Bitcoin Scam on Instagram

Ecco

Ecco

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So in the the last month I been getting DM's on instragram from people saying i can make a fortune from bitcoin mining.

They say i should contact their mentor to help me get started and in 2 hours i will make my first withdrawal. Invest $500 and get $10,000 in 2 hours.

So short of chatting to their mentor whose details i have, anybody know how this scam works? I mean the people messaging me dont seem to give much info despite me asking. They keep saying i must just talk to the mentor and the mentor will do everything etc.

Curious to know whats the angle etc, how they actually take money from unsuspecting people. Anybody know how this works? What happends next? Or anybody been getting these types of messages?
 
Enzo Matrix said:
They just need one idiot to fall for it
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I get that. But how do they get the money?

Are people just sending money overseas via their banks? or are they getting people to install some dodgy app or click a link and then install some trojan onto the phone or something - then just siphon the bank accounts??
 
Ecco said:
I get that. But how do they get the money?

Are people just sending money overseas via their banks? or are they getting people to install some dodgy app or click a link and then install some trojan onto the phone or something - then just siphon the bank accounts??
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Likely a btc wallet transaction if i had to guess
 
I told them i dont have any bitcoin...they said not a problem.
 
Apologies if the questions sounds silly - just curious to understand more about the scam - without actually talking to those people
 
Ecco said:
Apologies if the questions sounds silly - just curious to understand more about the scam - without actually talking to those people
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I don't think it's any more complicated than:

They'll figure out a way for you to get them $$$ and you'll never hear from them again once you've sent it.
 
saor said:
I don't think it's any more complicated than:

They'll figure out a way for you to get them $$$ and you'll never hear from them again once you've sent it.
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Whats in it for the people pointing you to the mentor? Just a cut of the cash? Pyramid scheme style?

For what its worth, the one person is doing their from their real account. I know this person is real, because she is a friend of a friend.
 
Ecco said:
Apologies if the questions sounds silly - just curious to understand more about the scam - without actually talking to those people
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WE are not scammers, so how should we know. The perfect source is the one you already talking to on insta.
 
Ecco said:
Whats in it for the people pointing you to the mentor? Just a cut of the cash? Pyramid scheme style?

For what its worth, the one person is doing their from their real account. I know this person is real, because she is a friend of a friend.
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There's thousands of scams so the specifics of this one are difficult to deduce from a generic bait sentence. Often there is no person pointing to a mentor - they're all the same person playing different roles to string you along. Or the person has been told they need to get a new signup to get their payout (blackmail). Or they get some small cut for every referral. Or something along those lines.

Why not ask the friend of a friend?
 
saor said:
There's thousands of scams so the specifics of this one are difficult to deduce from a generic bait sentence. Often there is no person pointing to a mentor - they're all the same person playing different roles to string you along. Or the person has been told they need to get a new signup to get their payout (blackmail). Or they get some small cut for every referral. Or something along those lines.

Why not ask the friend of a friend?
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Have asked the friend of a friend. They swear it's not a scam, they swear on their family their go their money out.

I can't vouch for that any further.
 
It's MLM and a Ponzi. Only the initial x amount of people will get money out.

Then they will be 'hacked' and claim that the hackers stole the BTC.

Go look at the MTI or Africrypt threads if you want more details.
 
Last edited:
epah said:
Well then keep playing along and see what payment method they request.
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I contacted the "mentor" she asked if i know how to purchase bitcoin. I told her sure, i used to have bitcoin and have a wallet on Luno.

She says i cant use luno and will direct me on how to start my investment. She said she wants me to install an app called: "Bitcoin Wallet: buy BTC & BCH". Once downloaded to send her a screenshot of it.

I certainly dont want to install this app to take this forward - worried about it being malicious.
 
Ecco said:
I contacted the "mentor" she asked if i know how to purchase bitcoin. I told her sure, i used to have bitcoin and have a wallet on Luno.

She says i cant use luno and will direct me on how to start my investment. She said she wants me to install an app called: "Bitcoin Wallet: buy BTC & BCH". Once downloaded to send her a screenshot of it.

I certainly dont want to install this app to take this forward - worried about it being malicious.
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Your concern should be that it's a scam.

You will either:
Lose your money
Be complicit in a scam in which other people lose money

Are you seriously entertaining this thing?
 
saor said:
Your concern should be that it's a scam.

You will either:
Lose your money
Be complicit in a scam in which other people lose money

Are you seriously entertaining this thing?
Click to expand...

Lets be clear - the thread says scam. I know its a scam.
 
Have you guys never ever wanted to know how it unfolds? I am just curious - especially given i know one of the people is in fact real and not just some random person sending me a DM.
 
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