tl;dr (quick summary)
- The only way to avoid not falling for a cryptocurrency scam or bank account hacking is to leave the suspicious scammers’ group IMMEDIATELY because they try to mess with your psyche (not literally).
- They will try to play on your emotions and make you believe that you are missing out on something great.
- The FOMO factor (fear of missing out) is always there.
- What if it’s true and you missed the opportunity? That sense of urgency, that’s what I’m talking about.
- However, if you take a step back and really think about it, is it worth it? More often than not, the answer is NO!
So, please, save yourself the headache and heartache and just walk away.
On the 30th of April 2022, I was a victim of a cryptocurrency fraud – BINANCE PAY PROJECT–A Telegram group channel. This is a SCAM investment Channel- Avoid it or its look-alike.
This group channel was full of scammers who were trying to get people to invest in their project. They promised high returns and guaranteed profits, but it was all a lie. I lost money to these scammers, and I want to warn you to be careful if you haven’t become a victim just yet.
Prior to this day, for about 30 days before the incident, I had tried looking for viable crypto/bitcoin investment opportunities on Telegram and so plenty of groups relating to Bitcoin quick investment popped up. I joined a few groups namely: Intelligence Prime Capital Community and EVA FOREX (Prime Market Terminal), with the hope that I might invest some funds for some okay profits if I am convinced they are legit.
BINANCE PAY PROJECT BACKGROUND
This is about 3.4k members telegram channel as of the writing of this post. Main Admin profile (nickname)-@AGENT LEO>This is relatively a small channel, whose approach to attracting new members is to harvest telegram users’ contact found in similar crypto opportunity group channels and add them to the Binance Pay project. I didn’t remember joining this group, a certain profile by the name of Leonard added me to Binance Pay Project.
How I got scammed of 500$ On Binance Pay Project.
While looking for reliable crypto investment opportunities online can be a daunting task. There are so many scams and hoax projects out there, and it can be hard to know which ones are legitimate. I was a prime victim of one of these scams, and it cost me 500$ of my hard-earned money.
I deposited 500 USDT into the provided supposed Binance Pay company USDT wallet and they promised that I would receive 5k USDT in return within 24 hours. Of course, that didn’t happen.
I tried contacting the members in the group that I have earlier inquired about the authenticity of the investment, but they all sounded neutral and unperturbed. I later found out that the channel (Binance Pay Project) was a scam and that I had lost my money.
Most old members displaying new deposits, testimonials and proof of receiving their profits are fake. so never fall for fake testimonials or any gimmicks to lure you into believing such a scam.
If you’re thinking about investing in crypto, be sure to do your research. There are a lot of scams out there, so it’s important to invest in a legitimate company with years of traceable history. That way, you can be sure that your investment is safe. There are a lot of great opportunities out there, but there are also a lot of scams.
What made me invest
- It looked promising
- The numerous Testimonials on the group chat every hour – although very rehearsed like someone trying hard to make you believe something is true, the quantity and the fact that you could see the actual members on the channel, unlike other group channels like I-prime capital community or EVA FOREX, make it seem more believable.
- I also did my research and chatted with about 10 members of the Binance Pay Project to confirm if the channel is Legit and Agent-Leo. before I decided to give it a try.
Below are all their responses:
How did I know I had been trapped in a cryptocurrency scam?
Recall none of these members pre-warned me about a compulsory recommitment fee? so I can decide for myself if I still would want to invest or not?
Immediately my payment was confirmed even though I had plenty of reluctance in sending the payment it took me almost an hour before I summoned the heart to do this- I knew its either a scam or not, but the only way to find out for myself is to get inside for real. my heart just sank!
2 hours after Agent Leo left me a message on telegram, that I should check my email inbox for a mail, I was shocked to find that I would have to pay another 800$ in order to activate my investment. According to the mail, before my investment would be made activated I would have to send a recommitment fee of 1,300$ so I can then receive my earnings.
To say that I felt bitter, sad, and angered would be an understatement. I felt beaten and found it hard to share with my spouse, for the fear of being pitied and the fact that I would create unnecessary fear if she feels that I am now engaged in an uncontrollable gambling spree that would lead to some distrust.
I immediately calmed my nerve somehow and muttered some God’s strength prayer- i really needed it. I contacted Agent Leo and told him it’s fine if his company wants some more, however, the fund was meant for my son’s health care plan, I really would appreciate it if he refunds it since I can’t raise the recommitment fee.
He declined outrightly and even advised me to seek family members to assist me to raise the money since it’s a compulsory fee to get me the profit – but I know I have been duped, so I can’t be bothered sending another fund.I quicked started to chat with the members i had earlier double-checked with before I decided to give the platform a try.
Their response only confirmed they were not real members, they were staged and left accessible for persons like me, who would want to confirm from others doing due diligence before taking a plunge.
Their response only confirmed what I had already suspected: that they were not real members, but rather staged accounts designed to lure in people like me who would want to confirm from others before taking a plunge. This only makes me more beaten.
I didn’t know that I had to pay a fee in order to get my profit?
I’m sorry for not informing you. Just follow the process and everything will be alright.
Their responses were as if they have all been choreographed to say a similar thing– sorry I didn’t inform you, it’s a compulsory payment- just follow the process and you will get your profit.
Most New Members’ Accounts Were Also Faked
This is how I knew some new members have already been pre-planned to engage with enquiries on the channel to create an impression of an active investment platform- This is equally pre-staged.
On the 2nd of May 2022, while I was still on the channel, monitoring the engagements and all the usual activities, a new member with the name @JASMINESMITH554 dropped a message to say ‘HI’, and as usual the admin (Agent Leo) quickly responded with the usual onboarding messages, for the new members to contact him directly for details on how to begin their investment.
I quickly sent @JASMINESMITH554 a DM below, thinking he/she was truly a newcomer:
Within a minute I was blocked on the BINANCE PAY PROJECT telegram channel and the female Profile picture of @JASMINESMITH554 vanished instantly, and the rest of my messages were unread as seen below.
When it comes to investment opportunities, it is always important to be sceptical and to do your own research. There are a lot of crypto scams out there, and it can be easy to fall for one if you’re not careful.
In my own experience, I have seen people get scammed by investing in projects that seem too good to be true. Whether it’s on Telegram or Facebook, there are a lot of scams out there that can prey on unsuspecting investors.
There are still many scammers out there who are constantly coming up with new ways, new scammer’s brand names etc to cheat people out of their money.
So, my advice to anyone reading this is to be very careful before investing in any crypto investment platform.
Do your own research and always be sceptical of any investment that seems too good to be true. There are a lot of scammers out there looking to take advantage of people, so it’s always better to be safe than sorry.
I have put these frequently asked questions regarding crypto scams on the Telegram messaging app. I hope you find them helpful. Take care
Frequently Asked Questions
How do cryptocurrency scams work?
Cryptocurrency scams are becoming more and more common. Here’s how they work: Scammers will create a fake website or social media account that looks very similar to a legitimate cryptocurrency exchange or wallet. They will then post fake ads or messages promising huge returns on investments in a new cryptocurrency. unsuspecting investors will send their money to the scammer’s address, thinking they are buying the new currency. But the scammer will simply take the money and disappear. To avoid being scammed, be very careful about any offers of returns that seem too good to be true. Do your research to make sure you’re dealing with a legitimate exchange or wallet before sending any money.
What are the different Crypto Telegram Channels?
There are many different channels out there that offer different perspectives and insights into the cryptocurrency market. Ideally, crypto telegram channels are created by crypto industry experts, and individuals to provide news and information on the world of cryptocurrencies. However, beware that there are also a lot of scam channels out there that will try to take advantage of you. It’s important to be aware of these scams claiming offers on cryptocurrency investment so that you don’t fall victim to them.
What are Telegram cryptocurrency investment Scams?
A Telegram cryptocurrency scam is a trick that cybercriminals use to make unsuspecting victims send them money (i.e in form of crypto assets e.g bitcoin, Ethereum etc). It happens when a victim is added to a scammers’ group channel where quick scheme crypto investment and trading signal provisions are the main focus. The scammers use fake testimonials to make the whole thing look so real. They promise unbelievable returns of between 200% and above of investors’ capital within a very short period of time, luring victims into sending money to the scammer’s crypto wallet. Once the scammers have your money, they will block your access.
How Do You Know If Someone Is Real on Telegram?
You may never know for sure if someone is real on Telegram. If you receive an unsolicited message from a stranger not on your contact list, and the main discussion revolves around investment, especially crypto investment, be on the alert, this is a warning sign. Don’t act impulsively or blindly trust anyone, no matter how convincing they may seem. Do your own research and always tread carefully when it comes to investing your hard-earned money. Also, be very careful of a bad actor (scammer) who creates fake profiles using responsible-looking photos of a man or woman. Don’t let yourself be fooled by their appearance; these scammers are out to steal your hard-earned money.
How To Prevent Telegram Scams and Stay Safe?
The number of scams on Telegram is increasing, and you need to be aware of how to protect yourself. Here are some tips on how to stay safe and prevent Telegram scams:
- Be careful who you add to your Telegram contacts. Only add people you know and trust.
- Do your research: There are a lot of scams out there, so it’s important to do your research and only invest in reputable platforms.
- Be wary of promises of high returns: If it sounds too good to be true, it probably is. Be wary of any platform that promises high returns with little to no risk.
- Do not respond to any messages that ask for personal information or financial details.
- Don’t invest more than you can afford to lose: Scammers will often target people who are looking to make a quick buck. Don’t let yourself be one of them. Only invest what you can afford to lose.
- Be cautious of links that are sent to you on Telegram. Do not click on any links that look suspicious.