Instagram is the most loved site with the highest engagement, traffic, and leads. Instagram is an American company launched in 2010 and purchased by the meta platform previously known as Facebook. Instagram is a social media platform where you can connect with your followers and share photos, videos and reels. Many of us like this platform, but many types of Bitcoin Scams are emerging from this platform have been reported recently.
This blog helps our readers understand how these scams are taking place, what is the story behind them and Why Instagram. We wanted to share some stories to plot the blog correctly.
What is bitcoin?
Bitcoin is a coin in the cryptocurrency market in which many people have invested. It is a decentralised digital currency that can be transferred from a peer-to-peer network. All sorts of activity, such as bitcoin transactions via cryptography and verified network codes, are recorded in the public ledger known as the blockchain.
What are bitcoin scams?
When we talk about capital investments, it usually comes with a risk. But, more terrific riskier events are happening these days, where bitcoin scammers are attacking investors worldwide. Scams occur due to cracks or loopholes in the process. Scammers can enter any rat hole and do their part of the job. In bitcoin scams, scammers target personal information like security codes, credentials, or request cryptocurrency transfers from a random person to be sent to a compromised crypto wallet.
Why does the Bitcoin Scam trigger Instagram?
As mentioned, Instagram is the most popular social media platform. How Instagram runs nowadays with various diversified features can easily attract new people. It is reported that Instagram has surpassed 1 million monthly users. Although the terms and policies are strictly regulated, the only crack is people aged 13 can open their accounts. It means the demographic is breaking and leaving loopholes. Such events have been happening since October 2021 when the rise of Instagram account hacking was reported.
It is like a treasure hub for many bitcoin scammers. Here are some case studies that will assist you in enhancing your understanding level.
- This case study is related to Australia, where actor, artist and writer Mel Lee has informed how she has been scammed by someone so trustworthy. A person that she had known for years, how could she deny her? Bitcoin scams on Instagram or any other platform are like a “digital hostage” situation. The scammers are effortlessly achieving their goals. Mel Lee stated, “They contacted me via DM. I was unable to doubt it, and they were so intelligent. They haven’t lost a space where I could find any suspicious activity or any hints that the account is compromised.”
2. My friend told me she needed my help, and if I could help her, she would send me a link. She wanted some money and as she was one of my good friends I had to help her. Later, when she sent me the link, I clicked it, and within a blink of an eye, my username and password changed. I regret it to date.
Learning: Even if they mean a lot to you, if it is a money-related talk, first get the confirmation. Because you never know, the following incident might take place with you. Never provide your personal information to anyone. Scammers use accounts of celebrities and known people for several other digital hostage activities.
3. An anonymous celebrity who fell prey to a Bitcoin scam stated, “Later, from my account, they put some stories related to Bitcoin; some of my friends, fans and other followers got trapped, and their account was also hacked.” She was locked out for three consecutive days. She earned her account back after some days with a sorry note, but by then, it was too late. From her account, many of her followers received bitcoin messages. Many of them found out that it was suspicious. It was a terrible experience. She further added that, “Many people got affected because of my carelessness.”
Learning: Always be attentive and presentable. Here it is the story of one; but, there are many more getting trapped or duped because of these swindles. There is a high possibility that users have lost bitcoins due to such attempts. But, it is just that being alert would be advantageous to you.
4. As it was a celebrity handle, the cyber security people have preyed on it forward, stating that scammers have been using the same techniques lately for the last five years or more. They have given some solutions for safety, which is always to create a two-factor authentication.
What are some bitcoin scams that are popular on Instagram?
- Bitcoin scams are rampant on social media platforms, especially on Instagram. Hundreds of thousands of stories and posts exist where the scammers use catchy and overwhelming statements such as ‘I win $10,000 in a day, subscribe now.’ People easily get trapped in such Bitcoin scams.
- Scammers use pump and dump schemes to trick people in these bitcoin scams. Pumping and dumping are based on the purchase and sale of bitcoin. Pumping is investing at the security price or value, and dumping means selling shares at a profit. They manipulate the security price and impact of bitcoin in the crypto market. Then suggest the same to the users who want to become investors by promising to offer free money and gifts against their bitcoin investments; these fraudsters have stolen a lot from people’s pockets.
- They act like your crypto teacher. They know all the insights, crypto courses and teachings based on bitcoin. They create a group that works in the form of networking, and in a single go, many people get scammed.
- Fake giveaways and followers for bitcoin also attract the users to get tricked into all these tangled activities.
Wrapping up
You can always find a godfather, who will assist the victim, or people who have sensed such activities. If you remember any such action that has happened in your blurred memory, try and visit Financial Fund Recovery; it is an online platform and your godfather in terms of financial recovery. We have covered minute details on how bitcoin scams occur on Instagram and their ways. We will share the preventive measures in the next part. Stay tuned!