Crypto scams: Suspect “professors” and their false promises
Cryptocurrency Scams: Are All Business “Professors” Really Just Scammers?
The popularity of investing in cryptocurrencies attracts not only honest investors but also meticulous scammers who exploit people’s ignorance and greed for quick enrichment. A new scam scheme is targeting cryptocurrency investors, with fraudsters impersonating business “professors” promising huge profits.
False Advertising on Social Media Platforms
Individuals seeking new investment opportunities often come across ads on social media platforms like Facebook, promising astronomical profits from investing in cryptocurrencies. Upon clicking on the ad link, users are redirected to a website designed by scammers, where they pose as an “Academy,” “Business School,” or “Wealth Institute.”
Manipulation Through WhatsApp and Telegram Groups
Interested individuals are often invited to WhatsApp or Telegram groups led by individuals holding titles such as professor, advisor, or assistant. These groups offer trade signals and investment tips, promising huge returns. Unfortunately, victims often fall prey to manipulation and false promises.
Deceptive Actions and Threats
Scammers resort to various deceptive practices, such as offering high-interest loans or credit lines to persuade victims to invest. In case of lack of interest in the loan, “assistants” borrow funds in the victim’s name for cryptocurrency and carry out fake transactions with no traces on blockchain explorers.
However, real problems arise when victims try to repay the loan using profits from the platform. Their accounts get frozen, and scammers demand repayment of the loan from their own pockets, threatening legal action in case of refusal.
Huge Losses for Victims
Our informant disclosed a fraud case where an individual was scammed out of $300,000 by the “Excellence and Innovation Fortune Business School,” which impersonated a financial institution but was merely a front for the cryptocurrency scam ICHCOIN. Such fraud cases are increasingly common in the cryptocurrency space, so it is crucial to exercise utmost caution, verify the credibility of every investment, and the professionals you intend to collaborate with.
