Bitcoin, Ethereum, Dogecoin and other crypto assets are making headlines across the mainstream to make people rich on the left and right. But as numerous as there are success stories these days, there are also a growing number of horror stories in which people suffer misfortune instead.
Here is a sad and painful lesson in which a teacher learned the hard way not to send cryptocurrencies to strangers, even if that stranger appears to be Elon Musk.
Bitcoin scams are becoming more common as crypto adoptions become more prevalent
Since Bitcoin and other cryptocurrencies only exist on the internet, they are a constant target for cyber criminals. And the more valuable they get, the more criminals see the appeal in stealing some – which is much easier than making it yourself.
Cyber criminals and the tactics they use are evolving day by day. High-profile hackers just shut down one of the largest fuel lines in the US, and there was little the US government could do about it.
Related reading | Bitcoin searches for Spike on Google after Twitter scam goes viral
Granted, it wasn’t Bitcoin, but such ransomware attacks usually do. Other scams involve phishing sites, malware, or worse. Another common scheme, as Brighton teacher Julie Bushnell found out, is to send a lot of cryptocurrency expecting double the consideration – other than leaving the original sender empty-handed.
As Bitcoin grows, so does the target on investor's assets | Source: BTCUSD on TradingView.com
Julie Bushnell is now ashamed and ashamed after discovering she lost around $ 13,000 in BTC that was meant to serve as a down payment for a new home.
“You have robbed me of my dignity, self-respect, self-esteem and strength. You have taken all the goodness of life away from me, ”she said.
“I want to draw attention to this fraud so that it doesn’t happen to other vulnerable people.”
Unfortunately, as long as this scam continues, the number of stolen crypto assets and those affected will only increase if the emerging asset class spreads prevail.
Related reading | The Most Common Bitcoin Scams And How To Avoid Them
In 2020, around 10,000 users lost money due to fake Twitter scams. In the first three months of 2021 alone, half of it and more than $ 18 million in assets were stolen.
Many of them can be found on Twitter posing as other big customers like Elon Musk. Musk was also used in this example, but instead the scam was found on a fake version of the BBC which, according to the real life version of the BBC, is “still online”.
It’s the same old song and dance, however. The fraudster requests a crypto sum and doubles it in return. If you are faced with a situation that just seems too good to be true, it most likely is. Learn from this teacher’s problems and do not be deceived. For more information on the most common Bitcoin scams, check out this list of how to avoid them.
Featured image from iStockPhotos, Charts from TradingView.com