Cryptocurrency Scams on the Rise

There are many types of scams and they usually follow a similar formula. The best way to avoid becoming a victim is to assume anyone instructing you to send money, especially using bitcoin or other cryptocurrency is probably trying to manipulate you. Some of their tricks come in the form of:

• Investment scams – companies promising returns on your investment through a variety of methods (trading bots, ai, etc)
• Romance scams – online boyfriends or girlfriends you haven’t met in person needing money
• Employment scams – requiring a payment for your “new job”
• Authority scams – phone calls pretending to be the CRA or other government entity requiring payment for fines, taxes, or penalties
• Loan scams – companies promising to send a loan once you send a deposit
• Other deposit scams – people requiring a deposit to be paid on an AirBnb or other product/service

Let’s get familiar with the oldest and most popular trick in the trade: Investment Scams. 

In investment schemes, scammers contact individuals claiming to be investment managers. They will contact you through social media, online dating apps, WhatsApp, Signal, or Line. If someone is contacting you for investment opportunities on these platforms, BLOCK AND REPORT! It is 100% ALWAYS a scam.

The hook: Lucrative returns equivalent to always winning on the slot machine. Simply invest in “a mining pool” or “trading program” or a “easy loan”. If it sounds too good to be true, it probably isn’t true!

If you must request for your funds to be withdrawn and they come back requesting for more money (due to “taxes”, “commission fees”, “penalty fees”, etc), these are red flags. It’s nearly impossible to get out once you’re “investing” with them, so the best thing you can do is to do your research before buying into anything.

 What can you do if someone approaches you?

1. Ask lots of questions. Ask for a video conference call. Request for business documents.
2. Get educated on bitcoin and how it works. Knowledge is power.
3. Look up their website on scamadviser.com. Google the company and see if they have been reported.
4. Look closely at their website. Are there spelling or grammar errors? Does the phone number match the business address? Google the address. Does the business show up when you google the address? Is the customer support line directing you to a Whatsapp number? Inconsistencies, errors, and cheaply made websites are huge red flags for scams.
5. Is the business name something generic like Market Trading, Cryptotrading, Realivestment, Freshforex, etc? If so, it is 99% likely a scam.
6. Does the website require you to log in to see any information? Members-only websites make it hard for others to verify the legitimacy of a company.
7. Here at Bitcoin Well, we can sniff out scams on an expert PhD level. If you are unsure about an opportunity, ASK US!. It’s free and could save you from lost money!

You really don’t need anyone else to set yourself up for financial sovereignty and success. Simply buy and hold bitcoin, or dollar cost average into bitcoin with our Bitcoin Savings Plan, as history has shown this to be the most powerful savings and investment plan.