There are several telegram channels/groups that act as arbitrage channels; when I first saw the advertisement, I assumed it was legitimate since I saw Binance exchange, which is well-known as a trustworthy exchange, and then there's Bnax exchange.
Here's a link to how it looks with different group names.
https://i.imgur.com/HJXYabM.jpg\shttps://i.imgur.com/jqfqpjM.jpg\shttps://i.imgur.com/xNCLyye.jpg🔁
Binance.com buy - 30061.12
🔁Bnax.nl sell - 32466.00
Profit per btc traded - 2404.88
Profit % - 8.00
To profit, you will purchase from Binance and sell in bnax.
Then I test it out with a small quantity to see whether it's genuine. I bought BTC from Binance, transferred it to Bnax, sold it for USDT, and then transferred it back to Binance. This was my first successful transaction, and I made a profit. I was so pleased with the return that I decided to invest all of my money in order to make a large profit, but I was unable to withdraw both my profit and my cash from the exchange this time. They require that I reach their institutional level, which requires a sum of $25,000. This is how I was scammed and lost my money.
My recommendation to newbies is to not believe everything they see on Telegram, especially when it comes to free money.
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