Bitcoin Scam: Fake Crypto Exchange Earnings Top $50,000 since May

Whale Alert reports a new payment of $3,568 USD to a fake crypto Exchange. The exchange has raked in more than 5.37 BTC (about $49,000 at the current price) since its inception in May 2020.

? A payment of 0.3918 #BTC (3,568 USD) was just made to a confirmed Fake Exchange scam!https://t.co/25jv2S2LSf

— Whale Alert (@whale_alert) July 3, 2020

According to some suggestions, this could have been a self -payment made by the scammers themselves to showcase volume on their exchange. The URL of the exchange is ‘trademarketoption.com.‘ Apart from transferring value, even visiting these websites or opening accounts exposes users to identity and password theft.

As reported earlier, the whale and scam alert is actively spreading awareness about the scams on these projects.

Giveaway and Ponzi are the leading crypto markets in the markets right now. 

Currently, the leading Ponzi scam in the market, Amfeix, is worth around $57 million. In 2019, the PlusToken scam grew to become the largest crypto Ponzi scam in history with over $2-$3 billion in assets in Bitcoin, Ethereum, EOS and other cryptocurrencies. Reportedly, the yearly total of these scams was around $4.3 billion. Find the list of top scammers here.

Other types of crypto scams include ransomware, fake exchange, and cloud mining spaces. Even Ripple CEO has spoken against the giveaway scams on YouTube. Moreover, YouTube’s crackdown of these topics is also helping in eliminating these entities; although, sometimes a bit too far.

If it sounds too good to be true, it probably is. 

With greater awareness and improved regulations, the amount is likely to be 60-70% less than last years amount. However, still, half of the year is left, and surprising revelations of scams are quite possible in this market. Furthermore, the Chinese and Korean markets are also plagued with quite a few scams. In fact, PlusToken originated and operated in China itself. The complete knowledge and scale of these scams remain unknown to the western media for quite a while.

Are you aware or have been the victim of any ongoing crypto scam? Please share your story with us.