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A new crypto scam on Instagram

en.cryptonomist.ch 11 July 2020 11:30, UTC
Reading time: ~2 m

In the blockchain and crypto world, there are unfortunately a lot of scams often organized also via Instagram.

Only recently a new advanced technique was devised to organize scams using tokens listed on DEXs.

Criminals and scammers use countless tools and platforms to get in touch directly with the victims and one of them is Instagram.

In this case, the criminals usually approach the victim by posting comments, preferably below crypto-themed posts, about needing help and being prepared to pay for it.

Instagram scam

At this point, the user, motivated by the desire to receive a reward, responds to the criminal.

The latter claims to have bitcoins (BTC) that he is unable to withdraw. A KYC (Know Your Customer) problem will emerge from the conversation.

Instagram scam

In this case, the platform used by the criminal is the unknown Bitvux.

Upon checking the registration of the website, the platform was registered only 17 days ago (21-06-2020), which rings a first alarm bell because, if we check the information provided by the site, we can clearly read that this exchange claims to have opened in July 2017.

Subsequently, when checking the social profiles of this exchange, they do not exist. 

At this point we are certain that this is a scam, but how is it carried out?

In order to solve the problem the victim would have to make a minimum deposit of 0.011 BTC, about $100, moreover it is mentioned that in order to withdraw from the platform the user must pass the identification procedure.

So the criminals not only demand a certain amount of crypto but also to have the documents so that they can associate a name and a face, as well as all the private information of a person, probably to sell them on the Dark Web.

In conclusion, if someone contacts you on Instagram asking for any kind of crypto-themed information, all the parameters should be checked since 99% of the time they are criminals looking for victims.

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