Unsurprisingly, the ongoing crypto hype is also used by scammers. We have often reported fraudulent marketing campaigns like Bitcoin Up or Bitcoin Prime that catch victims for broker scams with the promise of quick wealth via cryptocurrencies. The German regulator BaFin has announced investigations against Terracoins (www-terra-coins.co) for allegedly conducting banking activities without the required permission. The truth, however, is that Terracoins is a scam on top of that.
The Terracoins website does not provide any information about the operators. No legal entity is stated, and the team shown on the website is apparently fake. Terracoins focuses on German consumers and tries to present itself as the German Coinbase. Deposits to Terracoins can be made via credit and debit cards. The website also advertises the sale of Terracoins tokens in very poor German. As usual with scams, there are no social media accounts.
Stay far away. Save yourself financial losses, the theft, and misuse of your data, and frustration.
