How to bitcoin scams work.How to Spot a Bitcoin Scam and Other Crypto Scams

 

How to bitcoin scams work.Avoid Scams

 
The sender provides two options – send bitcoin to suppress the material, or send nothing and see the content sent to your email contacts and spread across your social networks. Scammers use stolen email lists and other leaked user information to run this scheme across thousands of people en masse. Aug 11,  · How to Spot a Bitcoin Scam and Other Crypto Scams August 11, John Crypto Videos 31 bitcoin #btc #cryptoscams #bitcoinscam #exodus #exoduswallet Bitcoin scams and crypto scams are unfortunately a reality of the nascent crypto space. May 13,  · For example, an unknown group of entrepreneurs runs the scam bot iCenter, which is a Ponzi scheme for Bitcoin and Litecoin. It doesn’t provide information on Author: Nir Kshetri.

Fast-talking swindlers.Avoid Scams – Bitcoin

 
 
Aug 11,  · How to Spot a Bitcoin Scam and Other Crypto Scams August 11, John Crypto Videos 31 bitcoin #btc #cryptoscams #bitcoinscam #exodus #exoduswallet Bitcoin scams and crypto scams are unfortunately a reality of the nascent crypto space. May 13,  · For example, an unknown group of entrepreneurs runs the scam bot iCenter, which is a Ponzi scheme for Bitcoin and Litecoin. It doesn’t provide information on Author: Nir Kshetri. The sender provides two options – send bitcoin to suppress the material, or send nothing and see the content sent to your email contacts and spread across your social networks. Scammers use stolen email lists and other leaked user information to run this scheme across thousands of people en masse.
 

 

How to bitcoin scams work.4 Common Bitcoin Scams: Here’s How They Work – IDStrong

 
Aug 11,  · How to Spot a Bitcoin Scam and Other Crypto Scams August 11, John Crypto Videos 31 bitcoin #btc #cryptoscams #bitcoinscam #exodus #exoduswallet Bitcoin scams and crypto scams are unfortunately a reality of the nascent crypto space. May 13,  · For example, an unknown group of entrepreneurs runs the scam bot iCenter, which is a Ponzi scheme for Bitcoin and Litecoin. It doesn’t provide information on Author: Nir Kshetri. The sender provides two options – send bitcoin to suppress the material, or send nothing and see the content sent to your email contacts and spread across your social networks. Scammers use stolen email lists and other leaked user information to run this scheme across thousands of people en masse.
 
 
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Bitcoin is the perfect currency for scammers. As it is hard to trace, scammers are able to move bitcoin from account to account without fear of being highlighted for money laundering. Knowing how bitcoin scams work is vital in protecting your hard earned funds from a devious scammer.

Disclosure: This post contains affiliate links. In March we used our 70 year old female persona, Agnes to respond to a post in a Facebook financial trading group. We knew that the post we replied to was a scam so a bite was almost inevitable. The person who responded to us via Facebook messenger was not the person who had initiated the post but someone else who went by the name of Maria Jones-Wildner.

She was just using messenger which made the ultimate reporting of her actions more tricky as we only had one line of attack which was the messenger conversation.

Maria claimed to be a bitcoin expert and wanted to help us increase our daily income. She also asked what Agnes knew about bitcoin mining.

Being a 70 year old, Agnes knew nothing about it which was exactly what Maria wanted to hear. Agnes also disclosed that she potentially had 20, to deposit. Agnes continued to play dumb and asked many questions. This was done primarily to take the scammer off script and also to see what they actually did know about bitcoin. To be fair, they seemed to know quite a lot of the workings. They certainly knew their claims of guaranteed income were false. After a day or so of Agnes appearing hesitant, she gave her email address to Maria so that she could begin the process of setting up her bitcoin wallet.

We later learned that this step is crucial in performing the scam. Within an hour of providing the email address, Agnes received an email from Maria saying that her account had been set up. This included an account ID and a default password which we were encourage to change. This all seemed reasonable. Although Agnes is a technophobe, she did change her password immediately. We emailed the wallet ID back to Maria as instructed. This seemed suspicious but we played along. Even after her account was set up, Agnes was still reluctant to deposit any funds.

Our scammer, Maria gave the standard response when questioned about something they cannot answer. Maria could see that Agnes was perfect for scamming. Unfortunately for the scammer, we could see exactly what they were doing. On day one they added 10 cents to the original dollar.

Agnes was not happy with Maria. Within an hour, our balance had risen significantly. Maria had deposited 40 cents in an attempt to make out that her bitcoin mining had rectified our missing funds. Agnes was pleased with this increase. She concluded that there was no need to invest any of her own money.

Maria responded saying that the original dollar would only earn for a few days. This was totally untrue but her aim was to get Agnes to deposit a significant amount of money. It was time to find out how this scam really did work. How were they going to get their money back. Agnes told Maria that she had changed her mind and was not going to deposit any money. Maria took exception to that and within a couple of hours, our account was emptied. How could this happen?

Is it really that easy to lose all of your funds? The answer to this question is right back at the start of the scam. When our account was set up by Maria, one of the steps is to create a backup phrase of 12 words. In the event that you cannot get into your account, this phrase will provide a back door into your account. It is worth noting that this backup process will also override any multi-factor authentication you may have on your account.

As Maria had set up this phrase, she had full access to our account all the time. If we were a real investor who she had conned, there would have been thousands in our account.

As soon as we had deposited, she could have emptied the account instantly and there would have been nothing we could have done about it. We only leaned that this backdoor method existed when investigating once the account was emptied. They were simply hiding behind an attractive female persona to attract their prey. This was an interesting scam to uncover. By knowing how bitcoin scams work has highlighted a key piece of advice. It emphasises the importance of creating your own accounts if you ever do decided to go into financial trading.

In fact, the principle applies for all online accounts. Always set them up yourself, never trust a third party to do it for you. In this example, we started out with nothing and finished with nothing.

It could have been so much worse in a real case. I was a victim of investment scam some months ago myself. It was a sad experience for me.

However Chargebacksecured. Skip to content. Tags: bitcoin , financial , forex , scam. Please Share This Share this content Opens in a new window Opens in a new window Opens in a new window Opens in a new window Opens in a new window Opens in a new window Opens in a new window Opens in a new window. Previous Post How to prevent being scammed. Next Post Five scams to watch out for at Christmas Allison wicks 3 May Reply. Leave a Reply Cancel reply Comment. Enter your name or username to comment.

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