Topic: Was anyone else on BTCJam. There's something you need to know if you've used it (Read 136 times)

BTC Jam ended up being a massive scam. At first I thought it was acting a bit weird, then I looked in detail at my account.

BTCJam closed last year suddenly. What was alarming, is the amount of defaulted loans I had been awarded, nearly every Bitcoin i lent on the site went unpaid back. That is fine, I understand that might happen, but then it got greasier.

I looked into the arbitration notices I was awarded - Arbitration notices from a "lawyer firm" saying the debtor owes the creditor. Well, that is where they used a fake law firm, a law firm that doesn't exist at all. It's completely fake and the arbitration notices are completely useless.

Then I looked back at what I was owed. The account shows 3 important things - AMOUNT LENT, AMOUNT PAID, REMAINING BALANCE. A simple equation. Well to my alarm, the amount lent wouldn't line up with ANY of the remaining balances or the amount paid - BTCJam was spoofing these numbers to say that far more of the loan was paid off then actually was.

I am not sure what to do but this seems like a pretty big case of fraud IMO. I understand the risks of using a Bitcoin lending platform, but it's completely different if a few users are defaulting compared to if the website was created to cheat people out of money with a fraudulent front. And BTCJam was clearly involved with taking out money.

https://imgur.com/a/bRRZg
https://imgur.com/a/xT2Dd