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.

Official website:

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

The missing link between Web3 and real estate


CATV and CARA now also support EOS (EOS) and Stellar (XLM) wallet addresses!

What is The Intersection of Art and Blockchain

The LPI DAO is a decentralized platform for the aggregation of seed and private sale offerings.

XT.COM Weekly Review 04/06–04/08

Ethax (ETHAX) Trading Competition

ProBit Exchange Lists Guapcoin (GUAP)

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Bit Team

Bit Team

Official website:

More from Medium

Learn and Earn with Dexfiat: Explaining Blockchain to a 10 year Old [contd.]

USN New Play: Much Borrow, Much Prosperity

How to do basic Token research to check it is scam or not

Crypto Punk vs Bored Ape Pop Culture vs Hip Hop — Bar 4 Bar