Citizens Unable to Cash Out Funds from “HelloBity”; Experts and the MIA Warn that the Financial Pyramid Has Collapsed
Citizens can no longer withdraw their invested funds from the “HelloBity” online platform, which has gained traction in Armenia. In recent days, numerous users report that payments are not being processed, and the platform demands new transfers with the stated justification of “activating the withdrawal process.”
The Ministry of Internal Affairs (MIA) informed Amnews that they had previously stated that “HelloBity” was a financial pyramid and had warned citizens about its dangers. However, citizens were actively investing funds because the platform promised high-yield investments and equally high percentages for inviting new people. According to the MIA, users’ incomes were generated not from real business activity, but from the funds of newly attracted individuals.
“In the last few days, a number of citizens have already complained that the website is accessible, they can log in, but they are unable to withdraw money from their accounts,” noted media expert Samvel Martirosyan.
“If you were able to withdraw money before, don’t use that as a justification. They gave you those funds precisely so that you would delve deeper into all of this, even take out money via debt.”
Citizens who contacted us reported that the “principals” demanded a sum of 1,000 USD from them to log into the website and open user accounts. The entire process was carried out on the Telegram platform. Since many citizens had successfully withdrawn funds from the website, the citizens who contacted us also decided to join. However, everyone included in the website could also see what other participants were there and how much money each had already “earned.” Now, many are being offered to invest money again in order to be allowed to withdraw the funds they have in the application. Furthermore, they also mentioned that they would soon open another website and continue their activity.
Law enforcement urges affected citizens to contact local police departments or appear at the Cybercrime Fighting Department of the Criminal Police located at 130 Nalbandyan Street, Yerevan.
Experts recall that similar platforms offering “high returns” are usually structured on the principle of a financial pyramid and inevitably collapse when new investments cease to be sufficient to repay the money of older users.