Ethclub1 is a scam Ethereum (ETH) mining pool set up to lure people into depositing crypto under the guise of earning a quick profit.
Victims are contacted via social media channels such as Telegram and WhatsApp and befriended before being encouraged to invest in the scheme.
They’ll quickly see ‘profits’ appear in their account, but if they try to withdraw the cash they find they’re blocked from doing so.
The scammers will then demand additional fees to ‘unlock’ the user’s account, claiming that ‘taxes’ or ‘commissions’ must be paid.
However, if the victim pays, the scammers will demand more money for another fake reason and so it will continue until the victim either runs out of money or refuses to pay.
One victim of the Ethclub1 scam told Chargebackpros they’d put “a handsome amount” into the scheme, only for the scammers to demand more cash when they came to withdraw their funds.
The Ethclub1 scam follows a similar pattern to many others, and they’re often referred to as crypto pig butchering scams.
Scammers use cookie cutter websites
The Ethclub1 website and app are very poorly designed as the scammers know they’ll be shut down in a matter of weeks.
There are many obvious ways to spot they’re fake and you should always do your own checks before handing over any money to anyone online.
Things to look out for include:
- How long ago was the domain registered? Ethclub1 is only a few weeks old.
- Is there any company or team information? None of these details appear on Ethclub1.
- What about social media channels or official apps? Ethclub1 doesn’t have any of these.
There are many other issues with this platform that should set alarm bells ringing.
If you’re new to crypto, the advice is to always stick to mainstream exchanges and investment platforms.
Retrieving funds from crypto scammers are very difficult, and even tracking where your coins have gone can be expensive and time-consuming.
There are private companies that might be able to help you track down your missing cash or crypto that I’ve written about here.
If you suspect a site is fake, get in touch.