Cryptocurrency Scammers Are Making Fortunes By Ripping Off 'Greedy' Investors

[Tankdestroyer]

It's quite pathetic to think that most of the victims are people who doesn't even have a clue on cryptocurrency.
Yeah, most of them have zero knowledge on crypto. If you'll ask them, all they can say is "bitcoin, a money on the internet".  They've got sweet-talked like hell with endless promises.

What's the funniest thing of all in that incident is that a single entity decided to invest 10 million Philippine peso where in fact they could easily buy a whole btc using that sum? Another funny thing there is how the ones who referred users there are being threatened by their downlines. They should have had done their research before investing, and bought Bitcoin themselves.

[1713291789]

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[richminded]

There's an addition to that sum for an almost $19M.
Anyone have heard of the now popular NewG scam in the Philippines?

It's quite pathetic to think that most of the victims are people who doesn't even have a clue on cryptocurrency.
Yeah, most of them have zero knowledge on crypto. If you'll ask them, all they can say is "bitcoin, a money on the internet".  They've got sweet-talked like hell with endless promises.

This is where greed comes from, don’t invest if you know nothing because in the end of the day your money will lose. The problem with people is that, they are not making effort to fully understand cryptocurrency all they want is to earn money without doing anything which is really impossible.

[patz22]

There's an addition to that sum for an almost $19M.
Anyone have heard of the now popular NewG scam in the Philippines?

It's quite pathetic to think that most of the victims are people who doesn't even have a clue on cryptocurrency.
Yeah, most of them have zero knowledge on crypto. If you'll ask them, all they can say is "bitcoin, a money on the internet".  They've got sweet-talked like hell with endless promises.

It was around 900 million Php. In our country, there is still a lot of greedy investors who want a lot of profit in short time. In my insight, one of the reason why that investment company went down because of the market crash. Last year, all coins are pumping so there's a chance that they're using it for trading (this is just my speculation about it  ). Sad to say but this scam could be the reason why crypto will not be accepted here in the Philippines.

[npredtorch]

It's quite pathetic to think that most of the victims are people who doesn't even have a clue on cryptocurrency.
Yeah, most of them have zero knowledge on crypto. If you'll ask them, all they can say is "bitcoin, a money on the internet".  They've got sweet-talked like hell with endless promises.

What's the funniest thing of all in that incident is that a single entity decided to invest 10 million Philippine peso where in fact they could easily buy a whole btc using that sum? Another funny thing there is how the ones who referred users there are being threatened by their downlines. They should have had done their research before investing, and bought Bitcoin themselves.

Yeah I heard that too. They(victims) had been notified that if they divest their money, they can no longer go back and re-join the program.
It's like fooling them and saying "okay it's your choice, you can't join anymore after this. It's the end for you and you can't receive future payments" WTH.

So far this is the simplest scam I've ever known using cryptocurrency. There's no website or any platform and payments are made manually. Moreover, it only spread with word of mouth and the use of SNS.

[TheClownSong]

Better carefull with our private key and keep that safe. Beside that, always aware link sent on our email or suspicious link on website because that can stole our crytpo on our wallet.

[HabBear]

What's worse?

(1) Being ripped off by another person and having a hunch it might happen, because the deal is too good to be true but your own greed can't keep you away from indulging?

OR

(2) Being ripped off by the fractional lending banking system and not even knowing it while it's happening?

I'd say it's the latter.

People have been getting scammed by other people for as long as there have been people. Scamming is human nature. Falling for scams is human nature. Bitcoin certainly isn't driving some nefarious activity, at least not more so than our national banking systems.

[semobo]

If someone want to scam people,he will initiate their greedy from their mind by showing high returns so we need to be careful on what we are investing.Nowadays the cryotocurrency field is filled with lot of scammers because it is an anonymous market so this may decrease the growth rate of cryotocurrency adoption so people need to stay away from scammers mainly from scam ICOs.

[syaripudin]

Greed may be one of the causes of harm that can be felt by some people who get fraud committed by greedy people. and this will definitely have an impact on reducing the level of confidence in crypto. and of course this will be very harmful to anyone who really wants to increase the existence of crypto seriously without any engineering done just to get a big profit.

[BillCoin]

LONDON — Investors have lost $670 million of cryptocurrencies in hacks and scams over the last three months, according to data shared with Business Insider.

Only 670$ millions this year?
I thought that only the damage from Bitconnect and the top ICOs that went missing would topple that.

And there are the news from Vietnam with two huge scams, Philippine with a few tens of millions...

I guess we're pretty lucky greedy people are not that wealthy or we could count money lost in the scams in tens of billions.

The downside is that now scammers have enough money to star far more elaborate ICOs that would attract more people.
With a few millions you could buy enough advertising to fool an entire country.

Probably outdated, bitcnnected itself had about 3 Billion dollars market cap at the time it fell down, I know that market cap doesn't mean net worth, but I believe that the net worth was about 1B$ at that time.

I believe that this amount doesn't include ICOs that never came out with a product, even after the deadlines, and it doesn't indicate coins that went down to almost zero after the ICO because the development team left the project after they received the money, which is totally equal to " scam ".

[krauzzer02]

There's an addition to that sum for an almost $19M.
Anyone have heard of the now popular NewG scam in the Philippines?

It's quite pathetic to think that most of the victims are people who doesn't even have a clue on cryptocurrency.
Yeah, most of them have zero knowledge on crypto. If you'll ask them, all they can say is "bitcoin, a money on the internet".  They've got sweet-talked like hell with endless promises.

On the good part those freaking scammers end their fortune days as they are rubbing the railings of the jail, those two criminal couples deserve to bring all the money back from the investors as the authorities find out that the wallet used to store the scammed money was all gone now hoping that all the scammers out there will get what they deserve for fooling and stealing other people's money cause not all of the investors on this schemes got their rightful justice, there is a saying that people perish because they lack knowledge.

[Proton2233]

Scammers always use human weaknesses for their scams. Greed is one of the greatest weaknesses. She often turns her mind off. Even if a person is smart. But I don't feel sorry for these people. They chose their own path. All who do not want to work but want to have a lot of money waiting for such a final. They are always the main contenders to become the victim of scams.

[Simon Eaton]

I'm any emerging market that has yet to be regulated I think it's inevitable these scams pop up I think it's about the transition into a mature market that needs to be the focus. By doing that better regulation will enter and there will be some sort of oversight of the market keeping scammers in check. But yes it does all boil down to greed. There is no other reason to take that risk

[alyssa85]

Greed is what is often targeted by the scammers. Take bitconnect for example, it was an obvious ponzi scheme but people still fell for it because they believed that they would make millions in such a little time. If you don't want to get scammed, don't be greedy.

I think everyone believes they'll get out in time, when dealing with obvious scams like bitconnect. They don't realise just how quickly these scams can collapse under their own weight.

[daarul50]

Such fraud does not only happen in digital currency (cryptocurrency) like bitcoin but also occurs in fiat currency. It is wise to use money in investing and always be careful to ensure that where we invest is really safe and reliable especially crypto very vulnerable to a hacking. Scammers and hackers are common enemies for both crypto investors and fiat currency investors

[Kemarit]

Scammers always use human weaknesses for their scams. Greed is one of the greatest weaknesses. She often turns her mind off. Even if a person is smart. But I don't feel sorry for these people. They chose their own path. All who do not want to work but want to have a lot of money waiting for such a final. They are always the main contenders to become the victim of scams.

Its really one of our worst enemies, when greed sets in, we forgot everything and our judgement are clouded specially if you hear like 10%-30% returns in short amount of time. I guess 90% of us here have been scammed one time or another. But its how we get up and tell ourselves that we will not be scammed again. Its really a painful and expensive lesson, but I guess we need to go that path to at least open our eyes that we shouldn't be greedy because it will really bring problems for us in the future, specially in this industry. Yes, they might have chosen their part, but at least they should learn from their mistakes and hope that they wouldn't easily believed those sweet talkers whose goal is to take the money of unsuspecting victims.

[stompix]

LONDON — Investors have lost $670 million of cryptocurrencies in hacks and scams over the last three months, according to data shared with Business Insider.

Only 670$ millions this year?
I thought that only the damage from Bitconnect and the top ICOs that went missing would topple that.

And there are the news from Vietnam with two huge scams, Philippine with a few tens of millions...

I guess we're pretty lucky greedy people are not that wealthy or we could count money lost in the scams in tens of billions.

The downside is that now scammers have enough money to star far more elaborate ICOs that would attract more people.
With a few millions you could buy enough advertising to fool an entire country.

Probably outdated, bitcnnected itself had about 3 Billion dollars market cap at the time it fell down, I know that market cap doesn't mean net worth, but I believe that the net worth was about 1B$ at that time.

I believe that this amount doesn't include ICOs that never came out with a product, even after the deadlines, and it doesn't indicate coins that went down to almost zero after the ICO because the development team left the project after they received the money, which is totally equal to " scam ".

My bet on the actual money invested in ICO vs market cap ratio is about 1:10 at most. Don't ask for how I've come on that number, it's just ..my hunch.

I am sure the ones that read the article  didn't even bother to investigate small ICO that never got off like the hundred we have around here on Bitcointalk and went after the big whales only.
Just the last week we had quite the storm about BitBlissCoin, that managed to get only a few thousands dollars before they were exposed.

Of course it was a total scam, and the numbers of victims around here is getting low, just as the sums but there are still people who think that the best investing strategy is to throw a constant sum of money, let's say 100$ to each ICO they stumble upon.
So if they get scammed in 20 but one if them gets them a 50:1 return they are happy.I'm still puzzled about this and I can;t believe how many are still doing it.

It would be fun to try and find out how much money have been raised in ICOs alone on bitcointalk but that is a Sisyphean task.
I would bet on a few tens of millions but...god knows.

[gantez]

Greed is what is often targeted by the scammers. Take bitconnect for example, it was an obvious ponzi scheme but people still fell for it because they believed that they would make millions in such a little time. If you don't want to get scammed, don't be greedy.

Quite understanding about bitconnect being a ponzi which was glaring and staring in the face but what of some ico coins with promises to be listed in the big and popular exchanges who never fulfils that, are the investors also greedy? I don't agree that it is greed that makes investors to be scammed in some cases.

[horrifiedx1]

Greed is what is often targeted by the scammers. Take bitconnect for example, it was an obvious ponzi scheme but people still fell for it because they believed that they would make millions in such a little time. If you don't want to get scammed, don't be greedy.

Quite understanding about bitconnect being a ponzi which was glaring and staring in the face but what of some ico coins with promises to be listed in the big and popular exchanges who never fulfils that, are the investors also greedy? I don't agree that it is greed that makes investors to be scammed in some cases.

right. i think we should analyze correctly if it will be an event in ico. first thing to note is the project team. because with a good team will try to develop that project and maintain investor trusted

[Sitipxz]

LONDON — Investors have lost $670 million of cryptocurrencies in hacks and scams over the last three months, according to data shared with Business Insider.

Crypto Aware, which gives investment advice for crypto, compiled data on all the major hacks and scams in the space between June 2011 and March 2018.

The data shows that over $1.7 billion-worth of cryptocurrency was stolen over the period, with $670 million lost in the first three months of 2018 alone. It means that 40% of all cryptocurrency theft by value has occurred in just the last three months.

Notable losses since the start of the year include the $400 million hack of Japanese cryptocurrency exchange Coincheck in January and a $170 million hack of cryptocurrency exchange BitGrail in February.

Anna Wu, the founder of Crypto Aware, told Business Insider: "Cryptocurrency is receiving more and more validation as a means of value transfer, with top coins reaching historically high prices toward the end of last year. This attracted a lot of new, unseasoned investors who are not well versed in terms of online security and who are identified as easy targets by scammers."

The total size of the cryptocurrency market rose from around $27 billion in April 2017 to close to $270 billion as of Tuesday. The market exploded thanks to the rise of bitcoin against the dollar and the new trend of "initial coin offerings" (ICOs), where startups issue their own digital coins to fund their businesses. Startups raised $5.6 billion through ICOs in 2017.

Wu said: "Cryptocurrency frauds, scams, and hacks tend to rise every time there is considerable upward momentum in pricing for cryptocurrency market, so be extra cautious when the market is bullish."

Crypto Aware's figures highlight the risks associated with the volatile and unregulated market. Many investors store their crypto centrally on exchanges and these large holdings make them an attractive target for hackers.

Scammers have also fraudulently raised millions from unknowing investors, such as Chinese Ponzi scheme "Asian-European Currency" which was shut down by police in early 2017.

Wu told BI that investors shouldn't invest more than they can afford to lose and should inspect URLs closely.

"Phishing scams are by far the most popular type of scams and you can easily avoid them by checking the website address against the officially published URLs character by character," she said.

Wu added: "If it seems too good to be true - it is. Investment scams often try to entice gullible investors with unrealistic returns. Don't be greedy."

https://onecryptocoinnews.blogspot.in/2018/04/cryptocurrency-scammers-are-making.html

Original source: https://[Suspicious link removed]/2GGx1LH

[Bastok]

Greed is what is often targeted by the scammers. Take bitconnect for example, it was an obvious ponzi scheme but people still fell for it because they believed that they would make millions in such a little time. If you don't want to get scammed, don't be greedy.

Those who are victim of  scammers are also contributer of their loss. They allowed themself to manipulate by scammers. Being greedy will only lead problem in our lives. And it is very impossible to be a millionnare in just a week , month or year. It takes 5 to 10 years or more with hard work.