Troy Couple Lose $44 K in Bitcoin from Crypto Scam

Troy Couple Lose $44 K in Bitcoin from Crypto Scam (1)

A crypto fraud costs a Troy couple $44,000 in Bitcoin.

CSU “Anytime someone says, ‘You have to give me something first, and then I’ll offer you something more,’ that’s a major red flag,” David Derigiotis said.

However, individuals are still being scammed by this get-rich-quick cryptocurrency fraud, including a Troy couple who police claim was contacted by two people over WhatsApp and Telegram.

The predators persuaded them that trading Bitcoin would make them a lot of money. They invested $44,000 in Bitcoin into websites that turned out to be a scam after six weeks and many transactions.

According to police, the victims believed their investments were profitable, but when they tried to retrieve their money, they were told their accounts were “frozen” until they paid a 13 percent service fee. After realizing they had been duped, the victims filed a complaint with the FBI’s Internet Crime Complaint Center.

“Knowing who you’re working with, their credentials, their history, their portfolio, and their pedigree,” added Derigiotis. “It can’t be a dubious figure or group peddling a get-rich-quick scam.”

Bitcoin and other cryptocurrencies are becoming increasingly popular, not only because of their increasing worth but also because you are the sole owner of the currency you keep in your digital wallet. It isn’t affected by markets or inflation, and it isn’t overseen by a bank or broker.

That also means you’re on your own if something goes wrong.

“You may have that charge reversed by contacting either the merchant or the card issuer – but with crypto, there is no one to contact once the transaction is completed. It can’t be undone “According to Derigiotis.

This implies the Troy couple and others are out of luck, according to the FBI, who lost $80 million in crypto frauds over eight months in 2020 and 2021.

Only invest what you’re ready to lose, warns Derigiotis, a cyber-risk expert with Burns & Wilcox, while also offering us some warning signs that you’re going to be a victim of a scam.

“There is usually a sense of urgency surrounding you, as well as a period of terror. You’re either going to be arrested or the authorities are going to come for you, or there’s a tremendous monetary prize on the line “he stated

Furthermore, he claims that you must communicate with them outside of the internet, study their credentials, corporate affiliation, and track record because there is no certification to operate with crypto money at this time. It’s all trial and error, according to Derigiotis.

“You should double-check it,” he added. “If there is an opportunity to see the person in person, or to learn more about the project they are working on, or to hear from other individuals in terms of reviews or referrals from other sources,” the author says.

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