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Crypto Startup Conned of $300K in Fresh Bitcoin Scam!

thenewscrypto.com 12 January 2022 20:28, UTC
Reading time: ~2 m

  • 7.18 Bitcoin were exchanged for 23,166,023,166,023 RMTX.
  • Mike Pazuki, CEO of RMTX, has been a victim of Bitcoin fraud.

In tandem with the growth of the Bitcoin ecosystem, frauds related to Bitcoin have also increased in number. Scams using Bitcoin have cost several hundred thousand dollars to crypto-startups recently. Three such cryptocurrency firms, RematicEGC (RMTX), Taboo token (TABOO), and InstantXRP (INSTANT XRP), have been the targets of scams.

It was recently revealed that Mike Pazuki, CEO of RMTX, has been a victim of Bitcoin fraud. He remembered being approached by two LinkedIn investors who claimed to be interested in investing in his company. These two individuals made an investment offer of $500k in response to their interest in his proposal.

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When Pazuki and the team researched these individuals, everything looked fine, Pazuki remarked. In addition, they were able to identify the investment firm the con artists were pretending to represent. For Pazuki’s proposed use, a budget of $300,000 is all they needed to get started.

The fraudsters agreed to swap $300,000 in Bitcoin for the current market value of RMTX tokens. 7.18 Bitcoin were exchanged for 23,166,023,166,023 RMTX. Pazuki built an Exodus wallet for the Bitcoin transaction in response to the fraudsters’ requests.

Read More: Bitcoin Price Prediction

The fraudster thereafter transferred $1000 in Bitcoin for 77.3 billion RMTX through a live zoom call as an initial test transfer. Pazuki got a “visual receipt” for the remaining 7.12 BTC after receiving confirmation from both sides. He then sent the remaining 19.9 trillion RMTX to the fraudsters’ accounts. 

However, the 7.12 Bitcoin transaction had been “deleted” and reversed after Pazuki had transferred the RMTX tokens. Afterwards, the fraudsters abandoned the connection, removing their original Bitcoin and RMTX tokens.

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