Teacher Loses Life Savings To Elon Musk Bitcoin Scam

Teacher Loses Life Savings To Elon Musk Bitcoin Scam

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May 14, 2021 by admin
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Bitcoin, Ethereum, Dogecoin, and different crypto property are making headlines all throughout mainstream finance for making folks wealthy left and proper. However as ample as success tales are lately, there’s additionally a rising variety of horror tales the place folks find yourself with misfortune as an alternative. Right here’s a tragic and painful lesson the
bitcoin scam

Bitcoin, Ethereum, Dogecoin, and different crypto property are making headlines all throughout mainstream finance for making folks wealthy left and proper. However as ample as success tales are lately, there’s additionally a rising variety of horror tales the place folks find yourself with misfortune as an alternative.

Right here’s a tragic and painful lesson the place a trainer discovered the laborious approach to not ship cryptocurrencies to strangers, even when that stranger seems to be Elon Musk.

Bitcoin Scams Develop Considerable As Crypto Adoption Spreads

As a result of Bitcoin and different cryptocurrencies exist solely on the web, they’re an always-on goal for cyber criminals. And as they turn into extra invaluable, extra criminals see the attract in making an attempt to steal some – which is lots simpler than incomes it themselves.

Cybercriminals and the ways they use have gotten extra superior by the day. Excessive-profile hackers simply shut down one of many largest gas pipelines in the USA, and there’s little the US authorities was capable of do about it.

Associated Studying | Bitcoin Searches Spike On Google After Twitter Rip-off Goes Viral

Granted this didn’t contain Bitcoin, however such ransomware assaults usually do. Different scams contain phishing websites, malware, or worse. One other widespread scheme, as Brighton trainer Julie Bushnell discovered, includes sending an quantity of cryptocurrency anticipating double the quantity in return – besides the unique sender is left empty handed.

bitcoin scam

As Bitcoin grows, so does the goal on investor's property | Supply: BTCUSD on TradingView.com

Julie Bushnell now feels “ashamed and embarrassed” after realizing she misplaced round $13,000 in BTC, which was meant to make use of as a downpayment for a brand new house.

“They’ve robbed me of my dignity, self-respect, self-worth and energy. They’ve sucked all of the goodness of life out of me,” she stated.
“I need to elevate consciousness of this rip-off so it doesn’t occur to different susceptible folks.”

Sadly, for so long as this rip-off has been round, the quantity of stolen crypto property and people affected are solely rising as adoption of the rising asset class spreads.

Associated Studying | The Most Frequent Bitcoin Scams And How To Keep away from Them

Throughout 2020, roughly 10,000 customers misplaced funds on account of pretend Twitter scams. Nonetheless, through the first three months alone in 2021, there’s already been half of that, and greater than $18 million in property stolen.

A lot of them are discovered on Twitter impersonating different large accounts, like Elon Musk. Musk was additionally used on this instance as nicely, however as an alternative the rip-off was discovered on a pretend model of the BBC, which the real version of the BBC says is “nonetheless at present on-line.”

It’s the identical outdated tune and dance, although. The scammer asks for a sum of crypto and in return, they’ll double it. When you’re approached with a state of affairs that simply appears too good to be true – it almost definitely is. Be taught from this trainer’s troubles and don’t get scammed your self. For extra on the commonest scams involving Bitcoin, take a look at this checklist on learn how to keep away from them.

Featured picture from iStockPhotos, Charts from TradingView.com

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