Bitcoin Scam on Instagram

Ecco said:
Have you guys never ever wanted to know how it unfolds? I am just curious - especially given i know once of the people is in fact real and not just some random person sending me a DM.
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For sure - be interesting to see how far you get uncovering info.
 
saor said:
Your concern should be that it's a scam.
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Yeah, the app is legit. It won't be on the Play Store if it wasn't.

When I saw MTI being punted by people, I actually took to FB and told people it's a scam. What happened? They still invested donated.
 
saor said:
For sure - be interesting to see how far you get uncovering info.
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I am pausing at installing their app. If i had a spare phone i would load up some airtime/data and install the app.

Dont want to do that on my actual phone or on my wifi network.
 
These are a dime a dozen all over telegram as well. Just walk away.

It's a scam
 
Ecco said:
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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Based on the info you provided,not really. Already know how it goes:
Deposit money,get some payments,repeat. Site/app rugpulls somewhere between month 1-3

These things cost $100 to set up with an Android app,it really isn't more technical than that
 
Ecco said:
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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No, not really.

You might as well burn that instagram account now that they've registered your interest.
 
bwana said:
No, not really.

You might as well burn that instagram account now that they've registered your interest.
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Dont think anything will happend. Will let you know if i get spammed etc
 
Ecco said:
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.
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Most likely you will donate $500 and only be allowed to draw "profit" from $20 growth (or insert random number here). So the "remaining" funds will be "locked in" for a year or whatever. The aim of these schemes is to gain traction and volume.

Would be interesting to see what this scam involves.
 
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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Dude, you surely cannot be entertaining this idea? Everyone here has said it's a scam. Anything needing an app on your phone to accomplish this is a scam.
Take the $500 you'd flush down the scam toilet and rather invest it in TBC, or your choice of crypto. There are plenty of people here who would assist.

If you go into this, and it is a scam, and you lose money or open yourself up to any legal proceedings, you can't say you weren't warned.
 
OhYeah84 said:
Dude, you surely cannot be entertaining this idea? Everyone here has said it's a scam. Anything needing an app on your phone to accomplish this is a scam.
Take the $500 you'd flush down the scam toilet and rather invest it in TBC, or your choice of crypto. There are plenty of people here who would assist.

If you go into this, and it is a scam, and you lose money or open yourself up to any legal proceedings, you can't say you weren't warned.
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Why would this thread be called "Bitcoin scam on Instagram" if I didn't know it was a scam?
 
Ecco said:
Why would this thread be called "Bitcoin scam on Instagram" if I didn't know it was a scam?
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You want to know how this works Ill explain.

These ppl create groups on telegram fill it with bots and clone accounts praising their amazing results with "testimonies"

Alternatively the person will reach out to someone like you. like they did.

There is no pyramid etc. The SCAM is simple.

They will ask you to pay an amount like 500 USD just enough to be "enough" just "enough" to well try this out and if you lose it its not so much money.

You will pay it to them, they will confirm that they received it. They will then contact you to tell you your account is now USD 10 000.

You will go yay!

At this point you will likely ask them for the money, they will say cool but you first need to pay another USD 1000.

Thats ok for you considering you have just made USD 10 000.

You pay the USD 1000. At this point you will request the money and one of two things will happen they will either block you or tell you your account will now be USD 20000. At which point the above will start again this time give us USD 2000. This will continue on and on until you have nothing left or they block you.

Simple as that. There are 10000000s of people on telegram doing this.

Whether it is someone claiming to be a master trader in crypto forex etc it does not matter the scam always follows the same pattern.
 
Couple of points on this, after digging a bit further, and after another person I know posted similar stuff on instagram.

1. I contacted the person i knew to ask why they posting this stuff - they indicated their account was hacked and it wasnt them posting

2. Digging a bit more on the scam, it appears once your create a wallet or whatever, (which they help you to do and setup), the direct you to fund their own bitcoin account, claiming thats where the deposit should go to get your money out. link:
https://www.reddit.com/r/Scams/comments/qv2859

3. The reason this whole thing gets the scammers results is they hijack real peoples insta accounts and then post about the money they made with fake sms notifications of deposits to their accounts. People assume because this is their friend or friend of a friend that its legit.
 
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