Today I want to talk about a topic which is having a great media coverage in social networks, at least in Latin America, because it is an investment platform called (SolesBot), surely you have already heard something about this in networks like Tik Tok or Facebook, and for that reason today I want to explain everything in more depth according to my personal criteria.
This supposed company was presented as a very striking idea for investors a little novice in the subject of how is the work with Cryptocurrency Arbitrage, as SolesBot promised to be an automatic AI trading platform which created a lot of fomo among users since everything was an automatic work, and according to what they promised, you could invest and make money with Arbitrage without having to be present, already there something is strange to analyze.
It promised safe benefits through its arbitrage bot, and as this bot was created with the great technology of artificial intelligence, many people saw in this a great opportunity to invest, thinking that this would be easy, and above all "Reality", but the reality is very different and is plagued with controversy, and here I will show you more details.
Image by SolesBot - Edited in Photoshop CC
Table of contents for this article:
♦️ What is SolesBot?
♦️ The Founder and the Structure in Pyramid
♦️ Distrust and Criticism
♦️ The Collapse and the Scam Accusations
♦️ How to Avoid Another SolesBot Scam
What is SolesBot?
SolesBot is a software that uses the best cryptocurrency arbitrage technology. Powered by advanced algorithms and machine learning capabilities, it can enable real-time asset arbitrage, or at least that's the idea they made many who don't know much about arbitrage believe, because in a nutshell, SolesBot was going to generate money for me without me doing much, Apparently with its ability to analyze where I would buy a crypto and in which market or Exchange was at a better value to sell it there, and the incredible or interesting thing about this is that it would do it automatically without me having to be aware of when to buy or sell and much less in which Exchange these operations would be made, SolesBot was born as that tool that did not exist yet but that was so lacking.
For those who know a little about cryptocurrency arbitrage, surely you know how complicated it is to buy an asset in an Exchange and pass it quickly to the other to take advantage of that difference in value and sell it a little more expensive, that's where our profits are in manual arbitrage, but in that time while you send a cryptocurrency from one Exchange to another, it takes at least 1 minute, and that counting with a minimum period while you do the network confirmations and everything else, that can be a disadvantage for the investor, because in that small period you can lower its value and in the end end up selling for a lower value than you had initially bought.
This is the normal arbitrage, you also have to search in which other market is better valued that crypto you want to buy, and then look for the best market with higher value to sell that same crypto, but SololesBot in a magical way does all that in a matter of seconds, how can that be possible, that's where my idea that this was scam came up, and so it was, it is not possible to create a bot that does all this work in such a fast way, and much less with a large number of users at the same time.
The Founder and the Structure in Pyramid
Raul Soles founded SolesBot in 2023, or at least that is what he indicated in his social networks, because in reality we do not even know if that is his real name, and although he has shown his face publicly showing his personal image, that can not give us security, and I want you to take this as a tip, no matter how good a project seems, do not believe that the fact that its founder or team shows his face, that does not indicate total security, you must always keep that in your mind.
Now let's talk a little about how users actually made money with SolesBot, because many invested a small amount and saw how their money was really doubling, and many users actually withdrew money from the platform, they did it this way so that those first users who were making money, saw SolesBot as a great page to invest and so they began to bring more and more users so that little by little this supposed company had more investors who according to them were working with AUTOMATIC Arbitrage, which was not so.
Its business model depended on a pyramid structure, in which large investors attracted smaller investors and users. What is actually quite common, but here in Venezuela, country where I live, many people invested here, I have only decided to stay watching the process of its fall, because I had already announced it, the supposed company started attracting new investors, which put their money, and for them to get their money from there others had to invest, although of course that was not the way Raul Soles explained his project, but to give you a clearer example of how users really made money, I will tell you this way:
If you invested $100 today, for 7 days you would be making profits, to withdraw your earned money at the end of the week, then while you were making money those 7 days, other users were investing, then when they paid you, your money came from the users who had recently invested, then, they paid the older users with the money of the most recent investors, that was the way they could withdraw their money, only that people were not astute enough to notice it in time and continued investing more and more in this pyramidal scam that like everything, had to fall at some point.
Distrust and Criticism
At the moment the platform was generating good profits to the older users, but the new users were having some problems, because it was already being rumored that SolesBot was a pyramid scam, and that directly affected the newer investors, because if more users did not enter the page they could not generate money, But they did not know that, because they were confident that the real earnings came from the automatic arbitrage, something that was only a facade to disguise the Ponzi scheme, so if more users did not enter the page those who were already inside could not generate money, and that is where everything began to fall into controversy.
Users were constantly complaining that they were not allowed to withdraw their money, because now the large amounts of money that their accounts showed, was only something visual, and they could not send them to an external wallet like Binance, which was the most used Exchange by SolesBot users, and that's when the criticism towards the page began, and the Founder Raul Soles, came out to show his face saying that, his withdrawal limitations were due to the fact that massive withdrawals were being made from SolesBot to other exchanges, and that mainly Binance had blocked these operations while they were doing an Audit of the project to be able to continue with the withdrawals in a regular way.
This does not work like that, but users did not believe and continued to operate, gradually it was criticized and questioned for security and reliability. Third party testing gave it a low rating for reliability; risk factors and suspicious behaviors were evident when even users asked Binance support if it was true that they were doing a Soles Bot Audit, to which Binance replied that they had no relationship with the company and that they were not restricting any user's payments.
The Collapse and the Scam Accusations
The collapse of SolesBot resulted in the blocking of most users' funds. Raul Soles did not explain concretely, writing only a short post on social networks in which he blamed the disaster on "manual arbitrage" as it turns out that the page had two methods of Arbitrage, manual and automatic, then he said that this was because of the use of manual Arbitrage, for users to use the automatic Arbitrage, At this point everything was feeling very strange, but again the users believed in Raul Soles who also said that the fact that they could not withdraw their money was because of the "maintenance" of his site. The fact that he has not returned the money and that he does not say anything about it has made people suspicious about whether it is a scam or not.
And now if it is already plaguing the social networks that SolesBot is a scam, after so long, and many doubts, users are now spreading the news that it is a scam, but already so that if the theft is over, users have already lost their money, and a lot of money to be specific, because in Latin America, or in Venezuela many users are looking to earn a lot of money to get out of the economic situation, and for that reason when they see a good profit option they enter with all their capital, but I do not recommend that to anyone, just investigate very well and do not invest more than you can afford, be prudent.
How to Avoid Another SolesBot Scam
Certainly, you can trust after having investigated well, but equally nothing is safe, but from all these mistakes you learn, and here we have to highlight some important points so that you who are reading this do not become a victim of a scam like this, because I have not been scammed in this way, I always like to investigate everything very well and do not invest in something that generates me distrust or that I do not understand very well where the profits of my investment come from, some of the things that were taken from the experience with SolesBot to not repeat the mistake include:
♦️ Conduct Careful Research: thoroughly research any platform you want to invest in, find reviews, testimonials and track records.
♦️ Transparency: Choose sites that are transparent in what they do and have good communication with users.
♦️ Diversification: Don't put all your eggs in one basket, diversifying one's investments reduces risk.
♦️ Continuing education: Keep learning as much as you can about the crypto space and keep an eye out for red flags that indicate something fishy, and get out of that project you invested in early.
This is all for today, remember to leave your comment at the end of this, and I reiterate again, do not invest in pages that do not show how the money is generated, and do not believe that the Arbitrage can be done automatically with the help of Articifial Intelligence, that is false, greetings to all and thank you very much for reading my content.
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