Instagram and Bitcoin have some stuff in common. Instagram grown to become much more than Bitcoin.social media platforms, with over a billion people using Instagram every month
Bitcoin has grown to become the world’s most important digital currency.
The phenomenal rise of these two digital platforms has attracted huge numbers of subscribers and investors – and regrettably, huge numbers of scammers too. So here’s the dangerous truth in 2022 about Instagram Bitcoin scams.
How did dating site scams originate?
Bitcoin scams on Instagram are diverse and growing as Bitcoin gains popularity.
Here is a more detailed explanation:
- Bitcoin scams on Instagram are a type of online scam that involves using the popular social media platform to trick people into investing in Bitcoin or other cryptocurrencies.
- The scams come in all shapes and sizes, from fraudulent bitcoin mining schemes to phishing, from counterfeit or non-existent goods to Ponzi pyramid schemes, from blackmail to wallet thefts.
- As Bitcoin grows in popularity, so do the scams. In 2020, cryptocurrency-related crimes added up to a staggering $2.6 billion, albeit that figure is down on 2019’s record number.
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How can you tell a Bitcoin scammer on Instagram?
If it was easy to spot a Bitcoin scammer on Instagram, then no-one would ever get ripped off.
Online scammers use techniques to ensnare their victims .
Apply to all social media platforms, not just Instagram. So here’s some advice on how to identify Bitcoin scam Instagram fraudsters, and what you can do to avoid being taken in:
- Don’t fall for the hype: Often scammers will make inflated promises or offer unreal returns. Be especially wary of contacts who pressurize you with short-term offers saying that you’ll miss out unless you sign up there and then. In cases like this, you’ll often see a rogue login link – so don’t be tempted!
- Look beyond the flashy images: An Instagram post, a company profile, or a website may look sleek and sophisticated, but that doesn’t mean that it’s genuine. Watch out for cloned profiles and scam websites that look like the real thing.
- Take a step back: ask yourself why a celebrity would back a Bitcoin scheme. There’s a long history of fake celebrity endorsements on all social media channels, including Instagram.
- Watch out for bad grammar or poor spelling: Genuine companies will take the time to get this right, whereas scammers often fail to look after the small details. Often once you spot one minor mistake, other warning signs will become readily apparent.
- Take care what you share: Be on your guard with any companies who ask you for personal or private information upfront. Never share any of your financial details unless you are 100% certain that the company is genuine.
- Be cynical: if a stranger starts following you, ask yourself why.
- Trust your intuition: If something doesn’t feel right, it generally isn’t. Don’t be wise after the event: the world is full of people who let their heads rule over their hearts!
Common Bitcoin scams on Instagram:
Common Instagram scams take many forms. Here are some of the more common scams involving Bitcoin on Instagram:
- Phishing: there are plenty of Instagram scammers out there trying to collect (or phish for) your personal information, such as codes, passwords, or login details. Common tactics include impersonating the Bitcoin brand, or offering supposedly useful services once you’ve entered your details. Remember, never, ever share your private Bitcoin key.
- Fake exchanges: watch out for fake exchanges that buy and sell cryptocurrencies. Some actually appear to trade legitimately for a while before vanishing. It’s an obvious thing to say but only work with trusted, genuine exchanges.
- Mining scams: Bitcoin mining scams on Instagram are a popular form of fraud. People are taken in by the chance to come together and use their collective power to “mine” for and be rewarded, with new Bitcoins. In reality, many of the companies offering this service are simply a front to take your money from you.
- Flipping: with flipping, companies promise to flip your investment right back to you with amazing returns. So they’ll exchange your Bitcoins at a great rate once you’ve paid a joining fee, or they’ll return them almost instantly with amazing interest. Except, of course, they simply disappear once you’ve sent them your money.
- Pyramid schemes: Remember Bernie Madoff and his Ponzi scheme, with fantastic returns until the pyramid comes crashing down? Well, Instagram has been home to many similar frauds. You have been warned!
- Digital wallet thefts: a digital wallet is where you hold cryptocurrencies like Bitcoin. Many wallet operators are genuine, but some aren’t – so be careful where you keep your Bitcoins and don’t share your private key.
What happens if you fall victim to an Instagram Bitcoin scam?
If you lost money in an Instagram Bitcoin scam, we may be able to help you get it back.
Here is a more detailed explanation:
- If you have been scammed, you may be able to get your money back with the help of a funds recovery company like Reclaimexpert.
- Reclaimexpert has a team of experts who have a track record of recovering stolen Bitcoins.
- If you have been affected by an Instagram Bitcoin scam, contact Reclaimexpert today to see if you qualify for help.
Give us a call – you might be in for a pleasant surprise.