‘Satoshi Nakamoto’ Scamming Senior Citizens With Bitcoin Retirement Plan – BeInCrypto

Joerg Molt is one of several individuals claiming to be the identity behind the pseudonym, Satoshi Nakamoto. He is also still operating what appears to be a Ponzi scheme from 2017, potentially defrauding seniors with a so-called ‘Bitcoin Pension’ plan.

Since the launch of the scheme, Molt has scammed an estimated 7,000 people out of at least 0.1 Bitcoin (BTC) each. At today’s rates, this is equivalent to stealing 700 BTC worth over $6 million. Though according to information released in a 2018 video, this could be as much as $25.8 million.

Scammers Will Be Scammers

According to Molt’s Bitcoin Pension website, investors in the plan pay an average of $500 and will receive 2 Bitcoin after five years. Since the scheme has been running since 2017, this means the first payouts should occur by 2022—if Molt doesn’t mysteriously disappear by then.

Assuming Bitcoin maintains its current value of around $8,600 by 2022, this is equivalent to promising investors over 320% interest per year.

Bitcoin Scam

The scheme is apparently part of the ‘FISC – Future Invest Smart Contract Group’ which doesn’t actually appear to exist at all. Likewise, Molt’s pension plan doesn’t actually appear to be supported by a smart contract, nor is there any terms and conditions, legal entity or even a contract involved when signing up for the plan.

Nakamolto.info, a website that tracks and monitors Molt’s bad deeds reports that Joerg was still accepting applications in March 2019, whereas Andreas Antonopoulos recently reported that Molt was still defrauding seniors. This comes just days after Molt was seen using a selfie with Antonopoulos to bolster his credibility—which was then shot down by Antonopoulos himself.

Besides Molt, nakamolto.info reports that are several accomplices involved in marketing Molt’s operations. These include Barbara Ungerböck, Heinz Schuhmacher, Angelika Riefling, as well as Drew Taylor and L.Brent Bates—the hosts of Youtube’s Wild West Crypto Show.

Molt’s Other Bitcoin Escapades

Besides claiming to be the co-founder of Bitcoin, Molt is also the founder of Satoshi School—a training platform and charity that once offered training on Bitcoin and blockchain technology, taught by none other than Molt himself.

In 2018, Molt also co-authored a book titled ‘The BitCoin generation,’ which has performed particularly poorly. The book, which is riddled with grammatical mistakes, factual errors and outright fabrications, is currently ranked number 2,148,870 on Amazon’s bestseller rankings, despite being released more than a year ago.

cryptocurrency scam

To put this into perspective, a similar book on Bitcoin, titled ‘Blockchain for Everyone: How I Learned the Secrets of the New Millionaire Class (And You Can, Too)’ was released just over a week ago, and currently has a rank of 164,178.

Molt also recently managed to weasel his way into a speaking slot at the SIMS convention at Symbiosis International University where he was once again claiming to be Bitcoin’s co-founder and made the audacious claim that he has 250,000 BTC sitting in his wallet—which, of course, he is yet to prove.

Images are courtesy of Shutterstock.

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