The post A Fake Demo Account Trading Scam From Bybit Left 250 UK Victims Out of Pocket by $650K appeared first on Coinpedia Fintech News
An elaborate Bybit demo account scam has caught at least 250 UK citizens with their jaws in the air as they lost about $650,000. The fraud mainly operated by the infamous hacker Ape 31 is to make victims believe they were utilizing legal Bybit demo accounts. Ape 31 was able to defraud people because the platform often switched deposit addresses, which made it hard for law enforcement to recover stolen money. Blockchain investigator ZachXBT identified 16 exchange deposit addresses related to the scam and shared the information with the police. It should be noted that attempts to reclaim the stolen money are ongoing since Ape 31 remains a fugitive.