Fake BTC Sellers Managed To Steal Up To $500K From Victims

Fake BTC sellers managed to steal up to $500K from victims right as the price of the cryptocurrency continues to rise so let’s read more in our latest Bitcoin Scam news.

The two fake BTC sellers have been accused of stealing almost $500,000 from unsuspecting victims in a scandalous BTC transaction scam in Hong Kong. According to a report by South China Morning Post, the victims 33 and 31, were deceived by two scammers in fake Bitcoin transactions. The cons posed as Bitcoin sellers and managed to steal up to $3.85 million from the victims. The victims that work at a money exchange company, purchased BTC in a shop in Tin Hau with the cash. In the meantime, the middlemen whose identity wasn’t revealed connected the buyers to the fake BTC sellers.

After handing over the cash to the fraudsters, one of the scammers left the shop with the funds and pretended to carry out paperwork regarding the transaction. However, a police source explained a lot more:

 “The money was counted in the shop, before one of the two ‘sellers’ left the shop with the money to carry out some document procedure.”

The buyers started suspecting that something was off when the seller didn’t return after a long time and while they tried to find the seller with the money, the remaining fraudster tried to flee once the victims threatened to report the matter to the police. After a short while, the scammers were caught and handed over to law enforcement and now the suspects are in police custody undergoing interrogation while one of the scammers disappeared and remains at large.
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With BTC gaining more popularity and growing in value, scammers are trying to find ways to swindle victims. In Hong Kong, there were plenty of reports of people that fell victims to scammers. As recently reported, a gang of robbers stole about $450,000 from a woman in Hong Kong at knifepoint while a man also fell a victim to thieves that stole his money after he was scammed into selling his bitcoins.

Apart from robbery operations happening, the scammers employ other methods as well. Scammers back in January were selling the COVID-19 vaccine on the dark web and requested buyers to pay up to $1000 BTC for a single dose.