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Cryptocurrency has gained popularity as an investment opportunity, promising large amounts of money but putting in little effort, but with its rise, so have the number of scams. A Maryland native recently experienced this first-hand when they were added to a Whatsapp group and unwittingly became part of a fraudulent investment scheme. Here’s their story, along with insights from the BBB of Greater Maryland operations team.
David, a Maryland resident, was added to a Whatsapp group that promised lucrative gains through cryptocurrency investments. The group members claimed to be earning large profits from investing in the platform called ‘www.bitopt.net’. The group members portrayed themselves as highly successful investors and even boasted about representing renowned financial guru Jim Rogers. David was enticed by the promises of high returns and saw the platform as an opportunity to grow their investment. However, his trust was shattered when he tried to withdraw his earnings. The scammers demanded a separate 20% commission payment in cryptocurrency before allowing any withdrawals.
As David engaged with the group, he began noticing more suspicious signs. Numerous grammar errors and inconsistent responses raised concerns about the legitimacy of the group. When he tried to address these issues, he was promptly blocked by the scammers, leaving him isolated and unable to retrieve his investments of $2700. Shocked and disappointed, David immediately reported this to the BBB of Greater Maryland.
Upon investigating www.bitopt.net, the BBB of Greater Maryland operations team discovered numerous red flags. The domain creation date indicated that the website had been operational for less than six months, signaling a potentially disposable website used by scammers to cover their tracks. The domain's expiration date is set for 6/6/2024, further indicating a short-term approach consistent with fraudulent operations. Additionally, the domain owner's identity was hidden, adding an additional layer of obscurity.
To avoid cryptocurrency investment scams like this one, here are some tips:
- Research extensively: Investigate any investment opportunity thoroughly. Look for official websites, verified credentials, and read user reviews to assess credibility. Check BBB.org for a business profile on the company, and read reviews and any complaints filed.
- Stay cautious of social media invitations: Be wary of investment groups on messaging platforms that promise guaranteed profits or require payments upfront.
- No guaranteed returns: Be skeptical of investment opportunities that guarantee returns with little or no risk. All investments carry an inherent risk.
- Protect personal information: Never share sensitive information like passwords or private keys with unknown entities.
- Report suspected scams: If you encounter a potential cryptocurrency scam, report it to relevant authorities and the BBB Scam Tracker to warn others and prevent further victims.
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