Last Updated on February 1, 2021 by Ope Quadri
A cryptocurrency research-based website Cryptonomist has reported the discovery of 143 scam bitcoin websites which were targeted at crypto enthusiasts around the World.
The research-oriented website said it discovered the scam websites through a casual conversation with a criminal.
In a detailed report, Cryptonomist stated that it discovered that some of the dubious individuals not only use a domain but also use social media platforms such as Facebook, Twitter and Instagram to prey on their unsuspecting targets.
The report also stated that one of the largest messaging app Telegram is being used to attract potential victim to invest in a scam or non-existent blockchain project.
The rate of bitcoin scam and cryptocurrency-related fraudulent activities have grown exponentially in recent times.
In Nigeria, we reported how InksNation sets out to scam thousands of Nigerians in a questionable and non-existent blockchain project through its coin Pinkoin.
Though Nigeria’s Security Exchange Commission (SEC) flagged inksnation, that isn’t enough to deter some Nigerians who want to turn their N1, 000 into N120, 000 within a few months and are equally banking on the promise that they’d be paid for life.
How bitcoin scammer perpetrate fraud on Telegram
In the latest report by Cryptonomist, “criminals often take the usernames of their victims from groups, in this case, dedicated to the crypto world.”
According to the research, “they start by sending a greeting message, hoping that someone will start the conversation and then after some jokes the criminal talks about a method to earn Bitcoin.”
The undercover journalist says “As the conversation goes on, we ask the scammer if they can provide us with any evidence of what they are saying, and the criminal provides us with a website (http://dailycryptosmine247.com/) and a screenshot of the transactions made.”
“When analyzing the data we can see that these are actually valid transactions, but if we look at the addresses then we will see that all of them are from different addresses and this means that these transactions were probably taken randomly and sorted in a list to make the system credible,” the report says.
How to stay safe
On how to stay safe, the first thing to do is to block them and report as spam so Telegram or any other social media platform you find them.
While it may be difficult to totally eradicate bitcoin scam and online crime, it is very important to note that by reporting them, you limit the spread of these scammers.