Cryptocurrency is becoming more popular, but so are scams that take advantage of new and confusing platforms. One such scam involved a fake company called Shift Holdings. In this case study, we’ll explain how the Shift Holdings scam worked, the tricks used to fool investors, and how you can get your money back if you’ve fallen victim to it.
How the Shift Holdings Scam Began
Our client was first contacted by Shift Holdings, which claimed to be a professional investment firm offering great opportunities in cryptocurrency. Their website looked real, with client reviews, success stories, and investment updates. They were quick to respond to messages and kept in constant communication. They appeared to be a legitimate company with real staff members.
To top this all off, the platform was recommended to our client by a friend. There was little reason to question the legitimacy of the investment opportunity.
Positive Trustpilot Reviews
Looking at online reviews for a company or platform can be a powerful tool to help spot a fake company. Unfortunately, some scammers are better at covering their tracks than others. Shift Holdings was ahead of the game here, with positive reviews on Trustpilot and other sites – leading victims to place their trust in the scheme.
These reviews made our client feel confident that Shift Holdings was a reliable company.
Professional Communication and False Security
The scammers kept in touch often, giving updates and offering reassurance. They even asked for identification and carried out Know Your Customer (KYC) checks, copying what real investment firms do. This made our client feel safe and led them to trust the scam.
Small Initial Investment and Early Success
The scam began with a small investment. Our client opened accounts with Shift Holdings and Binance to make transactions. The scammers encouraged bigger investments by allowing a small, successful withdrawal at first. This made our client feel more confident and invest more money over the following months.
High-Pressure Sales and Personal Influence
The scammers used high-pressure tactics, constantly reminding our client of the potential profits. The fact that a trusted friend had referred them to Shift Holdings made the investment seem even more genuine. The app, which appeared on a well-known platform, also made it seem more trustworthy.
The Role of Binance
A company requesting payment via cryptocurrency is often a telltale sign of a scam, but in this case, even Binance—a well-known platform—was involved. Some financial institutions have raised concerns about Binance due to possible risks related to money laundering and fraud. Unfortunately, our client’s bank didn’t warn them, allowing the scam to continue.
SG Coin and Added Complexity
After our client struggled to withdraw their earnings, they were contacted by another company called SG Coin. They promised to help recover the money lost to Shift Holdings and even increase the investment. This added another layer to the scam, and our client was convinced to pay SG Coin in the hope of getting their money back.
Recovery Scams
Fraud recovery scams often happen after the original scam as part of a last-ditch effort by scammers to extract as much money as possible. They rely on victims feeling desperate and willing to throw good money after bad, hoping to recover funds they believe are locked in an inaccessible account.
SG Coin promised to help, but they were just another element of the scam.
These fraudsters often return later, pretending to be experts in recovering lost funds. They may use personal details to appear legitimate and may claim to be working with banks or the police. In reality, they have gathered this information from the original scam.
The reason they know the victim’s name, contact information, and even the amount lost is because they are the same people—or connected to the same group—behind the initial scam.
The Moment of Realisation
The turning point came when our client’s friend noticed the server connection was lost. They could no longer withdraw any funds, and further checks showed that Shift Holdings’ website and app had disappeared. That was when our client realised they had been scammed.
What Made the Shift Holdings Scam Seem Real?
Several things increased the believability of this scam:
- A professional-looking website
- Positive customer reviews
- Regular, reassuring communication
- A trading platform that looked genuine
- Background checks showing no major concerns
- Realistic returns that seemed reasonable
- Small withdrawals that worked at first
- Official-looking identification and KYC checks
- No negative information found online
- No warnings or red flags from banks or other financial institutions
The Shift Holdings scam showed how complex and convincing scams can be. With professional websites, personal referrals, high-pressure tactics, and small early successes, it’s easy to see how people can be tricked.
The FCA Warning on Shift Holdings
It’s important to note that the Financial Conduct Authority (FCA) has issued a warning about Shift Holdings, also known as Shift Oracle Limited. The FCA has confirmed that the company is not authorised to offer financial services or products in the UK. This warning highlights the dangers of trusting unregulated and fraudulent companies like Shift Holdings.
If you have been involved with Shift Holdings or Shift Oracle Limited, it is critical to take immediate action to protect your assets.
If You’ve Been Caught in the Shift Holdings Scam
If you think you’ve been caught up in the Shift Holdings scam or want to withdraw your funds, get professional help right away. Contact trusted firms like CEL Solicitors to recover your money and protect yourself from further scams. Always stay cautious, do your research, and never trust investments that seem too good to be true.
Just Tell CEL
If you’ve lost money to Shift Holdings or a similar fraudulent scheme, you are not alone and you are not out of options. Call 0371 705 3346 to speak with our fraud recovery team or complete an online form to start your recovery journey today.
