Cryptocurrency scams are on the rise, and WhatsApp is turning into a popular platform for scammers to target their victims. In a recent case, a crypto investor lost 32k euros in USDC after being scammed through a WhatsApp contact.
The scammer contacted the victim and claimed to be from a legitimate cryptocurrency exchange. They offered the victim a high-yield investment opportunity, and the victim agreed to invest.
Upon investigation, it became glaringly obvious that this investment opportunity was a sham. A basic domain search revealed that the website in question had been created just two months ago, an unmistakable red flag.
The victim, in a desperate bid to recover their lost assets, took matters into their own hands and tracked the funds on the blockchain. The scammers initially deposited the ill-gotten gains into one address, then split them into two different wallets, and finally transferred them to OKX, a cryptocurrency exchange.
The victim sought the help of Crypto Bounty Hunter, who goes by the user ID Queasy_Length_1016 on Reddit. Together, with the cooperation of OKX, they were able to temporarily freeze the funds pending a more comprehensive investigation.
In a Reddit post, the crypto bounty hunter stated, “As always, the scammers get served some Queasy justice; stay safe and freak the scammers.”
The case, however, extends beyond the individual victim, as the perpetrators managed to launder millions of USD in Ethereum, USDT, and USDC through their accounts. More victims may come forward in the future.
This incident is a wake up call for the urgent need to enhanced training and awareness among law enforcement agencies regarding crypto and blockchain.