How the scam works
- The scammers post videos on YouTube or other social media platforms offering crypto âtipsâ and trading advice.Â
- These YouTube channels invite viewers to join private WhatsApp or Telegram groups for discussions on crypto investments. Prize offers and gifts are used to encourage viewers to join up.
- Scammers may also encourage viewers to comment on their videos. This can give the scammers access to viewersâ contact details, which then lets the scammers approach viewers directly via WhatsApp or Telegram. Once the user has accepted a WhatsApp or Telegram invite, scammers present themselves as an investment âexpertâ, âmentorâ or âcoachâ, and start offering investment advice.
- The scammer will make unrealistic promises about these crypto investments, for example âearn above $2000 – $7000 daily on cryptoâ or âavoid risks and generate profit… within three daysâ.
- The scammer will introduce the user to a fake investment platform. These fake platforms may imitate well-known cryptocurrency exchanges. The scammer will then coach the user through investing. Often, they will first encourage their victim to invest a small amount of money. They are then told theyâve earned big profits and encouraged to invest even more money.
- When the victim asks to withdraw their funds, they are told they must first pay a fee to release the money; even if these fees are paid, no money is paid out.
If you come across these videos, or investment platforms like this, or youâre added to unknown group chats, donât engage with them and donât give out any personal information or identity documents.
