Another day, another series of cryptocurrency scams…
… Fortunately these were discontinued, but sadly not before buying millions of dollars from “investors” around the world.
According to Europol, 216 people were interrogated in Bulgaria, Cyprus, Germany and Serbia. 15 people have already been arrested. 22 searches were performed involving 4 separate call centers. Approximately $1,000,000 of cryptocurrency was seized.
Law enforcement also seized €50,000 in cash. Acquisition of numerous electronic devices presumably including laptops, servers, phones and backup devices. Towed three vehicles.
As mentioned earlier, scammers’ cars often fall on the show-off side of the vehicle spectrum, so while they’re worth a lot of money, they can also potentially contain valuable forensic evidence from numerous on-board computer systems.
all lies pack
These scammers have used well-known mechanisms to lure victims. It starts small, simulates regular and significant profits through completely fictitious online reports, and uses this bogus “success” as bait to convince its victims to invest more and more.
Europol notes that while most of the victims appear to be Germans, where the investigation began, the crooks are known to steal from people all over the world, including Switzerland, Australia and Canada.
Remember that in scams of this kind, criminals often allow victims to withdraw a percentage of their “profits” as a way to convince them that their investments actually have some sort of “liquidity” and are not simply being swallowed up. forever.
Of course, all they’re really doing is returning some of your money under the guise of interest payments or other gains in capital value.
Likewise, all the “gains” you’re seeing are fictitious, rigged through fake “deal” websites that show everyone’s investments are booming, so scammers are paying “incentives” to invest more. It’s easy to pretend or reward. A “bonus” if they help attract new people to the scam.
When enough victims start demanding to withdraw their “investment” or at least access more funds than originally invested, the scammer knows it’s game over…
…and at this point they usually abruptly shut down the scam site and disappear into cyberspace along with all the “investments” they’ve fooled people with so far.
I’m guessing in this case (note the use of plural nouns) because Europol describes the criminals as having four call centers and operating a “fake cryptocurrency scheme”. plan), once one bogus website is shut down, another “investment opportunity” will soon emerge targeting new victims.
post hoax
We have previously reported on widespread cryptocoin scams in Southeast Asia.
Known as the CryptoRom gang, these scammers don’t just cut off contact and run away when victims try to withdraw all their “funds”, but instead attempt scam after scam informing victims that withdrawals are possible. Except for those frozen by the government for tax reasons.
Victims will typically receive a tax bill for 20% of the “gain” they earned, so only 80% of their “earnings”.
Unfortunately, scammers say that you simply need to subtract 20% tax from the amount you withdraw. withholding tax) is not an option due to a “government freeze” on funds.
Victims must pay that 20% directly. Given that in reality “authorities” are involved and are looking for their share, the scammers claim it would be better to pay them off quickly.
At first it was a victim-loving attitude, aimed at praising their wise “investments” and celebrating their “success”…
… It turns into a maximal pressure approach that aims to scare the victim into breaking up with a final lump sum that the criminals are well aware of the amount they cannot afford, leaving the victim needy or deeply in debt to a friend. and family.
scam on scam on scam
As I’ve written before, some victims even experience the sting of a tailspin of multi-layered scams like this one.
If you find out you’ve been scammed, whether the scammers unplug you or you unplug it, you could “accidentally” get in touch with someone who sympathizes with your plight. to them), and who knows what you should try next…
… Cryptocurrency recovery service!
By design, cryptocoins are mostly unregulated, pseudo-anonymous, and generally difficult or impossible to track and recover.
However, cryptocoin recoveries do happen from time to time, sometimes in surprising amounts and after long periods of time.
For example, in late 2022, U.S. Internal Revenue Service (IRS) investigators announced that they had tracked down and arrested an individual named James Jong of Gainesville, Georgia.
They claim that Zhong stole around 50,000 bitcoins from the notorious Silk Road dark web market some time before his 2013 shutdown.
Investigators appear to have recovered most of the Bitcoin, well over $3 billion (yes, that actually means $30 million) that had been hidden in popcorn tins for nearly a decade at the time. The corner of one of Zhong’s cupboards.
Sadly, you won’t get your money back if you go down this rabbit hole claiming to be a “cryptocurrency recovery service”. Because you are simply falling into another level of scam.
You’ll pour more good money into it every time you go bad, and your overall losses will be much more catastrophic.
What should I do?
- If it sounds too good to be true, it is too good to be true. Calls are cheap, and the fact that these scammers operate four call centers with hundreds of people is a reminder that there’s no reason to trust anyone who calls you unexpectedly.
- Take your time when online conversations shift from friendship to money. Some scammers use social media and dating sites to stalk and befriend potential victims in a more personal way than simply calling thousands of people. Don’t be swayed by the fact that your new “friend” has a lot in common with you, and don’t be seduced by their “investment advice.” Scammers are more likely to make acquaintances if they have researched your social networking or dating site profile beforehand.
- Don’t be fooled by scam websites that look popular and professional. Setting up a website with live graphs, investment pages, and “account” management tools is easier than you think. Scammers can easily copy official logos, taglines, branding, and even JavaScript code from legitimate sites and modify them for malicious purposes.
- Don’t allow scammers to drive a wedge between you and your family. If the scammer thinks your family is trying to get you out of trouble, they think nothing of intentionally turning you against them as part of the scam. Or they may lure you in with “bonus” promises that can lure friends and family into scams.
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