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I read in the local news that a person bought several houses with fake tokens. He has defrauded more than 1.2 million dollars and now, house owners have a worthless fake token. This is not new. We have seen different scams over the years by using cryptocurrencies! But I read people's comments and seems they are angry.
A good event can change people's views of cryptocurrencies.

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what do you think guys?
If you have an interesting idea, I can use it and share the result here for you.


Update:
 
That person has been arrested.
I was reading a newspaper with my brother and I only saw this description. There was no name or address.
I texted my brother to bring me that newspaper to read it again.

Update2:

Well, I decided to close this topic. Because I can't find the source link and I don't want to confuse you guys.

Can you share the links though? Because I'm thinking, what kind of fake token this scammers used? And I think the sell will be voided by law because it's obvious that he didn't pay it. So the lesson here is to really first everything first before accepting any transaction that involved something like this. In the first place, if seller is not aware then why would he accept crypto in the first place? There are a lot more questions that answer in this case. And that is why it's better to get the whole story first as to what transpired and how this criminals pulled this scam so that we are going to be warned at least and know the MO.

I don't believe this, unless you aren't sharing every details available, house owners have access to what we called proof of ownership and if someone can use a token to buy those properties how are the owners able to pass the proof of ownership to the buyer? This is a case that can be solved in court.

Buying a house is really difficult because there are a lot of papers needed from the sellers and buyers.
The scammer here is really dumb to use fake tokens to buy property, not a good move to scam people. I don't believe this, maybe fake news.
Even if he/she successfully bought using the fake token, what will happen next? If there's a problem from the transaction, the scammer will not be succesful at all.

Is this even possible? How come does the real estate agent allowed this kind of transaction that put the buyer at risk. A lawyer that will notarized the deed of sale will surely question this kind of transaction so how did story actually happened.

Please provide link to the source to verify the authenticity of this story because it’s so hard to believe that this kind of story will actually happened in real life especially the amount of money involved is very huge for this kind of risky trade to slide.

Tried looking for it with a quick lookup but I couldn't find it. This is highly unlikely imo for real estate since they don't necessarily accept crypto as payment in general, they only accept fiat and even if they actually did accept crypto, you'd understand that they have at least some form of understanding about the crypto scene. Now if these "fake tokens" were actually valued at the start of the purchase but dropped at some point which lead to the value dropping to zero, I think the real estate agent would be at fault (since they should know about the volatility of crypto at the point when they actually accepted it as payments). It'd be a different thing if it really was a fake token though and for some reason, the agent still accepted the purchase.

No direct link to news = Fake, I've even searched for news about this on google, but I didn't get any results. And if this is the case, it shouldn't take long for the homeowner to get his rights back because he was duped into buying the house. Maybe the first thing the OP can do is share a valid news link regarding this issue, then we can continue the discussion.

If this is true since you did not post proof that it really happen then Those owners can recover their houses because they received fake tokens this is fraud the buyer can go to jail if the seller can prove that they received fake tokens, its easy to recover those houses because it's back by documents and transactions, it's different if they bought something in the internet like software or a peer to peer transaction, they need a good attorney to recover those houses if I am buyer I would not even think of buying a house with fake token because its easy to prove your crime.

How dumb those house owners are. I guess if they have almost zero knowledge about crypto and that's why he was accepting scam token for their house lol. Those owners must be stupid enough. They didn't even try to talk with others who understood so well before tried to accept crypto as payment.
You shall search the link to that news or some members here may not believe it. I think that must better rather than creating a topic without any link

If this is true the buyer should be the scammed victim because no real documents were passed on to him, he sent tokens to owners and he believed that he is the real owner? Where is the proof that he is the owner? Kinda case that gets solved easily in courts.

I think they say you can't put something on nothing and you think it will stand. This means the matter is going to end in litigation in the court. If the seller will confirm and proof that he received some fake token in payment of his house, the buyer may have to forfeit what he has benefited. This is a matter that will be settled in court and the fact it should involve lots of money.

Is this real? Do you have any proof OP with regards to this one? because buying a house will take a lot of documents but if that scammer really great on scamming people, then it can be more easy for him/her especially if the property is located Rural area, but I still doubt about this story.

If buying property can easily be acquired like this, I think there's something wrong with the system on that country and needs to be address or else many will still fall on this kind of scheme. If you are not into crypto yet, don't trust any token or anyone that is sending crypto as their mode of payment, this is too risky.

Sorry, I also doubt the news you convey, How can someone accept payments using Crypto when he doesn't know about Crypto. In addition, buying and selling a house is a large transaction that requires legality, so it should be easy to find a buyer who cheated on him and the seller can sue the buyer for fraud.

I have never heard of this before. A fake token? How can you sell a house to a strange man with a fake token?
Very unlikely, you should provide more information: what is the name of that fake token called?, and how did the householder trust the scammer with a token that is not on coinmarketcap. The householder wouldn't be stupid enough to exchange large properties for crypto without any crypto knowledge.

Not to blame the scammer. Here the seller is dumb.
How can he sell the house by just keeping this worthless tokens? These only proves that the seller has huge amount of money, so he doesn’t really care, or else he wanted to get rid of the house.
Nevertheless this is not new to us that someone got scammed due to this token shit. And I can still see that many people are running to hold as many tokens as they can.
Only show interest in tokens which are backed up by famous personalities. Beware of scam.

how can people trust fake tokens? this really confuses me, tokens have their own smart contracts,
and of course it can't be rigged, although not everyone is smart in this,
but is it possible that a seller who receives fake tokens doesn't know anything about cryptocurrencies? really very weird for me.

Nothing in this make any sense. What do "fake tokens" even mean? And obviously officials would step in at the moment they realize it's a scam. Not to mention you need to report where you got the money from when you are buying houses. You have no source for this and this sounds like a made up story.

what kind of fake token?, even though there are lots of altcoins that are verified through their smart contracts,
but are there still scammers? I'm really curious why can Fake tokens be accepted as a means of payment?

This is so interesting it really needs a link for us to know about this scam and is it on the global news yet?
I really wonder why this can happen even though buying a house requires some important letters and a valid transaction so this is buying with fake tokens whether the agent really doesn't know the token or what, so if there is no link we can't conclude it.

Indeed, there are many frauds with many cases happening, I often see it because there is news in the article, therefore about fake token fraud to buy a house, I just heard about it now.

That’s lot of money and kinda big fraud but never read any news like this before. Sure there are bunch of frauds already happened in the crypto space and not just fake token but fraud cases with the bitcoin too. That’s sad because nonetheless some of them will always ruin the rim of new technology. Hope so they get their money back some how. That’s lot of money and they lost the house for nothing.

Actually, fraud is everywhere, not only in the crypto world. Therefore we need to be wise in every decision we will take, especially those involving
large amounts of money, we should not rush into making decisions. I don't know if what the OP said is true or not, for sure buying a house with
fake tokens in my opinion is very difficult to do, because it involves large amounts of money. Usually home sellers if they accept payments with
crypto will definitely ask for payment in Bitcoin or top altcoins, I doubt any house sellers will accept new coins or shitcoins. Unless the seller of
the house really trusts the buyer, so the seller of the house ended up being deceived by the buyer. Because fraud will easily occur if the victim
trusts the fraudster. Usually professional fraudsters always build a good image first to their victims, so that they can easily commit fraud.
A lesson for all of us to always be careful in making decisions in the crypto world. Moreover, we all know that the crypto world is prone to fraud.

Curious to where this came from, OP. I have not heard any news yet pertaining that people paid for such high amount using non-Bitcoin or non-ETH. Do people think that tokens are all tied too much directly to Bitcoin that is why they are allowing such payment method?
I am pretty sure that people would at least accept Bitcoin first and the seller could have checked the token's price first since that is really the usual procedure they would do.
Surely the seller would appeal on this transaction right?

I think more information is required to verify if this actually took place: The type of token used for the tranasaction, news source, location of the house to be purchased, etc. Purchasing a property like house, requires lots of paperwork, lawyers, transfer of ownership/deed of conveyance, etc. The buyer cannot own the property when the proper signatories have not take place. Buying house, IMO, is not faceless exercise that can be conducted without knowing the buyer. Assuming the fake token was discovered at a later time, then the seller have to involve experts/lawyers to track the transaction as this will be s serious court case. The buyer must prove that he sent the token/coin and verify his address. Both buyer and seller transaction hash will be studied by Crypto experts and lawyers to be able to resolve such case. The buyer cannot assume ownership without satisfactory documentation.  

Is this a real scenario?

Why would someone would love to receive a token that's not even known and popular. Usually, when there are trades and deals like this, it's either bitcoin, ethereum, bnb or any stable coins are the ones that's being accepted.

But why would someone accepted a token that's not really being used and turned out to be a fake one? There are too many questions on this. If he's able to accept a fake token, then the victim isn't really keen on accepting crypto as payment.

And he/she shouldn't have accepted it. What's the token?

It is the responsibility of the owner to know the value of the token itself.
However, we don't know the whole story here as the token may have value at the time of payment.
Remember, most pump and dump tokens, and if they happen to receive at the time of pumping period.
And some of these owners don't know that the token can easily lose their value once this period is over.
So if you are an owner and wanted to receive crypto payment, better stick to BTC, ETH or BNB.
At least you have to chance to convert it to your fiat, but with tokens, they can easily go worthless.

Who on earth would sell their houses when they don't know a single thing about the crypto currency they've been using for transaction? If there are people like that how come they believe on such shit when using Bitcoin is different than using any shit coin to buy something. A link would explain everything if OP have one since I still can't believe if it's true or not. Buying something like house's is difficult already then there it is someone just sold house because of the shit coin, it's insane how scammers would gonna do anything just to take advantage of their weaknesses.

I also don't believe this, if you are buying a house you can't commit fraud because you will be charged with estafa and the sellers can recover their houses because there are paper trails and transactions, the judge can easily rule this case in favor of the sellers, as the buyer will have multiple violations, it's different when the transaction involves something online and both parties are far away to each other.

As much as I want to believe on this story, I can’t find any link or articles in google with regards to this incident, Maybe OP can provide a proof for this and be more specific about the shitcoins you’re talking about.

Imagine, if you’re a seller and you are too careless dealing with people you actually don’t know, i really doubt on this. Though you can really get fooled by shitcoins in other way, with real estate it too impossible.

You mentioned that you read it in a piece of local news, right? I just want to know what local news is this. do you have a source link for this mate? I hope you included it in your post here so that other members of this forum can also check it. And the amount of 1.2M$ is not a joke either, actually, it's a huge amount.

I hope you can at least provide reference links to the ones you said you have seen many scams like that situation. There is a little lack of detail in your post because it is not stated how the buyer sold it, so it is very impossible that you will release 1.2M$ so easily without even mentioning that he held the title of the house he bought, whatever. the fake token was given and then 1.2M$ was given immediately. because that's how your story used to be in your post here. Because if I'm the one holding that amount, I can't just immediately hand over that money when I don't have the title to the house and land.

Well, guys, I need to provide some updates according to your questions:

First of all, yes, this is real news.
First title: A scammer who bought several houses with fake cryptocurrency, and yes, that person has been arrested. It's funny :D

I also read it in the newspaper. I'm sorry, but I don't have a direct link. If I find it, I will update this thread immediately.

Yes, you are right. Because nowadays there are many scam bounties. In fact, those project tokens are created and sold to everyone, and later the project team eats money without giving any liquidity to those tokens. And in this way, if someone spends money for 3-4 projects, it is possible to buy a house easily. So we should always beware of these cheats.

It seems unreal for me. These days internet has become a part of our life and i thought that if the house sellers must not be stupid enough except if this kind of case happened in the third world country where people have less access to the internet or having very low knowledge about crypto.
Im not feeling doubt if sometime people can even believe with what others site and that's pretty similar like fraud. I will not fully trust this story as the source is not even known.

Does it happen in your local?, where did you read it without any link for us. It's really difficult to scam like this, because to buy and sell a house you have to meet the partner directly and sign a sales contract, as long as there is fraud here, then the scammer will be caught. No wonder the scammer has been caught, it's so obvious and acting stupid.
One more thing can you provide that dummy token name? is it a shit token or a bogus token?

Sorry OP but this looks like a big fat lie to me because its not genuine or maybe you are not sharing the exact details of what really went wrong, who would accept tokens in this era for big house? Those who bought houses with crypto use BTC and the sellers of those houses know more about crypto as well, you need some explanations to make.

First you have to include the news link, so that we can understand and learn together the concept of fraud by that person, because judging by the posts you made, most likely the victim is someone who doesn't understand crypto.

This is a user case involving big names in crypto, with crimes being committed regularly and targeted at people who are not aware of the concept of crypto itself, we can be sure this will not happen, if someone can do some study and know the concept of crypto, we hope no more similar cases will happen, maybe this is what crypto people say has a high crime rate, even though this category is only aimed at people who don't understand the general picture of crypto.

Never read anything about this anywhere, next time try sharing link to the original news so that we can have a better understanding about what happened, all you said dont make sense to many on here and you can see, it sounds too good to be true or probably a lie it is.

The owner of the house I think is very stupid, this is the first case I have ever heard of as long as I know digital currency, why did the owner of the house not check the token first in the crypto market, the price and type of crypto, how he immediately received the coin without checking, something strange if the owner of the house sold the house with the token he himself did not see what token it was.

This story does not seem credible. Buying a home requires a lot of reliable documents from both the buyer and the seller . Where there is no scope for cheating . I think the op made this story up to get some fucking Smerit. If this story  is true then op should share the valid link here. Otherwise I think it's a fake story .

It's true that big scams are constantly happening through cryptocurrencies . But most scams are anonymously . A scammer will never openly scam and never use personal documents to scam. Buying a land or house properties requires many documents.  So a scammer can never buy them by scamming.  And if bought, legal action will be taken quickly against him. So I also don't think there can be any truth to op story.

so many questions about this if you don't provide the link. we don't know what their transaction was based on, and how the homeowner would want to exchange the house he owns for tokens that have no price. IMO, it would be very stupid for someone to exchange their house for a coin they don't even know how to exchange. and identify it. even more so if you don't ask the expert what he's going to trade. I just feel that this is a very strange thing.

You have edited your story but still don't have any more information to prove your story.
I am still following your story and so far you have not been able to provide details or link to us proving this is a true story. If you can't provide the link, tell us what is the name of that fake token? And how were the home sellers cheated? Is he a crypto investor?, $1.2 million is not a small amount, it is not easy for someone to be cheated with such a huge amount.

If this story of fake tokens is true, I believe the owners of these houses can still claim them back as the contract between seller and buyer isn't technically complete as mode of payment isn't real, this is as good as selling some some stolen stuff and owner finding it... Here there isn't any transfer of ownership!

And $1.2 million is a lot of money. Even anonymous transactions will be through a reputable exchange, not just a story of two parties. I don't believe this story, it's too fictional and lacks information to confirm. As you said, buying and selling real estate needs to sign a lot of papers and be certified by the local government. How can a scammer do this so easily?

Unfortunately some people have this habit of not interested in basic knowledge of things happening around them, otherwise this situation would have been prevented if they have knowledge about crypto space and the type to accept for payment.
They were given shitcoins in place of their property without knowing, this is definitely another bad image on crypto. Anyone who wants to accept crypto as alternative payment  should first understand it and have full knowledge of what to do or stick to using fiat.

Believe me, I was reading a newspaper with my brother and I only saw this description. There was no name or address.
I texted my brother to bring me that newspaper to read it again.

I'll step in as it's quite easy to define as fake or misunderstood news for the one simple reason: Even if by some miracle during the deal scammer got the keys to the house, he wouldn't live there very long as this contract wouldn't hold up as a legal binding document in any court in the world.

I also think the same and $1.2 million is a very large amount and the average investor who has a very large amount of money is definitely not a random person, and I'm sure he will do thorough research first before acting.
and I'm also still curious, especially for fake tokens that are not named because this incident will tarnish the name of crypto because it has something to do with crypto. And there are still many scams in the crypto world that must be minimized, don't get it wrong or make it up because it will make people afraid to get involved.

Sorry, I don't really understand what you're saying, because I don't think there's any scam by buying a house using fake tokens, because I've never heard of or seen anyone buy a house using fake tokens. You also open this thread without providing any link, because if you don't provide a link about this case, it is impossible for everyone to believe this.

I've never heard about such news as well so I don't think it's true since there are no provided resources to support it. I don't think there would be fool people who would let someone purchase his property without assuring that the payment has legal value. It's unreliable news unless proven true.

The owner of the house should be able to report to the police that he was a victim of fraud. The sale and purchase transaction is invalid if
the homeowner can prove that the buyer paid with fake tokens. Most importantly, there is evidence that can be shown to the police that
the home buyer paid with fake tokens. So the homeowner should still be able to get his house back, and the contract between the seller
and the buyer becomes void. Based on my experience when buying a house, the process of buying a house is not easy, there are many
documents that must be completed in the process. If home buyers pay with fake tokens, there must be incomplete documents.
This is a gap that homeowners can take advantage of to be able to get their house back. So there shouldn't be any transfer of ownership,
this should also be a valuable lesson for all of us to always be careful in the crypto world. What is certain is to avoid making buying and
selling transactions using crypto other than top coins. What I said could be done if indeed what the OP said was the truth.

I think OP mean about some one buying house and use fake token as currency transaction payment, but looks not logic and not really true how happening some one will sell their house with fake token. I think if adopt with bitcoin or cryptocurrency as payment transaction both side between buyer and seller know about values token selling. Seller will not accepted with fake token as payment for their house because they can't sell with fake token, actually OP need to give valid source and should give us link about correct or not when transaction buying house with fake tokens. All people know right now with fake token because they can check easily on coimarketcap and know about contract address token before accepting as payment transaction.

It's possible that people scammers can purchase building with a fake token. The blame should goes to the person that purchase such token without making a proper research concerning the token. I believe that what is happening between the buyers or what the trigger them to purchase a token that's not relevant for the system is because of the low amount and they feel that they will make a surplus gain.

I also feel confused because indeed what is meant by Fake Token really confuses me,
fake tokens are very easy to recognize, if someone makes the same token name, of course smart contracts are different,
because in crypto currency it is very transparent, so what about fake tokens? what he means is so confusing.

I am not sure, how is this even possible, if anyone is willing to purchase a property using cryptocurrency the seller should know about the cryptocurrency market and why would they accept transaction for fake tokens. Even if they know about the cryptocurrency market, they would never accept the tokens for huge amounts on a logical sense and how could anyone get fooled like that  ??? ::).

Nowadays, there are many fake tokens, so it is better if the seller does some research to determine whether it is legit or not. By the way, this is the first time I've heard of someone buying a house with tokens, and I don't think scammers can easily buy houses given the amount of paperwork that needs to be completed.

I think it will be insane to accept fake tokens as payment not unless the seller has zero knowledge about cryptocurrency. If that's the case, he should have do a research about the coin first before accepting it. Scammers are everywhere and we can't get rid of them easily but the best thing to do to avoid being scammed is to be skeptical especially if there's money or property involved.

I said before op just make a fake story And I'm guessing he did it just to get the Smerit. He wanted to make this story more beautiful but he could not organize the story well. op said about scam 1.2 million usd with a fake token. Listening to him it seems that money is a trivial thing money has no value he he

It didn't mention that no documents were handed but maybe it is handed because the attempt is successful with millions worth of house area already recorded but let say if what you were saying is true then both of them have no gains then because one handed fake tokens while the other one handed a fake document. That is what you called bad karma. They get it because of their bad deeds but that's only lite.

There is no big consequences with it because both party won't have the courage to take this to the court or to the authority as they are also guilty and afraid that their bad deeds are going to be find out. Cases like these where fake tokens are involved isn't new anymore but it also happened before on lending businesses where a borrower sends fake tokens as collateral.

Assuming that the story is real and it is not fabricated in order to try to scare people away from cryptocurrencies, this should show us to always be careful when it comes to big transactions and using a medium of payment which we are not familiar with, if a person is not familiar with cryptocurrencies and they have never accepted them as a way of payment during their entire lives I think it is a mistake to sell their house and receive cryptocurrencies in return, they could easily ask the buyer to sell their coins at an exchange and then send that money to their bank accounts.

There is no possibility for us to believe this, the creator of the topic didn't really give the choice to know more in detail, because the news link was never included, even if there is one percent of people in this world experiencing this, is it that stupid to give trust in people, so that houses are exchanged for fake tokens/coins?
This doesn't make sense to me, and it's because of this kind of news that crypto is often implicated in fraud issues, it's really unbelievable.

You should have mentioned the name of the token that has been propagated through the fake token. To me, the subject seems to be a lot of fabrication . And  You have given the update that it was received in the newspaper, I want to know in which newspaper it was received. And how dated is the news? Hope people will be happy if you mention this information. Because someone would sell their house without checking it seems unreasonable to me. Hope to always mention information with sources

Lol, this is the most dumb scammer ever, how did he have thought to buy house with fake tokens? I mean it's possible, but sooner or later the victim will found out if he's got scammed and when buying house the scammer need to provide the complete personal identification which is he will easier to get arrested. I think everyone will laugh at him especially a computer engineer who mostly know about cryptocurrency and privacy concern.

in my country it is forbidden to transact other than the country's currency for several reasons, I think one of the reasons is as you said. all crypto is volatile and the amount is very large if the buyer is negligent of the tokens he gets of course he will be deceived as you read in your local news.

Funny news, I don't believe it maybe the newspaper you read just for entertainment. How could a fraudster leave a trace of his personal data, although he is a possibility new but will not be reckless like that. Also what fake token does he use? it is impossible for seller a home or property to immediately believe in any token, without doing more research. In my country there are also skilled fraudsters they are like successful people, committing fraud to the countryside with details crypto investments but not buying any house with any token, because many people do not understand about token and crypto.

What I think, first off, is that a news item like this should've a source link so that doubters can read it up by themselves and verify it.

I had a near calamitous experience when in 2017 some dudes were up almost everywhere online, canvassing and coaxing people to buy TBC – The Billion Coin. It was speculated to be worth more than Bitcoin in value. I later learnt there were some who bought lands with that token. Sadly, till date that token hasn't seen the light of the day.