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Scammers are getting craftier, and the latest incident involving a notorious P2P user, BajwaTraders786, is a stark reminder for traders to exercise caution. Here’s a detailed account of the scam, its aftermath, and how to protect yourself.
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🎯 The Incident: A Nightmare in the Crypto World
On October 29, 2024, I sold 750 USDT to a user, BajwaTraders786, on Binance’s P2P platform. He transferred money using two bank accounts, including one from Bank Alfalah for Rs. 204,000.
Everything seemed fine until November 1, 2024, when he filed a dispute with his bank, claiming the transaction was unauthorized.
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💔 The Fallout: What Happened Next?
1. Account Lockdown
Despite submitting screenshots and other evidence of the transfer, my bank locked not just my account but also other accounts I’d transferred money to.
2. Bank’s Demands
The bank insists the only way to resolve the issue is by reversing the disputed Rs. 204,000 to BajwaTraders786—a clear victory for the scammer.
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⚠️ How Does This Scam Work?
This isn’t a one-off case. BajwaTraders786 and others like him operate a calculated scheme:
They purchase crypto, pay the seller, and then file a chargeback with their bank, claiming the payment wasn’t authorized.
Sellers are left to deal with locked accounts, legal complications, and potentially lose both their money and crypto.
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🔒 Protect Yourself: Trading Safely on P2P Platforms
1. Never Accept Split Payments
Insist on a single payment from one verified account to reduce the risk of disputes.
2. Keep Comprehensive Records
Document every transaction, including payment proofs, chat history, and blockchain data.
3. Vet Buyers Carefully
Check buyer profiles, reviews, and past disputes before engaging in any trade.
4. Use Safeguards
Set clear terms for trades in your Binance P2P ads—mentioning that funds must clear without disputes.
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📢 Take Action: Report and Stay Vigilant
If you’ve encountered a scam like this:
1. File a Report with Binance
Contact Binance support immediately with transaction details and evidence.
2. Inform Your Bank
Dispute the scammer’s claims with proof of payment and Binance receipts.
3. Alert Authorities
In some countries, crypto-related scams can be reported to cybercrime units like FCID.
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🛡️ Why This Matters
Scammers like BajwaTraders786 exploit loopholes to target honest traders, creating a ripple effect of distrust in the crypto community. By spreading awareness and staying vigilant, we can make Binance a safer platform for everyone.
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💡 Pro Tips for Secure P2P Trading
Avoid large trades in a single transaction; split them into smaller amounts.
Always confirm payments and wait for clearance before releasing crypto.
Regularly check Binance’s Security Tips section for updated guidelines.
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🚀 United We Trade, Divided We Fall
Let’s build a community of informed traders who know how to spot and stop scams. Share this alert widely to ensure others don’t fall victim to fraudulent tactics.
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