Thousands of investors were defrauded by the creators of iEarn Bot, a cryptocurrency robot based on AI (artificial intelligence).
Subscribers were encouraged to sign up for a paid subscription to use the iEarn Bot and invest money to participate in automated cryptocurrency trading. When the number of users from one country and total invested assets reached a certain limit, the creators blocked withdrawals and confiscated all resources.
A study by the BBC showed that at least 13,000 people have been defrauded. In one particular case, the victim fraudulently stole almost $1.3 million, which he had accumulated over the course of one year. However, it is likely that the figure is much higher, given that more than 800,000 Indonesian citizens have used the iEarn Bot.
Silvia Tabusca, a Romanian resident, was one of the victims. She guessed something was wrong, but decided to use the bot anyway, as advertised by Gabriel Garais, a prominent Romanian IT specialist. The programmer, who works at the Romanian-American University, claims he and other traders were defrauded into giving up their money.
