The Money Glitch – Scam or Not

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Trading of Binary Options is a popular way to earn money, and it is present on the market of the financial industry for the past several years. Because of the fact, it attracts many clients willing to earn easy money, a significant number of individuals and companies joined this market to create the software that might offer more successful trading experience.

However, not all of them created the software with the same goal in mind. Unfortunately, this market also provides an opportunity for manipulations and scams. Such software is also the Money Glitch which is available “only” in your country. However, it is an interesting fact that they claim in their promotion video, they are not a binary option trade.

Basic information:

Cost: Free
Software: 100% Automated
Max Returns: Up to 88%
Minimum Deposit: $250
Countries: All nations

  • binary options auto trader
  • False presentation video and other promotion materials
  • False info on the company’s CEO
  • Fake promises and claims on the profit

BinaryMinery Verdict:

Not Reliable Service

What Is The Money Glitch?

Allegedly, the Money Glitch is the software by David Matthews, who is the founder and owner. If we consider that this is a scam, then there is no need to say that it is impossible to find more details about him, and even his photo available on the website is a stock image. Besides, lovely young lady who attracts clients through their presentation videos is Selena Fairbrother, who is an actress. All of their videos are created with the goal to promote the subjects of basic human desires – half-naked woman, car, pool, and luxury house, making them believe they will be able to have that all once they join the Money Glitch software. These are the things they know will attract you to join.

Once you decide to open the website, you will see that it says “Available only in your country.” However, this is not true, regarding of the IP, the options change, and your “exclusive” offer is available to everyone. Apparently, they offer free membership. There is a false counter on the upper right corner of the website which invites you to join and says how many free memberships are left.

Nevertheless, this software is the same as some of the previously offered scam systems providing binary options auto trader. It means that the Money Glitch scam is same as the Mockingbird Method or the Zulander Hack software – everything is the same – from the website to the testimonials. The only difference is that the Money Glitch scammers bothered to upload the video presentation with Selena to draw attention and present themselves as a trustworthy option.

Screenshot

How Does It Work?

The Money Glitch software offers the best trading opportunities like the one to earn up to 97% profit through winning trade. Besides, it also gives an instant alert to investors to place a call option and invest the money. Considering the presentation video, this is the software for everyone, no matter how little experience they have in this fields. And it is also important to note that Selena says in the promotion video that this is no binary options trade.

Selena and the rest of the scammers earned thousands of dollars every day for 78 weeks before someone recognized this as a scam. This software offers you an option to make $2,000 in only 3 hours. It is why you should immediately think that it is fishy. Aside of that, it will also allow you to wire your thousands immediately. However, no broker ever allows an opportunity to wire your money in less than 24 hours.

Final Conclusion: Is The Money Glitch a Scam?

It is evident that this is a scam – copy-paste scam software, stock image of the founder, too good to be true options to make 97% of profit and the same day processing, even hired actors to provide background stories and testimonials on the efficiency of this software. All of these say more than enough. It is a scam, and you should avoid this at all costs. If you are eager to join binary options, however, consider other, more reliable software.

7 Binary Options

Marcio

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The Money Glitch is a new binary options automated trading system that claims to be able to make its users $2,000 in just a few hours. Is this realistic? Read our full review below!

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The Money Glitch is a system allegedly created by Dave Matthews and presented by Selena Fairbrother who used it to turn $5 into over $500k. The system exploits an unidentified glitch in the financial system that allows users of said system to make thousands of dollars within a few hours and an eventual millionaire. They are currently looking for 20 beta testers to gather more data before releasing the software to the market at $50,000 per license. You can view the entire story in their absurdly long 24 minute promotional video here.

So is the Money Glitch as good as it claims or is it too good to be true? Read on!

Basic information:

Cost: Free
Software: 100% Automated
Max Returns: Up to 90%
Minimum Deposit: $200
Countries: All nations

  • Fake claims and testimonials
  • No real information at all provided

7BO Verdict:

Not Reliable Service

What is The Money Glitch Robot?

As to be expected, the Money Glitch robot is nothing but a scam. If you watch the video, you see ‘Selena Fairbrother’, which sounds like a name from a pulp medieval fantasy novel, approach a group of four strangers in a coffee shop for the iPhone challenge, which involves her offering the group a free iPhone each if they don’t make $2,000 in under an hour using her software. Needless to say, because they are all actors and this is all fake, they all make over $2,000 within the hour. And of course, Selena graciously lets them keep the money.

Figure 1: Frankly, we were getting a little bored of these scammers always using old men in their videos

Unfortunately we were unable to track down the actress playing Selena, although she is obviously British, as are the other actors in the video which is a welcome change from all the other scam videos shot in Portland, Oregon. However, we have noticed a trend of some of the newer scam videos being shot in London so we expect to see more London locations in the future.

We won’t even go into how the software actually performs because none of this is explained other than the ‘fact’ that it takes advantage of some sort of glitch that the software’s creator Dave Matthews found. And speaking of the creator, the scammers didn’t even bother to hire an actor to play Dave Matthews and instead all we get is a lame stock photo that has been used in numerous other sites instead. Also, we wonder whether any of the scammers were fans of the music artiste Dave Matthews?

How Does It Work?

To understand why these scam robots are almost always offered for free (please disregard the $50,000 per license full version of the Money Glitch software robot, that is obviously a bogus claim and it also makes absolutely no sense to sell something that can make you a millionaire for $50,000) you must first understand the binary options business model. Because the majority of binary options brokers are unregulated, almost anyone can set one up and thus competition is intense. In order to attract customers, most brokers offer affiliate programs and these affiliates receive a significant percentage of the initial deposit amounts of the customers that sign up through these affiliates. The most common strategy of binary options affiliate marketers are setting up review sites, which is a legitimate way of promotion as it conveys useful information as well.

On the darker side of the affiliate marketing model, we have these binary options scam robots. They try to lure as many people in as possible with fantastic claims and no upfront costs and when a customer makes a deposit with the robot’s partner broker, that’s how the scammers receive their affiliate commission. And since the robot is free, there will be no recourse available to the customer when the robot doesn’t perform as advertised.

In our case, we were unable to be redirected to a broker when using the Money Glitch website; this is of no surprise to us as these scammers never keep a scam robot up and running for very long as they get exposed too quickly.

Conclusion

The only glitch that is found in the Money Glitch is a glitch in the critical thinking skills of anyone foolish enough to fall for their absurd shtick. Don’t be fooled by Selena’s pretty face; it’s all just another scam. Definitely give this one a miss.

Warning Signs of Money Scams

Becoming familiar with the common warning signs of money scams can help you spot trouble before it’s too late. If you see any of the red flags listed below, proceed with extreme caution and do some more investigation before parting with your money.

Wire Transfer Requests

If somebody you don’t know asks you to wire money through a company such as Western Union or MoneyGram, be careful. There are a few legitimate situations where wire transfers make sense, but they’re a bad idea if you’re not sure who you’re dealing with.

Also watch out for scammers posing as your friends or relatives. They may say they’re having a crisis and need you to wire money immediately. They’ll usually ask you to do it without telling anyone else about it, as well. This is a major red flag.

Thieves love wire transfers because the money is available for withdrawal almost immediately (before everybody figures out what they’re up to). And senders have very little protection. Once the money leaves your account, it’s gone, and you can’t ask the bank to undo the transfer. 

Emails Promising You Money

Scammers often send emails promising vast sums of money (or even a few bucks) for little or no effort. Sometimes these messages will say that you’ve won a prize, sweepstakes, or lottery, and the money is waiting for you. Others will look like they were sent to you accidentally—and you’ve somehow had the good luck to stumble into a fantastic situation.

In many cases, the thief will ask you to pay a fee or wire money in order to receive a larger amount of money back from them (and you’ll never receive it). Or, they’ll ask you to deposit a (fake) check and wire some of the money back.

If something sounds too good to be true, and it’s coming from somebody you don’t know, then it’s almost certainly a scam. Also keep in mind that real lotteries and sweepstakes do not require you to send money in order to receive your money. 

If you’ve discovered a scam or believe you’ve been a victim of one, then you can help yourself and others by reporting it to your state consumer protection office or the federal government. You also can report online and international scams to the Internet Crime Complaint Center. 

Offers to Buy With Alternate Payment Methods

If you’re selling something that you’ve advertised online, be wary of accepting anything but cash in person or payment through a secure method. Scammers have various ways to cheat you out of money even when you’re supposed to be the one collecting money.

One example of this is a cashier’s check scam: A buyer offers to make a purchase by sending you a cashier’s check, but they send a check for the wrong about (usually more than the cost of the item). They ask you to deposit the check and wire them the overage. A week or so after you wire the money, that you find out the check was fraudulent and that you’re responsible for paying it back to the bank if you’ve withdrawn it or spent it. 

Handling Payments for Someone Else

There’s no legitimate reason for you to handle payments for somebody else. If you’re asked to deposit money into your account and forward it to somebody else, then it’s wise to turn it down. At best, you’re being set up for a scam; at worst, you’re involved with something illegal (such as money laundering). 

Threats and Hyperbole

A scammer’s goal is to exploit your hopes and fears until you hand over your cash. To take advantage of your fears, they might tell you that you’ll go to jail, lose your job, or somehow face humiliation if you fail to make “required” payments (none of which they can accomplish legally).   To take advantage of your hopes, they may tell you that you’ll receive a reward or prize if you do what they ask of you.   Or they may approach you through an online dating site. 

Unsecured Sites

If you’re using an unencrypted website then you’re leaving yourself vulnerable to attack. Look for a picture of a lock or “https” in the address bar when doing anything sensitive online. If you provide personal or financial information to an unsecure site, it can be stolen easily. Any reputable bank, credit union, or online shopping site will require a secure connection. If your connection is not secure, you might be caught in a so-called “man in the middle” attack, in which your usernames and passwords are collected for later use. 

Emails That Don’t Look Quite Right

Sometimes you can find everything you need to know in an email. If you notice bad spelling and grammar, you might be dealing with an overseas phishing scam (a type of fraud where a user’s personal data, such as passwords and credit card info, is stolen through an electronic communication like email). It also helps to look closely at any links when you hover your mouse over them before clicking. Do they go where you think they should go? 

What to Do After Recognizing Warning Signs

If you see any of the warning signs above then it’s best not to engage with the scammer at all. If you have doubts, then get more information. Research the person or business in question until, and continue to educate yourself about the types of scams that are out there. It also helps to talk about the situation with a friend or relative, and look for similar stories online—you might be surprised at what you find. 

Robinhood’s ‘infinite money’ glitch has inspired copycat traders – and one user has now grown a $1.7 million position

  • Traders are using a glitch in Robinhood’s app to trade with an infinite supply of borrowed cash, and one user said they turned a $3,000 deposit into a $1.7 million stake.
  • Call_Warrior, a member of the r/WallStreetBets subreddit, posted screenshots on Tuesday night showing how the glitch was used to buy 47,600 shares of Advanced Micro Devices. The post has since been deleted.
  • The trade involved a glitch that adds the value of sold call options to users’ buying power. There seems to be no limit to how many times the trade can be executed.
  • A Robinhood representative, Lavinia Chirico, said in an email on Tuesday that it was “aware of the isolated situations and communicating directly with customers.”
  • Visit Business Insider’s homepage for more stories.

Traders are one-upping one another with a glitch in Robinhood’s trading app, and one user holds the crown after turning a $3,000 deposit into a $1.7 million position.

A member of the r/WallStreetBets subreddit who goes by Call_Warrior posted on Tuesday about using the trading glitch to leverage a deposit to hold more than $1.7 million worth of Advanced Micro Devices stock. The post has since been deleted, but screenshots showed the app being used to amass 47,600 shares of AMD.

“After realizing I only had a few thousand dollars to gamble, I decided why not try this new ‘glitch,'” Call_Warrior wrote. “After seeing people on the almighty wallstreetbets wager a timid 50k or so on average with this new feature available, I thought it was only a clear choice to raise the average for the good of all.”

The trade involves Robinhood Gold users selling call options with money borrowed through the app. Robinhood then incorrectly adds the value of the options sold to the user’s cash pile, giving them more buying power. Traders can repeat this cycle, and it seems there’s no limit to how much a user can exploit the trick. One person on r/WallStreetBets described the glitch as an “infinite money cheat code.”

A Robinhood representative, Lavinia Chirico, said in an email on Tuesday that it was “aware of the isolated situations and communicating directly with customers.” The company didn’t comment on when the bug would be patched, but the app received an update on Tuesday.

Call_Warrior apparently saw the glitch’s limitless potential as a challenge, commenting on Wednesday morning about plans to “buy as much AMD as possible” and saying the motivation to post the trades came from seeing other traders’ disappointing positions.

The app’s bug was discovered by an r/WallStreetBets member who goes by ControlTheNarrative, who said they used the glitch to turn a $2,000 deposit into $50,000 worth of Apple put options. When the iPhone maker traded higher the day the options expired, the Reddit user lost the borrowed money and later posted a reaction video on YouTube.

Days later, someone with the username MoonYachts said they exploited the bug to turn a $4,000 deposit into a $1 million position. MoonYachts explained how they pulled off the trades and told other users “DON’T DO THIS.”

It’s not immediately clear what the legal repercussions of the trade are, but one Georgetown University law professor warned that the Robinhood traders could face a range of consequences.

“If there’s an element of deceit, that you got this by exploiting a loophole in a system, I can see how that could become a securities fraud case,” Donald Langevoort told Bloomberg, adding that the traders may also need to pay restitution on the borrowed cash.

Now read more markets coverage from Markets Insider and Business Insider:

Scammers don’t cheat because they need the money — they cheat because they’re cheaters

Author

Professor of Agricultural Economics and Director Human Behavior Laboratory, Texas A&M University

Disclosure statement

Marco A. Palma does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

Partners

Texas A&M University provides funding as a founding partner of The Conversation US.

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Why do people cheat?

When we hear that a poor person scammed others out of money, we may attribute this behavior to their poverty, rationalizing that the person violated ethics and the law because they needed the money.

But the rich and powerful also cheat: falsifying loan applications, evading taxes, and running Ponzi schemes that defraud investors of millions.

As a behavioral economist, I am fascinated by how money affects decision-making. If money were the driving factor behind cheating, for example, it wouldn’t really make sense for wealthy people to break the law for financial gain.

To find out whether cheating is driven by economic necessity or personality, economist Billur Aksoy and I conducted an experiment. We wanted to understand the role money plays in financial frauds.

Our findings, published in the Journal of Economic Behavior & Organization in July, suggest that people’s propensity to cheat does not reflect their economic situation. People inclined to cheat will do so whether they are rich or poor.

Perfectly isolated

To conduct our study, we identified an unusual place – a kind of petri dish where the same people experience both wealth and poverty. It’s a remote and isolated coffee-growing village at the base of Guatemala’s Fuego Volcano.

Part of the year, the seven months before the autumn harvest, the villagers experience scarcity. During Guatemala’s five-month coffee harvest, however, the village is relatively prosperous. Without banks or access to credit, the farmers can’t really make their earnings last much beyond the harvest period.

Guatemala’s Fuego Volcano and surrounding villages. AP Photo/Santiago Billy

I say “relatively” because even during the harvest, the Guatemalan village still lacks access to health care, food and clean water. Residents told us they earn, on average, about $3 a day. The coffee harvest is a time of comparative prosperity that briefly eases their poverty.

The unique financial situation of these villagers meant we could study the same group of people in both scarcity and abundance, knowing that mitigating factors – stress level, physical activity, domestic instability and so on – would remain similar across the population.

And since a recent study conducted in 23 countries shows that people cheat at about the same rates in rich and poor countries, we knew that our results would not be exclusive to Guatemala.

Roll of the dice

We first visited these Guatemalan villagers in September 2020, before the first harvest, when their financial resources were scarcest. We returned in December, when coffee sales had significantly boosted their disposable income.

On both visits we played a simple game with the same set of 109 villagers. The participants in our study would put a six-sided die in a cup and roll it. They would then tell us – but not show us – the outcome of their roll, and shake the cup again so that no one else could see what they rolled.

After repeated rolls, each side of a six-sided die should come up 16.67% of the time. Shutterstock

The game’s design ensured we wouldn’t know whether individual players were accurately reporting their rolls.

The villagers were paid the Guatemalan equivalent of US$1 for the number they rolled. So, if they rolled a four, they got $4. A two earned $2. The exception was six, which according to our rules paid nothing.

Statistically, we knew, the three highest payout numbers of the six possible rolls – three, four and five – should have come up 50% of the time. The rest of the rolls should be low-earning numbers: one, two and six.

Yet, on both trips, the participants in our study reported rolling the high payout numbers about 85% of the time. The number five, the most lucrative roll, was reported more than 50% of the time. And almost no one admitted to rolling a six, which paid nothing.

These results indicate cheating on a large scale, both in prosperous times and in poverty. If people are inclined to cheat, it seems, and they think they can get away with it, they’ll do it – rich or poor.

Unexpected generosity

After running this first experiment, Prof. Aksoy and I asked players to roll the dice again.

This time, their roll would determine the payment for someone else from their village. In a small town like this village, in practice that meant people were playing to boost the earnings of their friends, family, neighbors and coworkers.

In this round of play, the high-payout numbers were reported at a somewhat lower rate than during the first round – 73% during the abundant harvest season and 75% during lean times. Cheating was still occurring, but somewhat less often. As in the prior round, the cheating rate was similar in scarce times and abundance.

That pattern changed when we asked the villagers to roll the die to determine the payment for a stranger – someone from outside the village.

In December, a time of abundance, the villagers reported both high and low payouts about 50% of the time – right in line with their statistical probability. They did not cheat for the financial gain of strangers. In times of scarcity, however, the villagers reported rolling high payout numbers about 70% of the time, lying to benefit strangers at roughly the same rate they had for their neighbors.

Why would people break the rules for someone else when they themselves were at their poorest?

We believe that the villagers became more empathetic during times of scarcity, feeling the same concern for outsiders as they did for their friends and family.

For richer or poorer

Our two biggest findings – that people will game the system at roughly the same rates whether they are rich or poor and that generosity for strangers does not depend on wealth – should be taken with caution. This was just one study in one country.

But researchers in Thailand recently reached conclusions similar to ours in an experiment they conducted with rice farmers. The participants in their unpublished study also lied for personal gain in both good and bad times.

The evidence suggests that wealth influences cheating much less than a person’s ethics – that is, whether or not they are inclined towards cheating. This conclusion is in line with recent studies suggesting that people who engage in antisocial behavior or commit crimes may have a genetic predisposition to do so.

In other words, some people may be born with a propensity to cheat others out of their money. If so, then environmental factors like poverty and opportunity are not the reason for cheating – they are an excuse to explain bad behavior.

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