This is a continuation of our previous post, Hire an Investment Recovery Expert: Cryptocurrency Investment Scam. If you have not read it, kindly do so to have full knowledge.

How do cryptocurrency investment scams work?

While every cryptocurrency investment scam is different and has its own nuances, they all seem to follow a similar general pattern.

1. The Outreach

Before beginning their fraud, cryptocurrency investment scammers frequently try to build a personal relationship with their victims. By establishing rapport and trust, this social engineering tactic seeks to increase the likelihood that victims will fall for the hoax.

Typical Methods

• Impersonation: To appear more credible, scammers may pretend to be well-known personalities in the cryptocurrency space, such influencers or celebrities.
• Personal Relationships: They could approach possible victims by posing as longtime friends, acquaintances, or even romantic partners.
• Professional Relationships: Scammers may target coworkers or colleagues who are part of the victim’s professional network.
• The Objective:
• Scammers can control victims’ emotions and increase the likelihood that they would believe their instructions by building a personal connection. This is social engineering.

2. The Sell

Once scammers have established a personal connection with their victims, they typically move into the “sell” phase of the scam. This involves presenting the fraudulent investment opportunity and persuading victims to invest.

Common Tactics Used in the “Sell” Phase

• Unrealistic Returns: Scammers often promise extraordinarily high returns with minimal risk, enticing victims with the prospect of quick profits.
• “Zero-Risk” Investments: They may claim that the investment is completely safe and free from risk, which is often untrue.
• Emotional Manipulation: Scammers may use emotional manipulation to persuade victims to invest, such as promising love, companionship, or financial security.
• Sense of Urgency: They may create a sense of urgency, claiming that the investment opportunity is limited or time-sensitive.
• By using these tactics, scammers attempt to exploit victims’ emotions and greed to convince them to invest in fraudulent schemes.

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3. Securing Investment

Once scammers have convinced their victims to invest, they will often employ tactics to secure the funds. This typically involves tricking victims into sending cryptocurrency to a wallet controlled by the scammer.

Common Methods Used to Secure Investment

• Phishing: Scammers may send phishing emails or messages that appear to be from legitimate cryptocurrency exchanges or wallets, containing links to fake websites designed to steal login credentials or private keys.
• Social Engineering: Scammers may use social engineering techniques to manipulate victims into revealing their private keys or wallet addresses.
• Direct Transfers: Scammers may provide victims with a wallet address and ask them to send cryptocurrency directly to that address.
• Fake Investment Platforms: Scammers may create fake investment platforms that appear legitimate but are actually designed to steal funds.
• By securing the investment, scammers gain control of the victim’s funds and can use them for their own personal gain. It’s essential for victims to be vigilant and avoid falling for these tactics.

4. Disappearing

Once scammers have secured their victims’ investments, they often disappear without a trace, leaving victims with no recourse. This final phase of the scam ensures that victims cannot recover their funds or hold the scammers accountable.

Common Tactics Used in the “Disappearing” Phase

• Ghosting: Scammers may cease all communication with victims, making it impossible to reach them.
• Closing Accounts: In the case of fake ICOs or exchanges, the scammers may shut down the project or platform entirely, making it difficult for victims to access their funds.
• Changing Wallet Addresses: Scammers may transfer stolen funds to multiple wallets, making it challenging to track and recover them.
• Deleting Evidence: Scammers may delete all traces of their online presence to avoid detection.
• By disappearing, scammers can avoid facing legal consequences and ensure that their victims have difficulty recovering their lost funds. It’s essential for victims to be aware of this tactic and take steps to protect themselves from scams.

You can also read:

Strategies For Bitcoin Recovery

Lost/Stolen Bitcoin Recovery

Hire a Bitcoin Recovery Service

Hire an Investment Recovery Expert: Cryptocurrency Investment Scams (1)

Hire an Investment Recovery Expert: Cryptocurrency Investment Scams (2)