$2 million lost as WallStreetBets forum members fall for crypto scam

WallStreetBets moderators had warned of crypto scams in their name yet scammers were still able to trick users into sending $2 million in Binance Coin (BNB).

WallStreetBets moderators had warned of crypto scams in their name yet scammers were able to trick members into sending $2 million in Binance Coin (BNB).

Real-time scams are no joke and especially not when cryptocurrency is involved. According to reports, members of the WallStreetBets (WSB) forum were scammed into a cryptocurrency deal that may have left some of the Reddit users at a loss of $2 million.

Despite a helpful post by the moderators pinned to the top of its page, warning its members of possible fraudulent activity via Telegram and cryptocurrency, some people fell for the trap. 

The WSB Telegram scammer just scammed folks out of over $1mill and counting smh from r/wallstreetbets

The forum members who were involved in the scam were enticed to buy a new form of cryptocurrency token called WSB Finance. That hook was that the cryptocurrency was being offered before its official launch – something that’s referred to as ‘a pre-mine sale.’

According to Bloomberg’s report, during the scam, some members were asked by an account called “WallStreetBets – Crypto Pumps” to send over Binance Coins, known as BNB, or Ether to a cryptocurrency wallet and then to contact its ‘token bot’ on Telegram to receive WSB Finance coins. 

SEE: John McAfee Charged with Fraud in Cryptocurrency Scam

Clearly, the said coins were never delivered but the scam does not just end here because another message went out on Telegram telling those that had already sent the money that due to some issue with the bot, they would have to send the same amount again or they would lose their initial investment as well. 

After receiving all the coins, the account was deleted from Telegram and the person behind it disappeared along with all the funds of 3,451 Binance coins, which is the equivalent of around $2 million. Leaving the members waiting for their payouts, the scammer did leave a clue as to where the funds were going, stating: “Buying lambo now.”

Now thousands of people are taking to Telegram to voice their regrets and try to track down the person or persons behind the account. A Telegram group chat has also been set up to support those who were affected by the scam.

SEE: Watch out: Fake celebrity endorsements advertising Bitcoin scam

If you own cryptocurrency or about to invest in one, watch out for such scams. Remember, from top celebrities to popular YouTube channels; cybercriminals are hunting for cryptocurrency and you can be their next victim. While being vigilant and doing your research is helpful, using commonsense is your biggest weapon and protection against such scams.

Did you enjoy reading this article? Do like our page on Facebook and follow us on Twitter.

Total
0
Shares
1 comment

Comments are closed.

Related Posts