Although a large number of people are making a lot of money with cryptocurrencies lately, there is no denying that a significant number of people have also invested money and been scammed, and in most cases lost their life savings, just for making a simple mistake.
Among the various cases reported is that of a 69-year-old man who, in addition to suffering from various serious health problems, also had to fight the latest scam he suffered. He says that one day he was on Facebook and an advertisement appeared on the platform.
The commercial he saw was about cryptocurrencies and featured a celebrity promoting this investment. And for him, this publicity completely destroyed his life. As soon as he clicked, he started seeing lots of information about cryptocurrencies and earning opportunities. This no doubt mesmerized him and he thought it was a good idea to invest some money in these cryptocurrencies because if the promotion was done by a celebrity, nothing could go wrong.
For this victim, the idea of being scammed never really existed. Until things got more serious and he lost about $350,000, which is his lifetime savings.
Social networks are the conduit for cryptocurrency scams
As in the previous case, and in many others that we have talked about, we always find that there is a common point, namely social networks. For many scammers, social networks have become the ideal channel to contact people from all over the world. With just one click, they can establish contact with people from anywhere and successfully scam them.
This is also the case of a man from Melbourne who claims to have lost $12,000. It all started one day when he saw a cryptocurrency investment ad on Instagram. The ad was like any other on the platform, so he decided to click on it.
The victim claims that after clicking on the ad, he started receiving calls on his phone from different people, who convinced him to invest in cryptocurrencies, and thus decided to join Blue Royal, an apparent investment company that would teach him how to make money with cryptocurrencies.
In order to teach him, the victim created an account on his computer and suddenly lost control of the device. The crooks, using a remote access program, took control of the victim’s computer and managed to steal all his money while he was staring at the screen.
The victim claims that everything happened too quickly and the cursor started moving erratically on the screen. He then realized that something was wrong and had a panic attack. He then decided to turn off the computer and disconnect the Internet connection, but unfortunately it was too late.
And you might think that these two cases are coincidental, but the truth is that they are not, there is one thing in common and that is the social network. Years ago, scammers relied on transfers made by other methods, but today, cryptocurrencies give them the ability to do so anonymously.
This is the case of a third victim, who resides in Sydney. This was a slightly different situation, with the victim receiving a call from someone claiming to be his bank. During the call, the scammer gives specific details about their account, transactions, and other information that gives the victim confidence.
When the scammer had already gained the victim’s trust, he decided to ask him to transfer $5,000 via Binance, which was intended for investment. After the transfer, the scammers showed him different graphs indicating that his investment had multiplied significantly, so he decided to hand over the money.
He put in so much money that when he wanted to withdraw $300,000 the attitude of the scammers changed and he realized it was a scam. The victim thus lost some $333,000, which put him in a rather serious financial situation.
“Cryptocurrencies are an emerging threat”.
In the words of AFP’s Cyber Command Deputy Commissioner, cryptocurrencies are an emerging threat. For this entity, cryptocurrencies are a money laundering tool. She claims that many criminals use these resources for different types of criminal activities and that social networks help them.
That’s why she warns everyone to be much more vigilant about their use of cryptocurrencies. Before investing in this type of asset, they should be aware of the risks involved. It is therefore important to do research before investing money.
It is also not advisable to trust people you meet on social networks, advertisements for cryptocurrency investments or mysterious calls from banks. If your bank called you, it is best to cut the call and contact the bank’s official number to verify that it is not a scam.
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