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With the emergence and expansion of digital currencies, more people are attracted to this branch of the financial market. Due to the process of digitalization of our world, the perspective of learning and education should be prioritized. It should also be noted that fraudsters are also using new tricks to attract unsuspecting people to their site. One of these fraud projects is the Bellm Exchange. Stay with us until the end of the article to learn about this exchange and the reasons for its fraud.
Bellam Exchange claims to serve Iranian users. Considering that almost 98% of digital currency exchange services have stopped serving Iranians due to international sanctions, it is surprising to provide services to Iranians without changing the IP address! Also, in the checks made, the name of this exchange is not found on the official website of Coinmarketcap or similar sites.
The next suspicious thing is the traffic of the exchange site, which had about 1.5 million visits last month and placed this site in the list of top 300 exchanges. After further investigations, we found that about 88% of the traffic of this exchange is directed from Iran and the countries of the Netherlands, Germany, France and Canada (the countries where most Iranian users connect to their IP through a filter breaker). It means that almost all users of Belem exchange are Iranian. Why an exchange has about 90% of its users from Iran is debatable!
Also, there is no contact information on the website of this exchange. The only thing at the end of the exchange is the email. The interesting thing about this email address (noreply@belem.band) is that this email type is noreply; It means that emails sent to this address will not be read if they are answered!
According to cryptoadventure website research, scam projects have 5 characteristics:
1. Lack of transparency: A scam crypto project is often not transparent about its goals and future plans. It has no white paper. If it has a white paper, it is a copy of another white paper. Additionally, the team behind the project may be fictitious or unidentifiable, and its credibility cannot be easily verified. The Belem Exchange has no mailing address or phone number, and it is unclear who runs it. It also receives user information from Telegram and WhatsApp.
2. Empty promises: A fake cryptocurrency project promises investors a high return on investment in a short period of time and usually does not provide any explanation or justification as to how they achieved this return. So it is better to pay attention to these promises.
3. Lack of a working product: A scam crypto project is likely to have a flashy website, marketing slogans and banners, and usually creates a lot of buzz on social media; But in fact, it does not have a specific product and application, which may be due to the short life of the project or its fraud. Belem Exchange has no products.
4. Copycat projects: A scam crypto project can be a copycat of a legitimate project, often using a similar name, logo, website, or social media. This is done to confuse investors and make this project look legitimate.
5. Lack of community involvement: A healthy crypto project usually has an active community of investors and supporters who participate in discussions about the project. On the other hand, a scam crypto project can be a small or unusable community, or a fake community that is paid to promote the project on social media. In the case of Belm exchange, suspicious channels with unknown operators are constantly promoting Belm site. Some of their promises include:
Online support in Telegram and WhatsApp Belem Exchange receives its customers’ account information via Telegram or WhatsApp.
Possibility of financing and withdrawing account with Tether/Ethereum/Bitcoin and Toman. This is a necessary thing so that we can not trust this site. Permission to deposit and withdraw Rial is difficult for Iranian companies, let alone foreign platforms.
Authentication option for Iranian users: This option is also doubtful due to the current sanctions.
The possibility of sub-categorization (avoid wherever you see the word sub-category!)
introducing new currencies; Belam introduces a new currency to you every 30 days and guarantees you a guaranteed profit of over 30%!!!
The main team behind Bellm Exchange is a site called Four Leaf Clover, located at fourcloverworld.com. In fact, the main activity of this website is to attract pyramids and sub-categories and finally buy and sell digital currency tokens with a very low market value. Also, this company claims that users will definitely gain more than 30% with the introduction of new currencies. However, many listed tokens do not have an external presence. Interest paid to customers is not a deal, it’s a Ponzi scheme. When the number of investors increases and investment funds reach a large limit, there will be no news of new currencies!
