Our recent investigations have revealed that many investment companies including Oakvests Crypto and Crypto-Benefits247 have allegedly rigged the Trustpilot review system. Collectively, these actions work to mislead would-be investors. These firms were able to game the platform to achieve 5-star ratings, all while conducting business under morally bankrupt models. Trustpilot has moved quickly to address these findings. Under the pretense of reviewing them, they deleted one consumer review page and forced the removal of numerous five-star ratings associated with Crypto-Benefits247.
In making this move, Oakvests Crypto exceeded a lofty goal of receiving a 4.5-star rating on Trustpilot. They featured a video of their chief executive on their homepage to boost their online credibility. In comparison, Crypto-Benefits247 had an average star-rating of 4.7 stars before the site came under fire. The Guardian highlighted Crypto-Benefits247 so well that Trustpilot immediately began looking into it.
Subsequent to the investigation, Trustpilot acted and eliminated most of Crypto-Benefits247’s favorable reviews. Consequently, the company’s rating tanked to a mere 2.8 stars. In December 2022, the UK Financial Conduct Authority (FCA) warned that Crypto-Benefits247 was likely doing so illegally. Because of this, many doubted the legitimacy of its operations.
Chris Emmins, business representative for KwikChex, laid out the damaging effects fakes reviews have had on honest businesses.
“The successful use of fake reviews undermines every legitimate business that works to earn a genuine reputation. Meanwhile, scammers use Trustpilot to polish their lies.” – Chris Emmins
In reaction to these initiatives, KwikChex is calling on Trustpilot to abandon its currently adopted slogan, “find a company you can trust.” They are asking Trustpilot to stop flagging reviews with “verified” banners. Emmins explained that scammers have come to view Trustpilot as a pillar in their schemes. This is indicative of a bigger issue within the review giant’s platform.
Fake review have always been a thorny problem. In reality, Trustpilot was proud of the fact that they removed 7.4% of all submitted reviews in 2024 and 6.1% of reviews in 2023. Other regulatory changes mandated by the UK’s Competition and Markets Authority have gone into effect. It is illegal—specifically, a violation of the law—to commission or host fake reviews.
Trustpilot has been in proactive containment mode. As a result, they’ve been active in enforcing against the companies, pulling down fake reviews and sending warnings and legal cease-and-desist letters for violations of their guidelines.
“We have previously taken action against the companies mentioned, removing fabricated reviews and issuing both warnings and legal cease and desist letters for guideline breaches.” – Trustpilot spokesperson
In response to recent concerns, Trustpilot has launched a deeper investigation into these firms, removing additional fabricated reviews and displaying consumer alerts on their profiles to warn potential investors about the associated risks.
“Since further concerns have been raised we have launched a deeper investigation and removed further fabricated reviews from each profile. Each profile now displays a consumer alert, warning consumers about these companies. Our investigation is ongoing.” – Trustpilot spokesperson
The problems behind Oakvests Crypto and Crypto-Benefits247, among others, highlight the need for consumers to remain alert when reading online reviews. One notorious operator even attempted to portray himself as an actual law firm. They represented themselves as restoring investors’ lost funds, muddying the waters in an especially troublesome environment even more.
David Wells from KwikChex expressed gratitude towards Trustpilot for its proactive measures in addressing identity theft within the review system.
“We are grateful to KwikChex for alerting us to this identity theft and wish them success in tracking down the fraudsters.” – David Wells
The fatal crash investigation is ongoing. Consumers and regulators alike are watching the cryptocurrency investment space and the exchanges that offer it for signs of future activity. The rising concern over the manipulation of online reviews highlights the ongoing challenge of safeguarding consumer interests in an increasingly digital world.