Hi guys,

Today, I want to share two cryptocurrency scams that affected people I know personally. Both scams resulted in several thousand euros being stolen. With crypto scams, once you’ve sent the cryptocurrency, it’s nearly impossible to get your money back. Please pay attention when dealing with crypto exchanges, get-rich-quick schemes, or anyone calling you out of the blue with promises of making you rich from crypto.

These scams are not highly technical but rely on social engineering with a touch of technology. Here are the stories to help you recognize and avoid such scams:

Story 1: A friend of mine, eager to get rich with cryptocurrency, found a professional-looking company online. After providing his contact details, he received a call from a seemingly empathetic woman who guided him to install the Crypto.com app, a legitimate platform. She then convinced him to transfer €5,000 to his Crypto.com wallet. The scam began when she suggested installing a remote access tool on his phone to manage his account better. This tool allowed her to capture his password and transfer the funds to her account. When he realized the money was gone, she demanded more money and threatened him with tax evasion accusations if he didn’t comply.

Story 2: While discussing the first scam outside a coffee shop, another friend shared his experience of losing €10,000. Similar to the first story, he was persuaded to transfer €7,000 to his Crypto.com account. The scammer, showing initial gains, convinced him to transfer his crypto to their account for higher returns. This led to him transferring an additional €3,000. After several professional-looking communications and even a video call from a fancy office, the scammer disappeared with the money, never to be heard from again.

These stories show how sophisticated and manipulative scammers can be. They often operate from professional offices in regions like India, Eastern Europe, and Southeast Asia, and they employ tactics akin to human trafficking, exploiting vulnerable individuals.

How to Protect Yourself:

  • Validate All Communications: Always verify the legitimacy of any crypto-related offers. Contact me for checks before transferring any money.
  • Be Skeptical: Be wary of unsolicited calls and promises of high returns.
  • Avoid Remote Access Tools: Never install remote access tools based on advice from unknown sources.

If you ever find yourself in a similar situation, please contact me for help. While I couldn’t recover the funds for my friends, I might be able to assist you if you’re targeted.

Sending you all the best,
Stephen 🙂