Telegram Crypto Investment Scams

There are quite more scams on Telegram. You may only know Telegram as a Messenger App. But it’s not... It is a paradise for scammers. There are more scammers due to the privacy features ¹ of the app. Users can hide their identities like phone numbers ² and other personal details from others. He could get away from you without a trace after scamming you. The scammer is one step away from clearing all chat history ³ in both of your inboxes after getting money from you and Blocking you. So that you won’t find him again. It doesn’t leave any trace in both the inboxes and it could be easy for him to flee.

One of the Popular Scams on Telegram is Crypto Investment Scam. Most of these scammers will approach you when you join a large public group. They would join those groups and message other members of the group and exploit them. They would message you as the salesperson in that company or they would pretend as if they invested in that company and got good returns. Now let’s make it simple... As a common investor, why do they need to waste their time by sharing this stuff with a random stranger... Sounds strange right?

They are the one or group of people who run those "scam" Investment companies. They are mostly Nigerians. These types of people mostly disguise themselves as Europeans. Their name and Profile Picture would also be in European Style. But their accent would clearly show off.

They message you and promise high returns in a short period of time. For Example, If you invest $50 worth of Bitcoins they could actually provide 5% interest in 24 hours and $2000 would double in 24 hours. Sounds suspicious? But many people fall for it in greed to earn more...

I don’t know the end. But I did research on these scams. What I found is... Initially, most people invest in small amounts. They will pay you the promised amount initially. They just build your trust. Finally, you may believe and invest a large sum to get a huge profit... At the time you will get a mail stating that there is illegal activity on your account and they would ask you to pay $50 to legalize it. That’s it if you pay or not you don’t get your money back ⁴.

The person who contacted you would block and clear your chats and would go forever. If you haven’t noted down their username before, it’s impossible to find them again on telegram. They might also have no username at all.

You could report cybercrime but mostly they can’t help you out. Telegram doesn’t provide data about the reported person as it is a highly privacy-oriented service ⁵. They accept investments through bitcoins. Even though bitcoin transactions are public, it is impossible to relate the particular individual with their wallet ID. So, it is not likely possible to track them down.

That’s it about Crypto investment scams. If you are a victim of it please share your experiences in the comments. So, other users would get to know more about these scams. In the next post, I would share my experiences on how I am approached by a Nigerian Crypto Scammer...

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