www.wzszex.com MLAC scam, Lin Yuxin (probably false name)

[Timpes]

First, I'm sorry this report might not follow the guidelines, but it's the truth anyway.

Pics in this report: https://cryptoscamalert.com/crypto_scam_report/708

This scammer has been reported before (under different name), found her with a reverse image search: https://cryptoscamalert.com/crypto_scam_report/212 in one of the pictures she sent me, which she claimed to be taken in september 2020.

This warning comes late, but better late than never. She promotes in Whatsapp (and Tinder) an ICO-state cryptocurrency MLAC (claimed to be published on 23.10.2020), sold on a platform named DragonCoin (www.wzszex.com). Her phone number (+852 5145 4213) leads to believe she lives in Hong Kong, she herself told me she lives in Kowloon. She provides you with an institutional code, which is required to buy or sell MLAC, making you promise you wont share the code. She is quite skillful and resilient, even though I invested only couple of hundred $ in total. On request she even provided a Chinese ID under the name Lin Yuxin, with birthplace etc. matching her story. Probably stolen or a forgery. Still Im reluctant to share that picture, as it might be someones true identity. She tells you that she has a tutor who has for many years provided her with solid investment opportunities and presents herself as a pro. She tells you of her family, childhood memories, friends, keeping in touch for a month every day with multiple messages. Every once in a while asking how much you have invested and urging you to invest more. She pretends to be worried of your wellfare and is interested in your things, trying to build up a false relationship. She told me that she works for a financial company named Quam Securities Company in Hong Kong. From what info I have gathered (googled) that firm ceased to exist for some reason in 2017.

The thing with the platform is that you can withdraw the amount up to the sum you invested, after that or if the sum you are trying to withdraw exceeds the initial investments your account gets locked automatically, leaving all money in there locked. So when withdrawing, do so ONLY up to the point what you have really invested there. If you confront the online service (they have 24 h online service) they come up with a 0,2 BTC tax demanded by Hong Kong, which should be paid to an anonymous BTC-address in 6 days time, otherwise the account will be confiscated. I asked for documentation about this tax, but obviously they were unable to provide it.

After I laid the facts in front of her in Whatsapp, she blocked me instantly there. So beware, this is VERY likely to be a fraud. Attached are pictures she has sent me of herself, to my untrained eye all but one could be of the same person. She agreed to a video call, but we never actually got that far.

[Timpes]

Update:

Now they have released on www.wzszex.com a new cryptocurrency named RGC, which as MLAC requires an institutional code and is also very likely a scam, as is the whole site itself.

[Stedsm]

Have you ever heard about an "escrow"?
I believe that whenever you get contacted by somebody through some social media like Whatsapp, Facebook, Telegram, etc. and they start talking about crypto, you should never listen to them if they speak about investments or trading unless you know that person very well. If anybody contacts you outside a place where records of your chats can be deleted, it's better to ask them to sign a message over a place like this forum (as it'll be a proof with you that the person is serious). The way they duped you into this is hilarious while even made you invest multiple times but you didn't even try to ask for a withdrawal after your first deposit? Or is it like they were allowing you withdrawals before just to win your trust and later, scammed you?

[Timpes]

Yes, I know what an escrow is. However there was no option for such in this matter, at least at my skill level. You probably are an experienced internet and cryptocurrency user, but my point writing these warnings are for those who are not. And there are a plenty of people such as me. I thought I was being cautious, making small deposits and withdrawals as a test, after that I let my "funds" grow and then tried to make a partial bigger withdraw, as I suspected this was a scam, as it was. At that point my accounts funds were locked. I only lost few hundred dollars into this, which is not a big deal for me, but if I can help anyone avoid making the same mistake maybe at a larger scale I feel obliged to do so. I hate dishonesty.

"The way they duped you into this is hilarious while even made you invest multiple times but you didn't even try to ask for a withdrawal after your first deposit? Or is it like they were allowing you withdrawals before just to win your trust and later, scammed you?"

I was not that naive, as they allowed withdrawals at least close to your total investment. May have some lower limit too, not 100% sure. But let's say you put 3000$ in and after a couple of days try to withdraw 3500$, your account get's locked and the 3000$:s is lost. That's the point. Should have tested the lock out point earlier, but I'm novice in cryptocurrencies.

I know I was stupid in my actions, if something sounds too good to be true, it most likely is, and this is a whole new world for me. But you live you learn, I won't get scammed again like this.

[Timpes]

"I believe that whenever you get contacted by somebody through some social media like Whatsapp, Facebook, Telegram, etc. and they start talking about crypto, you should never listen to them if they speak about investments or trading unless you know that person very well."

With this I agree 100%. The scammer tried to build a fake relationship with me for over a month, with long conversations about life, family, dreams etc. I'm a trusting person by nature, this was a good lesson for me. Only good thing was that I was still cautious and did not invest thousands or tens of thousands. But I have read about people who have done so.