Instagram, its surging users, and the engagement it drives have become a haven for Bitcoin scams. Have any users approached you with an investment pitch? Maybe you’ve read a message about bitcoin that says, “I made $10,000 in one hour. Invest now!” It would be best if you exercised caution to prevent falling for a bitcoin scam, as there are thousands of posts and requests of this nature.
Bitcoin is a widely used cryptocurrency with exponential growth in recent years. However, Bitcoin’s popularity has also attracted a lot of con artists who wish to defraud unsuspecting investors out of their money.
How to Spot an Instagram Bitcoin Scam
Instagram has become a haven for con artists who want to entice their victims with claims of instant wealth through bitcoin investments.
Pump and dump schemes
Con artists use “pump and dump” tactics to defraud bitcoin victims. Dumping is the practice of selling shares at a profit before anybody else can sell them off at that rate. In contrast, pumping refers to an increase in a security’s price or worth arising from market rumors or impulsive buying. Such scams aim to make quick money by manipulating the value of securities through erroneous or deceptive statements. The clues given out by the scammers can be anything, which may seem too fantastic to be real, such as claims that they have inside knowledge, that they have made millions from mining or trading bitcoins, or offers of free money or gifts that require you to send them bitcoins first (through gift cards).
Your own private “crypto instructor.”
Scammers may offer “crypto courses” or “teachings” on how to start trading successfully with little capital. Given that there are no shortcuts to learning about cryptocurrency trading, you should always be skeptical of any offer that suggests you can achieve success quickly with minimal work.
Fake giveaways are one of the most prevalent sorts of Bitcoin scams on Instagram. To receive free bitcoins or other tokens, the con artist displays an image advertising the offer and asks users to send them a modest sum. In certain instances, they’ll even publish images of the transaction proving they got your money. However, they never follow through on their promise to return any coins.
First, becoming a victim of one of these cunning and opportunistic schemes is not something to be ashamed of. However, by identifying and reporting the scam, you can increase the chances of receiving some or all of your money back and further stop the con artists from preying on other people. Get in touch with Morgan Financial Recovery to implement these solutions. They have a lot of expertise in assisting clients to recoup and recover the money stolen through bitcoin scams. Their team has gained information and experience about how these schemes operate, and the techniques fraudsters employ to lure investors. They also understand how financial loss brought on by professional misbehavior can affect you. Hence, they do what best they can for you.