The lack of regulation or the presence of poor regulation is a huge red flag. It means Lucky Ape is a scam and most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of Lucky Ape, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
Lucky Ape primarily solicits investments in various cryptocurrencies and requires a minimum investment of $200 for full participation in its income opportunity.
The platform has been reported to aggressively urge clients to make additional trades and charge high withdrawal fees, making the withdrawal process difficult.
However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, the scammers actually stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
If you want to get your money back from a scammer, you’d need to file a chargeback.
Lucky Ape has been critiqued for its lack of transparency and questionable operations. Concerns arise due to the absence of sufficient information on their website, including the lack of regulatory compliance, which often leads to poor customer protection and service.
The platform’s approach to dealing with client issues seems ineffective, given the high fees and commissions, poor communication, refusal to answer questions, and prohibitive withdrawal procedures.
When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, scammers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Scammers understand that in order to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, the customer support won’t resolve your issues and become increasingly unavailable.
There is a stark absence of customer reviews or feedback available online for Lucky Ape, especially on platforms like ScamAdviser.com. This lack of customer engagement and feedback aligns with the concerns raised about the platform’s legitimacy and customer service practices.
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Scammers like Lucky Ape tend to purchase fake reviews for their online profiles to make themselves seem more credible.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust Lucky Ape reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews that are posted by temporary accounts (profiles which only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of Lucky Ape, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like Lucky Ape enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “Lucky Ape reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising Lucky Ape.
You should always look out for consumer complaints. In the case of Lucky Ape, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees and charges
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about Lucky Ape? You can share your complaint in the comment section or submit an anonymous tip.
Lucky Ape’s operations raise numerous red flags suggesting it might be a scam. The platform lacks transparency, with no verifiable evidence of using external revenue to pay withdrawals and failing the Ponzi logic test.
Additionally, Lucky Ape has no retailable products or services and pays affiliates based on recruitment, which are typical characteristics of a Ponzi scheme.
Furthermore, as of November 2023, Lucky Ape has collapsed, and its website domain redirects to Google’s homepage, which further undermines its credibility.
Lucky Ape is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind Lucky Ape can run away with your money without any prior notice. You should be extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust Lucky Ape?
All the evidence suggests that Lucky Ape is a scam. If you have lost money to them, there is still a chance you can get it back.
To recover your funds, you’d need to file a chargeback.
Is Lucky Ape a scam?
Can I withdraw money from Lucky Ape?
Where is Lucky Ape Located?
How do I get my money back from Lucky Ape?
Launch a website/app with a generic name
A website or app with a generic name allows scammers to hide behind common Google search results. Marketing such names is easier as well.
Pay influencers & social media pages to promote the scheme
By getting influencers and social media pages to promote their brand, scammers make their shady company seem more legit than it actually is.
Send thousands of emails and make cold calls to potential victims
It’s common for scammers to buy the contact details of people and spam them through email, phone calls, social media messages and other means.
Make victims feel safe through “small wins”
Such small wins usually include a few payments transferred into the victim’s account. This makes them seem more legitimate.
Convince victims into investing large sums of money
Due to the small wins, the victim is now convinced that the company is legit. Now, the scammers try to manipulate the victim into giving them larger sums.
Disable withdrawals & take down the website/app
Once the scammers have recieved a signicant sum, they either stop responding or cite a technical error to freeze their victims’ funds.
Repeat the cycle
After making the money, the scam will shut down and the people running it will launch another and repeat the cycle.