cryptocurrency ZachXBT, the world’s famous on-chain detective, solved a new remarkable fraud case. It may be useful to examine the phenomenon, as investors should be wary of this method, especially in bull markets. In order not to be a victim, let’s take a look at the story of the victims.
Crypto Subscription Scam
You should be wary of those who claim to be great traders on social media, especially during periods when the markets are active, and offer to sell their skills for money. In addition to those who set such traps with obvious mistakes, there are also those who set more convincing traps. ZachXBT covered exactly this topic today.
Using the usernames ape_31 and 60711, the fraudster tried to lure his victims into his trap via X. He said that he shared the news instantly by publishing fake PNL screenshots from his Bybit demo account and thus made huge profits. He tried to convince people that he was good at his job with fake screenshots and directed them to the paid subscription system.
Ape 31 Scam
There are some important parts of the incident whose details were solved by ZachXBT. To increase engagement, Ape 31 was posting demo account screenshots in response to news and posts of major accounts.
In the second stage, he said, “I love people who tell me how great they are.”copy tradeHe convinced them that they could make money with “” and charged them a fee of $250-$500. He was trapping some victims with the lie, “Send your capital to me and I will grow it.”
When you sent money, Ape 31 would send you PNL screenshots showing that it had made a profit. He would then persuade the victims to get more money and directly block those who wanted their money back.
You Must Be Careful
The only thing you can do to avoid losing your money with this method is not to send your balance to someone to manage. cryptocurrencies It is a place with high volatility and where you can instantly melt all your capital in leveraged transactions. Any trader who wants to manage your capital can reset your money due to volatility, even if he is not malicious.
Sometimes you cannot tell whether the PNL images shared on social media are taken from demo accounts or not. That’s why you need to be cautious about accounts that constantly share their high-profit transactions and be aware of the risks of copy trade services.
If someone is a very good trader, why would he need your capital? How can he easily become a millionaire by doubling his money a few times and not have to share it with anyone?
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
