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Crypto scams hit worse in San Antonio


www.thecoinrepublic.com 23 November 2021 17:29, UTC
Reading time: ~3 m

  • An anonymous person in San Antonio was robbed in thousands after being tricked into forex trading 
  • Reportedly, all the transactions were carried out through CoinTracker.

Cryptocurrencies are new to the universe & the world seems to get allured into it. With major cryptocurrencies discovering new terrines of growth, acceptance & profits, there also lay a bunch of scamsters eyeing to outwit innocent folks. 

In a recent event, an anonymous person from San Antonio decided to start investing in cryptocurrencies but sadly got scammed by many scamsters. Reportedly, the victim opted to keep their identity a secret and hence he is being referred to as George. It was reported that all transactions were routed through CoinTracker.

George stated that he had planned to start investing into cryptocurrencies as he wanted to make extra bucks for him & his family, sequentially, a company approached George.

The company also shared familiarity as a mutual friend of George’s, had liked their page on Facebook, and has been in communication since a year. 

As George dropped in their DMs, he was greeted by an alleged investment specialist. Who consequently also made him sign up for the program. 

George described the nature of investment as a forex trading account, where the alleged specialist was supposed to invest into Bitcoin and manage funds for him. Soon, George witnessed his funds grow manifold, which made him borrow $20,000 and leverage it further. 

Things took an unexpected turn when his returns reached $90,000 and he was ready to cash out his balance. As George proceeded with the request, the so-called specialist informed him that he had to pay taxes on his returns and the company would help him do it.

George was asked his ID & passcode to his wallet as the specialist suggested that he required the same to credit his Bitcoin, as George thought that the wallet didn’t carry his bank details or any other details & trusted with his ID & passcode. The scammers then credited George’s wallet with $9,000. 

This is how the scammers honey badged George and eventually asked him to Pay more to withdraw the summarised gains of $90,000. He paid $7000 and got a fake confirmation mail from CoinTracker but the specialist had asked George to pay more $15,000 as FDIC tax to get the $90,000.

Eventually, he realized something was fishy & decided not to pay the amount. Furthermore, he also got an official email from CoinTracker asserting the fact that such acts weren’t conducted by the company & confirming that those people weren’t working in the company. 

George knew that he somehow had to get his money back & hence approached various media outlets. Currently, a top cyber investigator at IFW is looking into the case & helping George get his money back. In the end, it’s important to beware of such scams by being discrete & resourceful in the ambit of investing. It is always believed to use a proper exchange to validate crypto transactions & authenticate the tokens.  


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