Another Crypto Investment Scam
Another Day, Another Investment Scam
A man has reportedly lost over $250,000 in an investment scheme, according to a user on a crypto scam subreddit. The victim contributed around $150,000 of his own funds, along with an additional $50,000 borrowed from family and friends. The total amount was sent to Coinbase, a major centralized exchange (CEX).
The scammer allegedly convinced the victim that his investment had generated $800,000 in profits. However, this “profit” was entirely fake. When the man attempted to withdraw the money, the scammers demanded an additional $125,000 for supposed tax payments. After consulting with his son, the man realized he had fallen victim to an investment scam.
See the screenshot of the scammers website below:
To make matters worse, the victim’s inbox will become flooded with messages from so called “crypto recovery scammers.” They will pretend they can help recover his lost money “for a fee.” Once your crypto leaves your wallet it is gone forever. You can’t pay for a recovery service to get it back, that is a lie and impossible. An article about over recovery scams will be coming soon.
Remember: If it sounds too good to be true, it probably is. Never trust strangers with your money to invest in cryptocurrency, especially when you can purchase it yourself. Even if the investment firm is legitimate, why waste money paying a middleman?
S Taylor is a crypto trader with five years of experience, having navigated a wide range of market dynamics and witnessed numerous scams firsthand. As a former victim of scams, S Taylor turned their focus to blockchain forensics and Solidity Smart Contract development, gaining deep technical expertise in the field. With a unique insider’s perspective, they’ve been involved in various crypto projects, where they’ve seen how developers can exploit vulnerable investors.
S Taylor is also the published author of Meme Coins Made Easy, a comprehensive guide that teaches beginners about cryptocurrency and how to identify and avoid common scams. S Taylor is dedicated to sharing valuable insights and helping the crypto community stay informed and safe.
Disclaimer: This article is for informational purposes only and should not be considered legal, tax, investment, or financial advice.
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