YEREVAN, November 9. /ARKA/. The Armenian Ministry of Internal Affairs is reporting on the consequences of the HelloBit(y) financial pyramid scheme.
“One of the most popular ‘financial pyramids’ in Armenia, HelloBit(y), offers high-yield investments through an online platform, promising high interest rates for people you invite to the platform,” the statement reads.
The ministry urges people to remember that income on such platforms is generated not through actual commercial activity, but through investments from people invited as referrals, who actually pay out the “income.”
“As a result, after accumulating a large number of investors and financial resources, such platforms cease operations after a while, and those who made ‘investments’ lose all their money.
If you have fallen victim to the HelloBit(y) financial pyramid, you can contact your local police department or the Cybercrime Department,” the statement reads.
HelloBit(y) users are complaining that they are unable to withdraw funds.
