As Bitcoin's Value Grows, So Do Scammers

As Bitcoin's Value Grows, So Do Scammers

A Spanish Bitcoin scam victim has spoken of their ordeal - Image Source: Twitter

BITCOIN recently hit record values, but the rise of cryptocurrency providing lucrative opportunities to scammers as well as investors.

One victim of a Bitcoin scam from Seville told the local press of her ordeal that cost her thousands of Euro. After seeing an Instagram add offering easy money through a Bitcoin platform, she came into contact with scammers posing as legitimate brokers.
After being encouraged to set up an account on the Coinbase investment via their ‘company’, she was hounded by calls until she finally agreed to deposit 6677 Euro with the promise its value would soar. When she eventually tried to open her coin ‘purse’, she was told that only the ‘company’ with whom she’d entrusted the cash could withdraw it.
Her case was shelved by Seville’s court, due to ‘lack of a known perpetrator’. Bitcoin scammers can prey on those wishing to cash in on the lucrative emerging market from anywhere in the world, and money wired to overseas scammers is almost impossible to recover.
Other than the conman tricks of this case, prospective Bitcoin investors are warned against other means of scamming. These include ‘Phishing’ tricks, whereby fraudsters will steal information and Bitcoin by sending emails posing as legitimate crypto brokers. Another scam to beware of is Fake Exchanges, sites that are set up to resemble real platforms but that only serve to steal your investments.
Those in the business of online blackmail are also known to demand Bitcoin and other cryptocurrencies as ransom, though experts say many who claim to have accessed embarrassing details of online users are often chancing their luck and have no such leverage.
Those interested in cashing into the cryptocurrency revolution are advised to do their research before investing and only use legitimate platforms and brokers.

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Written by

Oisin Sweeney

Oisin is an Irish writer based in Seville, the sunny capital of Andalucia. After starting his working life as a bookseller, he moved into journalism and cut his teeth as a reporter at one of Ireland's biggest news websites. Since joining Euro Weekly News in November, he has enjoyed covering the latest stories from Seville, Spain and further afield - with special interests in crime, cybersecurity, and European politics. Anyone who can pronounce his name first try gets a free cerveza...