My experience with crypto scams varied, encompassing fake investment websites, romance messages (also known as relationship/love scams), fake links promising airdrop rewards, and the latest tipping rewards scam. Tactics for high return on investment (ROI) are explained to protect you from fraudsters.
FAKE INVESTMENT WEBSITES
With the rise of Bitcoin and other crypto investments, scammers seized the opportunity to deceive investors and traders through fake investment websites offering lucrative rewards. Here's my experience and tips to help you avoid falling victim to scam websites.
It typically begins with a message on social media platforms (Telegram, Facebook, Twitter, Instagram, etc.).
One day, I received a friendly message on Telegram:
Ann: Hi, I'm Ann! How are you doing today?
Me: I'm fine. May I ask how you found me?
Ann: Are you Mails from the World Crypto Group?
Me: Yes, that's me.
Ann: Where do you usually invest in crypto? I'm looking for a new place to start investing.
I found her attractive 😃, so I was interested in helping her, not realizing it was actually a guy texting me. Without hesitation, I recommended Binance, emphasizing its security against scammers.
She confirmed that she also invests in Binance but claimed to make over a hundred thousand dollars daily through another investment company, and she promptly offered to mentor me.
I was skeptical, so I declined her offer.
She sent me a link to a website and urged me to check it out, insisting it was legitimate. Additionally, she forwarded fake withdrawal emails she had received, which appeared convincingly real 😳.
At this point, I started to believe this stranger. I opened the website and found enticing Ponzi plans, such as Plan 1, where investing $200 promised a 4.9% daily return for 5 days. She even sent me pictures illustrating the website. Hang on, let me show you the pictures below.
Feeling intrigued, especially after seeing her withdrawal proofs, I was convinced I could withdraw if I invested, unaware it was a scam.
I decided to invest the minimum amount, $200, and after 5 days, I attempted to withdraw. To my dismay, the withdrawal remained pending. I informed Ann Edward, the one who referred me, and she advised me to contact support. Unbeknownst to me, she was actually behind the support on the website. She avoided continuing the scam on Telegram to make it seem legitimate by using the website's support instead.
I quickly reached out to support regarding the pending withdrawal, and they informed me I needed three referrals before I could withdraw. Despite my frustration, I was desperate to retrieve my funds, so I convinced my friends to invest, and with three referrals, they paid me.
Little did I know, this payment was a ploy to build trust and coax me into adding more money to upgrade to another plan. I foolishly invested $5000 and waited for 7 days to withdraw. Yet again, my withdrawal was pending. When I contacted support, they demanded $2000 for a "commission" before I could withdraw.
Frustrated, I insisted they deduct the commission from my profits, but they refused, insisting I pay it myself. By this point, I realized it was a scam, but my friends who had also invested encouraged me to pay the $2000 commission. Reluctantly, I did, but I still didn't receive my withdrawal payment.
That's how I lost $7000, and my friends lost $600, totaling $7600 in a fake website scam. So, beware of such messages and always block them when received from strangers. Nonetheless, Binance remains the safest platform for investing and trading.
My second experience involves a romance/relationship crypto scam.
I'll be direct about this one because it's essentially the same as fake website investments.
In this relationship scam, I met a beautiful lady on Facebook whom I liked a lot. Although she initially messaged me wanting to be friends, to cut the story short, we exchanged pictures. Every time I wanted to call her, she claimed her camera wasn't working. Obviously, that's a lie, right? Of course, it's a huge lie, but I brushed it off and continued our relationship. She spun all sorts of tales to garner my sympathy, including claiming her parents were deceased and she was the sole survivor. However, when I asked her how she made money, given her luxurious profile pictures, she claimed she did crypto investments with her late mother. She quickly introduced me to a website and asked for $3000 to cover commissions so she could withdraw her supposed $1 million and come to visit me.
Having experienced a similar situation before, I knew it was a lie, so I promptly blocked her. Remember, blocking when faced with financial requests or solicitation is the quickest way to avoid being scammed.
My third crypto scam experience involved a fake link promising fake crypto airdrops.
Often, you'll come across messages boasting high rewards, claiming they're running airdrops. These are mostly, if not all, scams. They'll prompt you to connect your wallet to receive the reward, only to clear out all the money in your account. Alternatively, they might ask for a fee deposit promising millions of dollars in airdrops, which is a blatant lie. The only legitimate way to receive airdrops is through trusted exchanges like Binance, not random links posted online. Remember, you shouldn't have to pay for an airdrop; it's a gift 🎁 given to you for free.
Below is an example of a fake airdrop link 👇
Lastly, there's the latest tipping scam system.
Binance introduced a tipping system for people to voluntarily appreciate the work of content creators in Binance Square. However, scammers are exploiting this opportunity. They post high-reward content and pictures, urging people to tip them to receive rewards. If you encounter any content resembling the one in the picture below, please report the post and block the person. Binance's support team will promptly delete the person's account upon receiving your report.
My expectations from Binance in combatting scams are as follows:
- Implement robust monitoring systems to detect suspicious activities promptly.
- Educate users about common scam tactics and provide clear guidelines for identifying and reporting scams.
- Strengthen customer support to swiftly address reports of fraudulent activities.
- Take decisive action against scammers by suspending or banning their accounts.
- Collaborate with law enforcement agencies to prosecute scammers and hold them accountable.
In conclusion, please refrain from engaging in anything that promises higher rewards or profits than expected, as it could be a scam. Always remember to report such individuals to prevent others from falling into the same trap. Your vigilance can protect both yourself and others from financial harm.
Stay Safe Everyone!