Bitcoin Forum

Recently I have been receiving a lot of friend requests on Instagram. I did a little searching and found that all of these are associated with some or other crypto related firm.
Upon digging up a little I noticed that these people started following me because I had followed some crypto related pages on Instagram.
These people follow you and then persuade you to invest in their firms. I did a little chatting with 2 people and got to know that they are up to convincing people to invest in their platforms.
Their so called platforms are nothing but HYIPs(High Yield Invest Programs) which does nothing but guarantee you high returns and then run away with your money.
So I wanted to bring this up here since Bitcoin is at a bull run and as many newbies join the crypto community they need to be aware of such SCAMS.
Please don't fall for HYIPs. All of them are fake and will probably run away with your hard earned money.

During a chat with one of them they said mining and trading are the same thing  ;D These people don't even know the difference between mining and trading yet are shilling about their crypto earning platforms LMAO  ;D
These are the screenshots.

Had to chuckle there with the trading and mining comparison to tell them apart. I don’t use Instagram, but I can see it can be wrongly used and, much like Telegram, be diverted to one-on-one dialogs to lure people into their scam. All this craze for followers takes one’s foot off the safety break, and it’s going to be the complete noobs that are the core focus of these people, being more open to trusting so called experts in the field. That, and the fact that many newcomers seem to still believe that you can get rich with crypto in a very short period of time …

Yea.. scam advertisers on the big social media sites(FB, IG, Twitter) isn't really anything new. I'm more surprised with how they're still actually trying knowing how publicly known that such scammers exist.

One dude was even trying to sell me a freakin mask.

https://i.imgur.com/DyyMTHl.png

I can imagine a scenario were someone who's new to Bitcoin falling for this scam, as this individuals pose as 'experts' and usually have many fake/bot followers to make things look somewhat real, you need to see how many fake crypto groups there are on FB and how they promise people unimaginable ROI, the thing is many people before getting into the crypto network do not do proper research to get the best source/platform like Bitcointalk to learn about crypto and investing, so they mostly get scammed on social media as a result.

Social media is the aftermath of many scams that occur because the basic thing is that there are many active users there so scamer will certainly follow him to offer projects with the HYIPs they offer, I often receive chats like this but I don't respond to it and it's clear that they will still offer some high-income investments, oh it's just a trick of them to keep getting into them.
But I am glad that you have disclosed it here which means you represent the feelings of many people for not wanting to publish it.
So still all advertising on social media does not escape many scamer.

I do not use and have never used Instagram. And no company itself will be added to you as friends, I think that everyone knew that perfectly well.

There are FB groups that are created without ill-intent but you can see that almost everyone there is either bots, fakes or cons that promote their scam platform, pretty sad that the moderation policy of FB groups are a joke, the reason that this still exist is because victims do not report the scam so most people think that there is nothing wrong with that project.

Except for a few Twitter influencers and some Reddit groups, I am not on any other social media platform. Almost all Social media platforms are filled with scammers and especially Telegram. My personal suggestion is to stay away from them and come to BTT always for any queries or suggestions. This is the best place to discuss and understand Bitcoin and other cryptocurrencies.

I never knew even on Instagram crypto scam are now common? I usually seen scam on Twitter and its now the major medium for social when you talk about cryptocurrency. I think most people will find it nuisance since they will message you and talk about scripted scam statement about it. Always make sure that if there is an investment and a promise of good return more than 100% come on be sensual and pick up the line that this is most likely a scam.

Thanks for bringing here this kind of topic OP.

Same here, man. I do have an instagram account but I don't follow crypto-related accounts there. I do that in my Twitter account so I'm not shocked if there's a news about scam on twitter. But this is new to me. This just shows that scammers are indeed everywhere and will try to take advantage of others in whatever means possible.

They're already busted when they said trading and mining are the same thing. That's the edge of having knowledge about such. You won't get fooled. People should not trust someone immediately especially on social media. Do some digging first like OP did.

They are everywhere especially on Facebook, they really know their target, especially if your profile is public, and you post something connected with cryptocurrency, they may able to find you in connecting the dots by searching a particular keyword. That's why my profile on Instagram is private which I can select who will follow my profile or see my profile.

It's same thing they do on telegram/discord/fb, you name it.

All social media like Facebook, Twitter, Instagram, even Linked be place for those scammers. Usually if you like some pages or comment with related about cryptocurrency or investment. They will be ask request some friend then send you a programs or tricks be rich or earn money.

Ignore them, that's simply way to avoid scammers, simple as that.

Scam Strategy is getting worse and worse every day not only on social media websites but on several websites. I use to mine crypto on eobot back in 2013 when I was still a novice at it. Recently I started getting mails of otp been sent from that website and I felt someone was trying to access that account.
So I went ahead to login on the website, since Google aiidy automatically saved the website, autofill helped me input my Username and pass.
That was the only mistake I made. Automatically I got a notification from google that all my saved passwords have been compromised.
Meaning that the websites database was hacked aiidy and they were using it to hack members on that website.