Crypto Scam: Theft of millions of dollars of crypto, fraud by posing as investors, developers are also surprised
Crypto Rip Deals: Many cases of forgery and scams have come to the fore in the crypto industry. This time a similar case has come to the fore in which people of some countries of Europe had to suffer the loss of crores of dollars. Fraudsters presented themselves as investment agents in this scam under Crypto Rip Deals. They pretended to invest for weeks, or months and then got away with crypto. Here are the complete details about this forgery, why he was not suspected, and what the authorities are doing in this matter.
Here are the complete details about this forgery, why he was not suspected, and what the authorities are doing in this matter
Cases of crypto rip deals have so far been reported in Austria, Italy, Spain, and Germany. Authorities believe this forgery has happened in many countries, so the authorities of all these countries will have to move forward in this matter together.
What is this complete fraud?
Many developers of web3, the next generation of web ie internet, are working on some special projects. However, many of these projects never materialize due to a lack of funding. In such a situation, such developers who were restless for funding came under the target of scammers. The scammers introduced themselves as seed investors or small-time venture capitalists. He looked for projects that needed funding. Then they have a meeting in a restaurant or hotel lobby.
After this, they would ask the project developers for proof-of-concept, roadmaps, etc. details, and then in the final step, they would ask for some proof of funds before investing. The scammers asked these developers to set up a new wallet and transfer money to it as proof of funds. Once the money is transferred, the scammers somehow managed to siphon off the entire money and the developers were left defrauded.
Why never doubted
According to the developers, the scammers were not suspected because they had a company website with an official e-mail ID. He also gave a letter of intent along with a scanned copy of his passport. Apart from this, he used to arrange meetings in top hotels.
However, it is not yet known how the scammers gained access to his wallet and stole his crypto holdings. The scammers never took their devices and neither did they have the private keys to the wallet. In such a situation, the victim developers assume that hypnosis or hidden cameras were used in this.
How far has the investigation reached
Crypto Scam: Cases of crypto rip deals have so far been reported in Austria, Italy, Spain, and Germany. Authorities believe this forgery has happened in many countries, so the authorities of all these countries will have to move forward in this matter together. It may take some time to complete the formalities. However, the good news is that some arrests have also been made in the case of rip deals. Last year in November 2022, an Austrian citizen was arrested in Italy while doing rip deals.
(Disclaimer: The crypto industry is still in its initial stages, so it is seen as a golden opportunity for fraudsters. In this case, proceed only after thoroughly investigating any offer related to investment. Before investing, do your own research and Secure your cryptocurrency wallets appropriately.)
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