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Bitcoin trading scam promoted on YouTube costs trader $700,000 in BTC

Bitcoin trading scam

TL;DR Breakdown

  • Bitcoin trading scams continue to occur, phishing traders with lucrative offers.
  • A Bitcoin trader recently lost around $700,000 due to a scam promoted on YouTube.
  • Naveed Saghir was fooled by a team of scammers pretending to be from an investment company.

Bitcoin scams have become quite rampant and a major hurdle for Bitcoin traders and investors. Due to these scams, Bitcoin trading is being viewed negatively by many regulatory authorities. Due to an increase in number of such issues, regulatory authorities in countries like South Korea have imposed new rules on crypto exchanges as well as users.

One such incident involved a Bitcoin trading scam being advertised on YouTube. The owner of an in-house cinema, Naveed Saghir, was targeted by scammers. The 44-year old businessman was drained of $700,000 in Bitcoin. Naveed stayed at Northwest England and was scammed via YouTube by scammers pretending to be an investment firm.

Bitcoin trading scam poses as investment company

According to the statement released by the Bitcoin trader, the fraudsters posed as agents from an investment company. It is to be noted that the scammers sounded convincing, and the investment company seemed legit to Naveed.

“I was watching videos on YouTube, saw an advert offering the chance to invest in stocks and shares, and filled in a form requesting more information.”

Naveed Saghir

Naveed further added that after he filled the form, a scammer portraying to be the ‘real’ agent from the investment company, asked for an immediate investment of 250 Euros.

After Naveed paid for the services of the Bitcoin trading scam, he was asked by the scammers to mention his email and password, which he did. Naveed has been paying these scammers since the month of May who promised unbelievable returns.

Recently, a crypto trader was killed supposedly by a gang that supposedly targeted Bitcoin traders. Due to a rise in Bitcoin trading scams and crypto-related murders, there as been increased hesitation to invest. Various people have pointed out the delay in implementing Bitcoin-related laws by nations as the sole reason for the increase in Bitcoin scams.

John Lincoln

John Lincoln

Lincoln contributes blockchain and crypto perspectives that meet the industry's selective information needs in a timely, undiluted fashion. His greatest wish is to share transformational technology through an engaging and easy-to-read style, making complex topics accessible to all.

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