid Scheme

ITP Corporation, also known as ITP Corp, ITP Club, ITP Tron, and Coscoin, was an “investment” scheme that turned out to be a scam. Many victims are in the UK.

The scam promised very high returns

  • ITP Corp claimed to offer 2.5% – 4% compound interest per day
  • For comparison, the best UK bank rates in early 2024 are just over 5% per month
  • They said they used AI to invest in crypto in a way that guaranteed profits
  • The company claimed to be based in Washington, USA, but this was likely false

ITP Corp was not authorised by the FCA

  • The Financial Conduct Authority (FCA) warns ITP Corp was not authorised
  • Their directory says to avoid the firm and beware of scams

The scheme’s collapse

  • In late 2023, investors found they couldn’t withdraw money
  • ITP Corp blamed a Thanksgiving rush and offered bonus payments for more deposits
  • They then said users must pay $30-100 to register on a new system
  • This is a common tactic in the final stages of pyramid schemes

ITP Corp shows signs of being a pyramid scheme

  • Pyramid schemes use money from new investors to pay early ones
  • Those at the top take money from those lower down
  • The cycles continue until new recruits slow and the creator takes the money

Pyramid schemes cause devastation when they collapse

  • People lose money and trust in friends and family who recruited them
  • Relationships can be permanently damaged

If you’ve lost money, you may have options

  • Don’t assume your money is gone for good
  • Even if your bank said they can’t help, there may be ways to recover your funds

Summary:

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