COTP has officially admitted its demise after misleading investors with nonsense regarding SMS providers. In a way, yes.
COTP alerted investors earlier today that they had been duped by a “hackers!” exit hoax. On or around May 13th, COTP began deceiving investors.
Withdrawals were disabled, with TRON blockchain congestion being used as the reason. COTP stopped for time with SMS errors when it became clear that there were no congestion concerns at the time.
In a nutshell, investors were advised that the service had issues. In reality, COTP just postponed SMS verification beyond the set expiration period. COTP withdrawals were effectively disabled because these verification credentials were necessary for everyone to cash out.
This excuse dragged on until COTP informed investors of a well-timed hacking attempt earlier today.
“We were attacked by an unauthorized network around 23:05 US time on May 22nd and received a ransom email from an anonymous hacker.
User data was lost as a result of the attack, and the platform is no longer functional.
This is a classic MLM Ponzi scheme.
“We promptly hired a prominent network security firm to investigate the attack’s consequences, and data recovery efforts have already commenced.
It will take 3 to 5 weeks for you to recover.
Then, after “3 to 5 weeks,” something else happens, or if COTP’s website is still up and running, the “recovery process” turns into months of silence.
The COTP Ponzi scam has failed, which is good news for investors. Your money is gone, and you will not be reimbursed.
COTP first appeared as a daily return MLM crypto Ponzi earlier this year. Despite the fact that COTP’s website was just created late last year, investors claimed the Ponzi scheme had been operating since 2019.
COTP qualified as a Boris CEO Ponzi since it was initially fronted by an actor and stock picture executives, but it wasn’t run by Russians. COTP was a group of scammers from Southeast Asia who attempted to impersonate Boris CEO. Multiple clone Ponzis were launched using the same backend infrastructure, the majority of which failed (before I could get around to reviewing any of them).
COTP was most likely run by Chinese con artists working out of or with ties to Singapore. It has to be seen whether they will compete with the Russians in the actor CEO MLM Ponzi area. COTP’s website was non-responsive at the time of publication, and I’m not sure if it’s been taken down permanently.
According to SimilarWeb, the leading sources of traffic to COTP’s website are the United States (38%), Colombia (9%), the United Kingdom (5%), Australia (4%), and Nigeria (4%).
COTP investment losses are uncertain pending unlikely regulatory action. To initiate withdrawal requests, COTP investors were asked to provide picture identification.
Identity theft is another possible consequence of COTP’s demise, in addition to financial damage.