There is a well-known fraud going on right now where con artists claim to be able to assist you in investing in cryptocurrencies and increase your investment's return by 10X ($100 will become $1000) in a short period of time.
People in third-world nations who are unaware of the workings of the crypto realm are the most frequently targeted victims in this situation.
A young man messaged me this morning to inquire how he could get his money out of CoinGecko. I enquired as to how you funded CoinGecko. He declared: I handed someone my money so they could invest it in cryptocurrencies on my behalf.
Although I really don't want to become involved in this kind of problem, I believe I should because it is the kind of problem that discourages others from investing in cryptocurrencies.
It establishes a stigma.
Therefore, I will explain how the fraud operates in this post.
The Scam
You will be immediately added to a group chat by someone. Words connected to cryptocurrency trading, investment, etc. will be used in the group chat name.
Example: 1 day Crytpo Trading, Easy trade Investment, etc.
Everyone in the group chat is an accomplice.
They will make comments about cryptocurrencies or offer their personal experiences, such as "Thank you for expanding my money" or "Wow! My money doubled," etc.
Someone will message you with information about this investment's workings if you ask a query about it.
In order to put you at ease and win your trust, this individual will pretend to be a well-known crypto influencer on their profile. This person will utilize someone with a large following and considerable influence as their profile picture.
Note:
Because I am not a well-known YouTube influencer, I don't believe they will use my profile.
Just to be safe, don't trust anyone asking you for an investment who claims to be me.
You can message me directly on any of my social media accounts listed at the end of this article to confirm that it is me.
They will ask you to sign up for a website or app to create your account.
After that, they will ask you to transmit funds to them digitally through Gcash, a bank transfer, or another method of sending money.
The money you provided them will be reflected on the website where you signed up, eliminating any remaining doubt.
They act in this way because this swindle is ongoing.
These people will attempt to con you out of as much money as they can.
They will then advise you to wait at least 48 hours before your money is converted into cryptocurrency so you can observe the progress.
They will make a fake Coingecko account, enter some values into the portfolio, and reveal it to you if you inquire about your investment again.
They will inform you that your funds are already available for withdrawal if you want to withdraw, but only you can withdraw them.
By doing this, they are insinuating that they no longer possess your money and that you must now conduct business with CoinGecko in order to retrieve it.
Freeing themselves from any obligation.
Note:
CoinGecko does not allow deposits or withdrawals.
CoinGecko is a cryptocurrency data aggregator that offers information about a certain cryptocurrency; it is not a platform for cryptocurrency exchanges.
Image source: Google Search
Because you don't understand cryptocurrency, you'll think your money is secure.
When the time comes for you to withdraw your cryptocurrency, they will then want another payment from you while claiming that it would be necessary to access your wallet or something similar.
They'll make it appear as though Coingecko is currently messaging you.
utilizing a mail address such as coingekomarketing@aol.com.
As a result, you'll attempt to message the fake influencer and request assistance.
He won't respond this time, and you'll learn later that you've already been expelled from the group chat.
Tips to avoid Scam
Never trust anyone who promises to quadruple your money in a short period of time.
Never send money to someone you've never met in person.
Ask a buddy or a friend of a friend who you know you can trust about cryptocurrency first.
When it comes to investing in cryptocurrencies, we only need to educate ourselves about the market and do it on our own.
Watch YouTube videos to educate yourself.
Feel free to message me if you feel comfortable doing so. If I'm not busy and I know the answer to your question, I'll be happy to respond.
I hope that you have learned something from my post.
In order to prevent scams, I also hope that this post would be reblogged and spread as far as possible. Thank you Very Much!
About The Author
Hey! You can call me Deng for short. I'm a work-from-home Social Media Manager. I specialize in graphic design. I also do some simple websites and animations.
I adore Korean dramas, particularly the romantic comedies. Visit my blog or website if you'd like to read any of my guides since I'm also interested in cryptocurrencies. Splinterlands and Rising Star are two NFT games that I enjoy playing. My interests include aquarium maintenance and gardening.
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