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A scammer approached us on Telegram and this is what happened

Crypto telegram scam

Crypto Scam Alert!

NOTE: We at CryptoTapas have been alerting the crypto crowds about all the frauds that are taking place.  As more and more people enter the crypto space, we continue to increase the frequency with which we issue these alerts. This article is part of that effort.

YouTube may let the scammers post ‘paid ads’ to send the investors to the slaughterhouse.  

Not all scammers spend money on ads.  Some improvise. They use innocent investors to scam other investors. 

This is ingenious.

To recruit the investors in your company to act as your ‘free market agents’.

Telegram is a great place for this con model.  

Recently we were approached on Telegram about an ‘once-in-a-lifetime opportunity’.  

Within a few minutes into the Telegram chat we realized that the person who approached us is NOT the scammer but a gullible investor who is reeling in others because he genuinely believed in the company he invested in.

This made us feel pity for this person.

We tried to make him realize that he is being duped, however, he showed us some screenshots on how he was able to withdraw some money.  

He immediately proceeded to delete the screenshots from the Telegram chat (probably realized that his email was visible).

The scammers continue to payout until their deposits exceed the withdrawals and then they vanish.

We found some common themes/tactics from this encounter that we are sharing below in the hope that it helps the newbies.

1. Approach via message

Instead of luring you in with fancy ads on YouTube or Facebook, the scammers are recruiting the investors who have already put money on the line.

Many times these investors are not aware that they have been duped.  

They genuinely believe that they are part of an MLM business and proceed to recruit others.

This free word-of-mouth publicity is a wet dream for the scammers.

2. Mind boggling numbers (all are fake)

The other so-called evidence we were provided is the screenshot from the website itself that showed deposits and withdrawals in millions.

Needless to say these are made up numbers to make others believe that if there are millions riding on this thing – what’s $100. 

That ‘gambling’ thinking is what the scammers cash in on.

Crypto Scam

3. 100% ROI (yes, for the scammer!)

All these scammers share one defining attribute.  Mind blowing ROI.  Sometimes exceeding 100%.  

Any sane investor would question the business model that could yield 100% ROI, but FOMO has a way of getting to people. 

Crypto Scam plan

4. Add you to the group (without asking)

Don’t worry about finding these groups.  

If you are active in crypto groups, these guys will simply add you to these scam groups.  

That is why increase in the number of Telegram groups on your app is not because of a hack but because of these uninvited solicitations. 

Crypto Scam telegram5. Fake groups (and paid to join crowd)

Scammers understand human psychology better than others.

That is why they rely on ‘mass psychology’ and boast their social media numbers. If you look at their Telegram groups, they have 1000s of members. 

Most of these members are ‘bought’ to create an image of a company that is believed by 1000s of people.

The names of these groups will mimic that of familiar terms like “Bitcoin Millionaires” or 

6. Registered in London/US, so what?

These companies blatantly use the fact that they are registered to bring legitimacy to their business.

Many gullible people fall for this tactic assuming that the government would have done ‘checks’ for them before registering.

NO.

That is not how registrations work.

You supply the requested information and pay the fees.  That’s it. You get registered. It doesn’t mean you have a business or what that business is about.

Crypto scam registration

Again, we are sharing what we have uncovered so far so that newbies can understand these tactics to stay safe.

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

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IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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