How Scammers Deceive Victims In a Crypto Scam?
The crypto market offers traders with a wide range of opportunities. While there are some heavy-weight coins like Bitcoin and Ethereum, these coins might be an expensive investment option for traders. Nevertheless, traders continue to look for new projects that have the same potential.
This provides the scammers the opportunity to entice them into a possible crypto trading scam. There is a pattern through which the scammers will lure the traders and then take money out of their pockets.
So, in order to avoid getting stuck in their trap, you should learn about the ways that traders deceive the traders. Based on the recent scams, here are the steps that the scammers take to deceive the victims into an online trading scam.
Step 1 – Show the Project on Social Media
Firstly, the traders will tend to show their projects through multiple social media platforms. They will advertise their project through different online platforms such as Facebook and Instagram. Not only that, the scammers will ask you to join WhatsApp and Telegram communities.
These groups have fake accounts or people who are a part of the cryptocurrency scam. Not only that, these scammers will also have a website to show that they have a legitimate business opportunity for you. They might also make claims that their company is in affiliations with big names, such as Amazon.
Step 2 – Entice You to Deposit Money
After establishing trust and getting you to sign with their platform, the scammers will then ask you to deposit money. They will present enticing offers to encourage you to make a hefty deposit. Or, they might ask you to complete simple tasks to earn crypto rewards.
Once you complete the task, you won’t be able to withdraw those funds. Instead, it will ask you to complete additional tasks such as inviting friends to the platform or becoming a VIP member. Either way, they will ask you to complete more tasks to get greater rewards.
Step 3 – Depositing Money
This is the most important part of the execution of the crypto scam. The scammer will request you to deposit additional funds for higher rewards. It will portray that a higher, VIP tier will allow you to earn more rewards. Hence, you should invest in that particular option.
In reality, the scammers are just trying to get you to deposit more funds. Furthermore, they might also ask you to deposit funds in terms of cryptocurrencies because of a few reasons. Firstly, the crypto transactions are irreversible so you can revert the transaction after it is complete.
Secondly, it is impossible to track down the crypto coins. Therefore, scammers will ask you to deposit money through the crypto coins. They might even offer “discounts” on membership fees for cryptocurrency deposits. For instance, they will claim to give you a 10% rebate on USDT payment.
Step 4 – Executing the Scam
Lastly, the scammer will ask you to complete a few other steps but won’t let you withdraw your funds. Sooner or later, the website will go down and you won’t be able to find a trace of them. This would mean that you have been a part of an online crypto scam.
Forex scams can also be like this, but this strategy is quite common in the crypto market. By carrying out these steps, the scammer will take away all your hard-earned money claiming to give you huge rewards on your deposit. If that has been the case with you, then you can get in touch with a reliable service provider like Claim Justice.
Final Words
Crypto scams are on the rise and that is why you need to know the ways that scammers lure traders. This will allow you to ensure that you don’t fall into their trap. You can enjoy a safe and secure trading experience if you keep an eye out for such things.
