The QTCP Coin Scam Explained

What is QTCPcoin and Future Wealth AI? The QTCPcoin is a fraudulent cryptocurrency investment platform which was presented to form part of the Future Wealth AI (“FWAI”) project. This is an elaborate project to create the illusion of a legitimate investment opportunity for investors. The project, led by Professor Goerge Rosen Smith, pitched itself to […]

What is QTCPcoin and Future Wealth AI?

The QTCPcoin is a fraudulent cryptocurrency investment platform which was presented to form part of the Future Wealth AI (“FWAI”) project. This is an elaborate project to create the illusion of a legitimate investment opportunity for investors. The project, led by Professor Goerge Rosen Smith, pitched itself to victims as a safer way to invest, claiming to rely on AI technology to assist them with managing their users’ crypto investments.

Who is Professor George Rosen Smith?

Professor George Rosen Smith was presented as the founder of the FWAI project; however, this was a fake identity. Victims of this scam were told that Professor George Rosen Smith had a PHD in Finance from Columbia Business School, with over 30 years of experience in finance. It is a common tactic of scammers to create “fake” founders and endorsements of the platform, to give the platform a sense of credibility, encouraging their victims to deposit more of their funds into the investment.

How does QTCPcoin investment work?

This FWAI project was purported to be led by Professor George Rosen Smith and presented victims to with an opportunity to invest in a safe and revolutionary way to invest in cryptocurrency. Victims were told that the investment relied on a trading system powered by AI, to create a safer way to invest. This technology purported to develop an automated trading program, in an effort to make the investing more accessible, moving away convectional investment models. The QTCP coin scam is a clear example of how AI can be used to create the illusion of a legitimate platform. The FWAI project also reached out to potential investors through their Future Financial Investment Academy, (“FFIA”). The FFIA sent physical materials to its investors to teach them about investing in cryptocurrency. This again was a tactic used by the scammers to create illusion of legitimacy. Having established trust, the FFIA then directed investors to the QTCPcoin exchange. The FFIA told victims about “new” investment tokens such as FWAI tokens that were offered in the QTCPcoin exchange. Due to the credibility and trust that the scammers had established, victims were inclined to invest tens of thousands of pounds into the tokens, believing in the platform. In fact, these investments never took place, and the tokens never existed. Any profits that victims could see credited back to their account were fake. As a result, victims were then unable to make large withdrawals from their account, losing their investments. This is how many victims came to realise that FFIA and QTCPcoin was a scam.

How does QTCPcoin contact scammers?

As with many scams, QTCP coin scammers created fake promotional material and advertised their platform on social media. As the adverts were being seen on trusted social media platforms, this gave clients the impression that it is a legitimate investment opportunity. Prospective clients were then contacted by scammers directly and provided further information about the platform in an attempt to promote its legitimacy.

Have you been a victim of QTCPcoin or similar investment scam? We can help you

If you have lost funds to any type of investment scam, including to the FWAI project, WRS can help you on the journey to recover what’s rightfully yours. We have helped thousands of scam victims recover over £50,000,000 in lost investments. Our team of expert investment scam solicitors can support in tracing lost investments and building a strong case for recovery. Get in touch with our UK based solicitors to start recovering your funds, today.