Mexican media outlets say more than 3,000 people in the regions of Tehuacán and Puebla have been left out of pocket by a suspected crypto trading bot-themed scam.
Per Milenio and an earlier report from Moto Red Tehuacán, the firm at the center of the allegations is a “cryptocurrency company” named AMG GPT.
Crypto Trading Bot: Investors Promised Guaranteed Returns?
The company reportedly had offices in both Tehuacán and Puebla. But these have apparently been shuttered in recent days.
Multiple AMG “users” claimed they had invested in crypto trading bots after promises of “daily payouts.”
Several people told the outlets that they could no longer make withdrawals on the AMG platform.
They also claimed that they had initially made money with AMG, which held multiple promotional events in the regions.
However, these payouts appear to have dried up quickly. The “victims” said that staff members later told them they would need to pay “verification fees” if they wanted to make withdrawals.
The AMG customers said they filed complaints and tried to visit the company’s offices in search of answers. Milenio journalist Carolina Espinosa River wrote:
“The offices in Tehuacán have completely disappeared, leaving the premises empty. And, although some supposed ‘leaders’ have been identified, they have also claimed to be victims of fraud. They state that they do not know who is responsible for the scheme.”
Our Payments Were Delayed, Say Investors
The “victims” claimed that they were invited to “buy” crypto trading bots “for a set time period.”
However, many of them eventually noted that their cash payouts were subject to “constant delays.”
Earlier this month, the company appears to have issued a statement claiming that customers would now need to “apply for a special credit card” named “Crypto-VISA.”
This card, the firm claimed, would also offer a range of seemingly “guaranteed” payouts in exchange for high-price stakes.
Moto Red Tehuacán wrote that the company had offices on the Tehuacán streets 3 Oriente, 2 Sur, and 3 Poniente, as well as 3 Poniente de Ciudad, a street in downtown Puebla. All four offices appear to have been abandoned.
3 Poniente de Ciudad, a downtown street in Puebla, Mexico. (Source: TV Azteca Puebla/YouTube/Screenshot)
Around 100 people have signed an official complaint they have since filed with public prosecutors.
In its last official statement, AMG GPT claimed that the delays in cash withdrawals were “due to” a “Shopping Festival” event that would provide “generous rewards” for investors. However, investors said this statement caused “more confusion than clarity.”
New User “Influx”
Investors said that a sudden influx of new “users” appears to have brought the “pyramid crashing down.”
Customers said the situation “began to escalate when people who had previously benefited from the bots program began inviting more people to participate.”
They were drawn in by “promises” of “returns of up to double or triple their initial stakes.”
Tehuacán Cathedral, in Central Tehuacán, Mexico. (Source: Danielllerandi [CC BY-SA 3.0])
Offices and WhatsApp Groups Closed Down?
The company said in its statement that its “financial department” was “reviewing the accounts of employees and certain users.”
It added that it was now “cooperating with the tax authorities to clarify what happened.”
But customers said all withdrawal channels had been frozen, with associated “WhatsApp groups and other channels of communication” also shut down.
The users claimed they were “hoping for justice to be served” and wanted “refunds on the money they invested in the hopes of getting paid above-board returns.”
BTC, DOGE Images Used in Marketing
The media outlets both published photos of AMG marketing events and materials that refer to Bitcoin (BTC), Dogecoin (DOGE), Elon Musk, and the crypto exchange giant Binance.
One image also appears to make use of the Crypto.com logo.
Customers said that newer investors handed over “large sums” of “around $1,000” in the hope of making “quick money.”
The news comes hot on the heels of developments in Argentina last month, when alleged crypto scammers reportedly hired little-known actors to promote a “pyramid scheme.”
Lawyers in the nation say that up to 20,000 people in San Pedro, Buenos Aires, were duped into a USDT-themed scam.
Like the Mexican “scam,” this project’s masterminds also “guaranteed” investors “daily payouts” on their stakes.
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