Cryptocurrency scams

[over9k]

Just guessing here but I presume that at least @basilio is thinking about doing some crypto trading but is worried about getting scammed etc after hearing all the horror stories, so I can give anyone here a legit affiliate link for swyftx to save you a bit on fees if you want.

Just shoot me an inbox message and I'll send it over.

 

[moXJO]

Says a lot doesn't it ? The fact is Joe doesn't have the time or capacity to individually identify each scam. In fact it is possible that one of the organisations is actually on teh level ! But with a lifetime of experience he has just killed the lot rather than allow any potential bad actor to impact on the ASF community. Just for interest I wonder how other investment websites are handling these advertisers ? Any observations ?
...............................................................................................................................................
I'm not that impressed with moXJo and over9k dismissal of the very detailed stories in the ABC article. In fact it was moXJo who offered an exceptionally frank series of observations to my questions and noted just how rife scamming and fraud was in the crypto currency arena.

The stories were chosen by the ABC because they represented a cross section of the scams that led to losing hundreds of thousands of dollars. They were very clever scams and used crypto currency as vehicles for their execution.

Eve and John were saving for a house deposit. Then they tried to invest in cryptocurrency and lost it all

Australian police say cryptocurrency scams have "exploded" during the pandemic. These three families were sucked in.

www.abc.net.au

For me it's hard to understand how people are caught up in scams. But I was from a neighbourhood full of junkies and criminals so it was learned pretty early on. I think most have enough common-sense. But greed can make you push the button.
You need to block out the noise of the story (and this goes for everything) example to abc story:
1st story
1.One day he received an unsolicited phone call
Ok it should have ended here. You can investigate after you hang up. For every $1000 you are thinking of putting in, take another day of thorough investigation.
Here's where they probably done zero:
"And then that's when they told us that the website we've been using isn't their website."

2.The call was from someone posing as an investment manager from Irish brokerage Druid.
Another country
This is a old as phones, scam.

Most likely sent links, papers, the whole package to enclose them in the scam.
Stop at the phonecall.

The rest of the story was just noise. Stupid stupid noise.

2nd story:

he was looking at ways to invest his savings and came across an advertisement on Facebook to invest in Bitcoin — one of the most well-known cryptocurrencies.

once again clicked the first thing on Facebook of all things. So investing in something he knows little about with zero research.



His account manager said if he invested another $100,000, there would be an "opportunity to make his money back" in a few months through the companies developing vaccines.

Scam 101. In for a penny in for a pound mindset kicks in. Even though you know something is dreadfully wrong.

By then, he'd searched harder online and found dozens of negative reviews.
So he did it backwards. Bit late after you commit all your money

The rest is noise. Break the stories down and you get.

Got sold on greed

Did no research.

 

[moXJO]

In fact greed is always central with outliers
Fomo
In for a penny.
Blind faith.
Wing it.
My friend....

 

[over9k]

Says a lot doesn't it ? The fact is Joe doesn't have the time or capacity to individually identify each scam. In fact it is possible that one of the organisations is actually on teh level ! But with a lifetime of experience he has just killed the lot rather than allow any potential bad actor to impact on the ASF community. Just for interest I wonder how other investment websites are handling these advertisers ? Any observations ?
...............................................................................................................................................
I'm not that impressed with moXJo and over9k dismissal of the very detailed stories in the ABC article. In fact it was moXJo who offered an exceptionally frank series of observations to my questions and noted just how rife scamming and fraud was in the crypto currency arena.

The stories were chosen by the ABC because they represented a cross section of the scams that led to losing hundreds of thousands of dollars. They were very clever scams and used crypto currency as vehicles for their execution.

Eve and John were saving for a house deposit. Then they tried to invest in cryptocurrency and lost it all

Australian police say cryptocurrency scams have "exploded" during the pandemic. These three families were sucked in.

www.abc.net.au

I didn't dismiss their pain or loss or whatever, I dismissed sympathy for it.

Sending money places is something you think of essentially the opposite way to our legal system or whatever - you have a presumption of guilt, not of innocence. You assume guilt until you know otherwise, not the other way around.

I mean, honestly, they threw thousands at something after getting an unsolicited phone call. How was that not a massive red flag all on its own?

Here's how much I (currently, the amount obviously changes) have sitting with swyftx:



And I make withdrawals bouncing back & forth across crypto exchanges to then buy stocks or etf's or whatever running swing plays sometimes on an almost daily basis as I've outlined in the coronavirus thread.

Here's one I did just now:




I'm not trying to be awful here but if you dump nearly half a million into something you learned about on an unsolicited phone call from a guy that literally said "trust me" then you have nobody to blame but yourself.

 

[over9k]

For me it's hard to understand how people are caught up in scams. But I was from a neighbourhood full of junkies and criminals so it was learned pretty early on. I think most have enough common-sense. But greed can make you push the button.
You need to block out the noise of the story (and this goes for everything) example to abc story:
1st story
1.One day he received an unsolicited phone call
Ok it should have ended here. You can investigate after you hang up. For every $1000 you are thinking of putting in, take another day of thorough investigation.
Here's where they probably done zero:
"And then that's when they told us that the website we've been using isn't their website."

2.The call was from someone posing as an investment manager from Irish brokerage Druid.
Another country
This is a old as phones, scam.

Most likely sent links, papers, the whole package to enclose them in the scam.
Stop at the phonecall.

The rest of the story was just noise. Stupid stupid noise.

2nd story:

he was looking at ways to invest his savings and came across an advertisement on Facebook to invest in Bitcoin — one of the most well-known cryptocurrencies.

once again clicked the first thing on Facebook of all things. So investing in something he knows little about with zero research.



His account manager said if he invested another $100,000, there would be an "opportunity to make his money back" in a few months through the companies developing vaccines.

Scam 101. In for a penny in for a pound mindset kicks in. Even though you know something is dreadfully wrong.

By then, he'd searched harder online and found dozens of negative reviews.
So he did it backwards. Bit late after you commit all your money

The rest is noise. Break the stories down and you get.

Got sold on greed

Did no research.

Good post. Like I said, I'll inbox an affiliate link for swyftx to anyone still hesitant/that wants one. I think it pretty obvious I'm the real deal.

 

[over9k]

Here you go:



14 minute response time at 10pm on a thursday. That's nearly at the single digit response time i got the last time I had an issue with my bloomberg terminal outside of market hours, which took 6 minutes.

I have no sympathy for the people that got scammed at all.

 

[DannyB0000]

Scammers are using celebrities to promote dodgy Crypto investments without their consent. Dick Smith, Mel Gibson, Bill Gates etc to make their ads look more believable and legit. you cant believe everything you read on the internet. If you’re educated and you do your homework you won’t fall for these scams but scammers are very creative.

 

[qldfrog]

For me it's hard to understand how people are caught up in scams. But I was from a neighbourhood full of junkies and criminals so it was learned pretty early on. I think most have enough common-sense. But greed can make you push the button.
You need to block out the noise of the story (and this goes for everything) example to abc story:
1st story
1.One day he received an unsolicited phone call
Ok it should have ended here. You can investigate after you hang up. For every $1000 you are thinking of putting in, take another day of thorough investigation.
Here's where they probably done zero:
"And then that's when they told us that the website we've been using isn't their website."

2.The call was from someone posing as an investment manager from Irish brokerage Druid.
Another country
This is a old as phones, scam.

Most likely sent links, papers, the whole package to enclose them in the scam.
Stop at the phonecall.

The rest of the story was just noise. Stupid stupid noise.

2nd story:

he was looking at ways to invest his savings and came across an advertisement on Facebook to invest in Bitcoin — one of the most well-known cryptocurrencies.

once again clicked the first thing on Facebook of all things. So investing in something he knows little about with zero research.



His account manager said if he invested another $100,000, there would be an "opportunity to make his money back" in a few months through the companies developing vaccines.

Scam 101. In for a penny in for a pound mindset kicks in. Even though you know something is dreadfully wrong.

By then, he'd searched harder online and found dozens of negative reviews.
So he did it backwards. Bit late after you commit all your money

The rest is noise. Break the stories down and you get.

Got sold on greed

Did no research.

I also noticed in similar stories that once victims have started losing $, they actually guess/know they have been done yet there is often this refusal to admit being conned..
A denial and a double or nothing attitude where a weird" i have probably lost $50k but i have this 2% hope that maybe i could be right ultimately" and they add often even more $ before being blown uo to pieces.
Such is mankind..fully irrational but this is what it is

 

[moXJO]

I also noticed in similar stories that once victims have started losing $, they actually guess/know they have been done yet there is often this refusal to admit being conned..
A denial and a double or nothing attitude where a weird" i have probably lost $50k but i have this 2% hope that maybe i could be right ultimately" and they add often even more $ before being blown uo to pieces.
Such is mankind..fully irrational but this is what it is

A friend of mine was cold called 30 ish years ago. I was 17-19ish at the time and he was in his 30s and owned his own building company.

Chinese company said they would invest into Chinese companies back in the day all he had to do was invest. He puts $5000 into it and makes a 50% return in a couple of months and tells me about it as I was into investing.

I asked a few questions and tell him it's a scam. And keep repeating its a scam. He goes to put in $50k and I'm basically threatening him at this point.

Get busy and don't see him for a while and during that time after he invests the $50k they tell him if he puts in a bit more he will retire the next year. He dumped about $140k all up into it.

Goooooone.

He was too embarrassed to talk to me for months.

 

[over9k]

A friend of mine was cold called 30 ish years ago. I was 17-19ish at the time and he was in his 30s and owned his own building company.

Chinese company said they would invest into Chinese companies back in the day all he had to do was invest. He puts $5000 into it and makes a 50% return in a couple of months and tells me about it as I was into investing.

I asked a few questions and tell him it's a scam. And keep repeating its a scam. He goes to put in $50k and I'm basically threatening him at this point.

Get busy and don't see him for a while and during that time after he invests the $50k they tell him if he puts in a bit more he will retire the next year. He dumped about $140k all up into it.

Goooooone.

He was too embarrassed to talk to me for months.

My father's friend has done the same with a mail order "bride" from thailand or whatever. Just sent "her" money over and over, paid for "her" to fly over here, "she" then had a car accident on the way to the airport and missed "her" flight that he'd paid for and now of course needs money from him to fix "her" car she just crashed, on and on and on this has gone...

He's about 30k in and still can't accept that "she" is a "he" and "she" isn't coming. Bloody depressing to see as the old fella is not exactly well off so he's very nearly done his life savings.

We *cannot* convince him that he's being had. He's just so desperate to believe that it's real that he's going to lose everything on it.

 

[basilio]

Another twist on crypto scams. Not a novice investor by any stretch. What is happening however is an explosion of very clever IT scammers that are outpacing authorities. I note Joe Blows observations on this in December.

Well worth reading full for the details of how this works.

Australian cryptocurrency investors targeted in fake crypto app scam, but Google says it 'takes action' when 'violations found'​

By consumer affairs reporter Amy Bainbridge and the Specialist Reporting Team's Lucy Kent
Posted Thu 10 Feb 2022 at 4:19amThursday 10 Feb 2022 at 4:19am, updated Thu 10 Feb 2022 at 7:57amThursday 10 Feb 2022 at 7:57am

Scammers are targeting Australians investing in cryptocurrency.(ABC News: Brendan Esposito)
Help keep family & friends informed by sharing this article



Scammers are exploiting the popularity of cryptocurrency by setting up fake apps to steal hundreds of thousands of dollars from would-be Australian crypto investors.

Key points:​

• The Australian Tax Office estimates up to 600,000 Australians have invested in "crypto-assets"
• Experts say scammers are using the popularity of crypto, and work too fast for tech companies to act
• The latest scam involves fake apps offered on stores like Google Play

'I didn't fully understand': Paul invested thousands in crypto through an app — days later it was gone

Scammers are exploiting the popularity of cryptocurrency to set up fake apps to steal hundreds of thousands of dollars from would-be Australian crypto investors.

www.abc.net.au

 

[The Triangle]

Surprised a government agency is actually doing something here...About time. Or Is it only because twiggy got upset and told them to act? I have noticed lately (past 2 months) on youtube and free news sites that cypto 'scam/investment' adverts have dropped off a cliff. I know several people who were getting the crypto phone calls and they have stopped too.

‘World first’: ACCC sues Meta over misleading Facebook crypto scam ads

The ads used photographs of leading Australians such as Fortescue boss Andrew Forrest and former NSW premier Mike Baird to lure in victims without the public figures’ permission.

www.afr.com

 

[basilio]

Just watched 4 Corners program on Crypto currency.
Really compelling stuff. Highlighted a number of critical points

1) Absolutely no underlying value to Crypto currency. It's value lies in how much one can persuade other people to buy it. That's a Ponzi scheme

2) The exponential use of of crypto currency by crime organizations. This is now the way to move billions of crime dollars around the world with no tracking until it comes out freshly laundered

3) Again the exponential use of crypto currency in cyber attacks notably ransom ware. This was explored in the program when a private school in NSW was brought to its knees in a Ransom ware attack in November 2020. Currently much Ransom ware attacks come from Russian based organizations. In teh current political climate we can expect even more attacks.

The analysis by security and investment advisers was equally scathing. Well worth checking out IMV.

Dogecoin has little real-world function, yet its value reached $US89 billion. Until it began to unravel

Crypto has made some investors overnight millionaires but for others it's a fad propped up by celebrity endorsements. Four Corners investigated the hype.

www.abc.net.au

 

[basilio]

This story highlights the dangers of cyber attacks, which are overwhelmingly successful becasue of crypto currency, to our economy.

JBS Foods cyber attack highlights industry vulnerabilities to Russian hackers​

ABC Rural
/ By Angus Mackintosh
Posted 4h ago4 hours ago

A security boss says a cyber attack on the food industry would lead to empty supermarket shelves.(ABC News: Matthew Garrick)
Help keep family & friends informed by sharing this article

Australia's food supply is uniquely vulnerable to cyber attacks, the director of a national cybersecurity firm warns, as he calls for the industry to raise its standards on the anniversary of the JBS ransomware hack.

Key points:​

• The head of a national cybersecurity firm warns Australia's food supply is uniquely vulnerable to hacking and pandemic-scale shutdowns
• The food industry was added to the Commonwealth list of critical industries after a successful attack on Australia's biggest meat company
• The Five Eyes security alliance says Russian-backed hackers are targeting countries helping Ukraine

JBS Foods, the world's biggest meat processor, was held ransom by Russian-based hackers for $US11 million last year.
The cyber attack shut down the company's global operations for five days, including multiple Australian abattoirs.
Claroty Australian regional director Lani Refiti said Australia's entire food and drink supply chain was "uniquely vulnerable" to further attacks.
"It is happening," Mr Refiti said.

"It's not a matter of 'if' a major attack will happen to the Australian food and beverage sector, it's a matter of 'when'."
He said there would be food shortages if there was another incident like JBS.
Laws were passed months after the JBS hack to list food and beverage as a critical national industry.

Major supermarkets 'uniquely vulnerable' as Russian cyber attacks rise

The head of a national cybersecurity firm warns it's not a matter of "if" but "when" major supermarkets or distributors are targeted by Russia-backed hackers, risking shortages on grocery store shelves.

www.abc.net.au

 

[basilio]

​

How crypto giant Binance became a hub for hackers, fraudsters and drug traffickers ​

For five years, the world’s largest cryptocurrency exchange Binance served as a conduit for the laundering of at least $2.35 billion in illicit funds, a Reuters investigation has found.

How Binance became a hub for hackers, fraudsters and drug sellers

For five years, the world’s largest cryptocurrency exchange Binance served as a conduit for the laundering of at least $2.35 billion in illicit funds.

www.reuters.com

 

[Garpal Gumnut]

​

How crypto giant Binance became a hub for hackers, fraudsters and drug traffickers ​

For five years, the world’s largest cryptocurrency exchange Binance served as a conduit for the laundering of at least $2.35 billion in illicit funds, a Reuters investigation has found.

How Binance became a hub for hackers, fraudsters and drug sellers

For five years, the world’s largest cryptocurrency exchange Binance served as a conduit for the laundering of at least $2.35 billion in illicit funds.

www.reuters.com

That, frankly, shocks me.

I would have thought Crypto and their Exchanges would have been the safest places to park my cigar money.

gg

 

[bux2000]

would have thought Crypto and their Exchanges would have been the safest places to park my cigar money.

Not to worry Garpal, you would still have the box they came in.

bux

 

[noirua]

Aussies already lost $242M to investment and crypto scams in 2022

The significant losses by Aussies to crypto and investment scams have led to a push for banks to shoulder more responsibility “in stopping fraud.”

cointelegraph.com

People over 55 and under 64 years of age represent the largest age bracket who have fallen prey to scams.

 

[qldfrog]

Aussies already lost $242M to investment and crypto scams in 2022

The significant losses by Aussies to crypto and investment scams have led to a push for banks to shoulder more responsibility “in stopping fraud.”

cointelegraph.com

People over 55 and under 64 years of age represent the largest age bracket who have fallen prey to scams.

They have missed on the Boomer's real estate and market decades of easy win,see retirement ahead or at least can not dream anymore..so they know what they will not get..resulting in a gambler all or nothing play
Even scammed, they still cling to this and if this was true,and for the ladies, and if this gorgeous rich handsome qantas pilot was really interested in my flabby overweight body as i have such nice eyes, conversation or knitting skills.
Maybe slightly autobiographical for the first part as i still play the market. And reaching that age range

 

[noirua]

They have missed on the Boomer's real estate and market decades of easy win,see retirement ahead or at least can not dream anymore..so they know what they will not get..resulting in a gambler all or nothing play
Even scammed, they still cling to this and if this was true,and for the ladies, and if this gorgeous rich handsome qantas pilot was really interested in my flabby overweight body as i have such nice eyes, conversation or knitting skills.
Maybe slightly autobiographical for the first part as i still play the market. And reaching that age range

These scammers/ fraudsters are getting more organised and it is thought some get information from people working in banks, government departments and other institutions. So they will have all the information supplied to hand and maybe the persons history going way back. In one case it was a number of people actually working at one branch of the Halifax (part of Lloyds Bank) in the UK. - they were caught eventually but not before they'd bankrupted a number of small companies.

Noel Edmonds agrees deal with Lloyds over bank fraud case

A Thames Valley Police investigation relating to Edmonds' Unique Group and the HBOS fraud is still going on.

news.sky.com

It was thought that Marcus Agrippa said to Emperor Claudius, 'Trust no one my friend trust no one...'. Claudius forgot to not trust Agrippa a childhood friend.
The result was all Jews were thrown out of Rome and many executed. From this followed two thousand years of persecution of the Jews. There were other reasons but King Herod's following of Jewish Orthodoxy angered Emperor Claudius.

Herod Agrippa I, original name Marcus Julius Agrippa, (born c. 10 bce—died 44 ce), king of Judaea (41–44 ce), a clever diplomat who through his friendship with the Roman imperial family obtained the kingdom of his grandfather, Herod I the Great. He displayed great acumen in conciliating the Romans and Jews.
After becoming Emperor, Claudius gave Agrippa dominion over Judea and Samaria and granted him the ornamenta consularia, and, at his request, gave the kingdom of Chalcis in Lebanon to Agrippa's brother Herod of Chalcis. Thus Agrippa became one of the most powerful kings of the east.
In Judaea, Agrippa zealously pursued orthodox Jewish policies, earning the friendship of the Jews and vigorously repressing the Jewish Christians. According to the New Testament of the Bible (Acts of the Apostles, where he is called Herod), he imprisoned Peter the Apostle and executed James, son of Zebedee.

Marcus Vipsanius Agrippa - Wikipedia

en.wikipedia.org

Claudius - Wikipedia

en.wikipedia.org