Meta sites and Telegram become a playground of Bitcoin scams

Digital currency is a new way of investing money. There are a few myths that people follow. However, it leads to huge losses that are hard to recover. Such myths include earning and saving for a longer period of time in crypto wallets. You might wonder why crypto wallets and not bitcoin; we would like to convey that cryptocurrency is the universe whereas bitcoin is a planet. In simple words, bitcoin is a proud child of cryptocurrency.

Recently, some bitcoin scams have been reported on Meta sites and Telegram. Unfortunately, the bitcoin thugs are playing hard on these sites, duping people and stealing their hard-earned money. The blog’s sole aim is to release an alert message to all our readers to surf on these sites carefully. Let’s see more about it.

What is bitcoin?

A bitcoin is a digital currency that is intangible in nature. There is a public ledger, and every transaction is calculated under the blockchain. This program runs in a decentralized manner, where human interference is minimal.

Overview: How are scammers affecting the environment of Telegram and Meta Sites?

Users who indulge day-in and day-out in cryptocurrency are well aware of bitcoin scams. But, taking scammers lightly is a foolish act. Shockingly, fraudsters are ridiculously earning well. As per recent news, see how scammers are playing on this ground.

• Bitcoin scammers are using bot services to defraud users. These scammers are trying to gain One-Time-Password (OTPs) from the real players in the playfield.
• Once receiving the OTP, they logged out the account holder and took full ownership of the account. Ultimately, they steal all their holdings.
• It is dreadful to know that the bots are available on Telegram for sale for $300 per month.
• Around 46,000 people have lost approximately $1.1bn in crypto scams in 2021. These numbers are horrible. As per reports, Meta sites and Telegram have noted the highest value of frauds.
• Appalling, these numbers are 60 times higher than the scams reported in 2018.

Bitcoin is the highest investment trading currency. However, online thugs have been prioritizing their source of earning. As a result, 70% of the victims used to pay scammers digitally. Further, it is followed by Tether and Ether at 10% and 9%, respectively.

Many victims have clearly mentioned that the scammers are wandering on Instagram. As per a report, 32% of successful scams have been performed on this platform. Whereas for Facebook, it is 26%, and 9% goes to WhatsApp. On Telegram, although the percentage is low around 7%, the value of money theft is terrible. These victims have conveyed that the fraud takes place and within a blink of an eye, everything ends and all our holdings have been stolen.

It is no surprise that the cryptocurrency boom originated during COVID. So many people have lost their jobs, and there is a need to survive. At that time, crypto changed the scenario and created an endless online platform where people could buy, sell, and earn handsome money.

Although the idea is strong and experts do earn well. It gives employment to many brains. However, some cracks are enough for a con artist to dupe people. Some victims have shared their stories that plot as a perfect storm. These con artists promise the victims to double their money by asking for OTPs, personal information, and bank details. Then, they breach their confidentiality and try to enter their crypto holding and wallets.

Some experts have stated that bitcoin recovery can be made when someone tries to overcome the myths. When they put the holdings in their crypto wallets for longer, one should know that the fraudsters also keep encrypted data and chase people that can give them the highest return. These experts advised that one should liquidate their holdings in a short period of time to avoid being chased by a scammer.

They also conveyed that scammers put radar on users who are actively participating in bitcoin trading. Therefore, the holders need to play smartly. Some scammers try to be friends with you and build trust. Instagram, Facebook, WhatsApp, and Telegram are the hub of scammers. They try to share links with you in the hope that the victims will click on them.

Once they click the link, the scammers change their credentials and steal ownership of the account. In this way, they steal all the holdings and earnings the victims have earned.

Crypto Mining

Crypto mining means introducing a new crypto coin in the market. Here, scammers start chatting with you and provide tips on fake currency that can only be viewed between the fraudster and you. In reality, it is a counterfeit coin. The scammers build trust and convince the victim to invest in it. They will make a need of urgency and insist the user invest in it.

The moment they open the link and transfer the money, it gets into the hacker’s account. After that, the game is over, and the scammer wins.

Being optimistic about our work is required but not to an extent where we are supposed to trust a stranger and lose our money blindly. Although, if you find yourself stuck in such a situation or are one of the victims, you can recover lost bitcoin with the help of Financial Fund Recovery, an online platform to recover money from endless scams.

Conclusion

Social media is an intelligent idea, but a new brain is born every day, and some minds play filthy mind games. Avoid getting trapped by these double-standard scammers trying to be smart and value your money. Do not talk to strangers and in any condition, never ever provide your personal information to anyone. All these codes are confidential for a reason; think twice before sharing. Although we are always here to help you out, we just need you to play safe and win the battle.