New crypto scam on Instagram

The world of blockchain and cryptocurrencies, unfortunately, comprises a lot of scammers. Social media have become an instrument for promoting fraudulent schemes, and this often happens via Instagram

BTC scam on Instagram

A new sheme for crypto fraud has recently been revealed. This time criminals appealed to potential victims publishing comments, or thematic messages related to crypto, and asking for help. They also claimed they were ready to pay for assistance.

Fraudsters asserted that they had some BTC they could not withdraw.

In the course of talking about it information revealed that there was some KYC (know-your-client) issue. In this case criminals used an unknown platform called Bitvux.

In order to solve the problem victims were to make a minimal deposit 0.011 BTC, or $100. Besides, it was mentioned that users had to pass identification procedure to log in to the platform.

Thus, fraudsters not only asked for some amount in crypto but also made people show their documents, maybe for selling them on Darknet.

As it turned out, the platform had been registered less than a month ago (21–06–2020), and this was the first warning signal. Later, during the verification of these social profiles it turned out they did not exist.

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