Hello everyone
I am Yudong
Some group members say, I am just speculating on cryptocurrency, how is that related to telecom fraud? However, fraudsters exploit your interest in cryptocurrency speculation, using you as a tool for their scams. Speculating on cryptocurrency itself is an investment behavior, but under certain circumstances, it can indeed lead to traps of telecom fraud. So, what is the relationship between cryptocurrency speculation and telecom fraud? How can everyone avoid accidentally 'stepping on a landmine'? Let me briefly explain.
1. Intersection of telecom fraud and cryptocurrency speculation
The connection between telecom fraud and cryptocurrency speculation is mainly reflected in the following aspects:
• False investment platforms
Criminals induce victims to invest funds by faking cryptocurrency exchanges or investment platforms, ultimately leading to the platform absconding or being unable to withdraw funds.
• False 'high return promises'
Fraudsters disguise themselves as investment experts or KOLs under the banner of 'profitable cryptocurrency speculation', attracting investors through phone calls, social media, and other means.
• Money laundering with virtual currencies
Some telecom fraud groups use cryptocurrency speculation platforms to convert illegal funds into cryptocurrencies, concealing the flow of funds through cross-border transactions. Ordinary investors may inadvertently get involved in related transactions due to lack of awareness.
2. Can cryptocurrency speculation 'unintentionally' involve telecom fraud?
As an investor, if you encounter the following situations, you may unknowingly become a tool or target of telecom fraud:
1) Risks of over-the-counter trading
Using WeChat, Alipay, and other methods to trade USDT with sellers of unknown identity or U merchants may involve black funds (illegal income), leading to bank card freezing or even investigation.
2) Risk control for high-frequency transactions
Frequent capital flows may trigger monitoring by banks or police, especially if accounts involved in the capital chain are linked to fraudulent activities.
3) Participate in projects with unknown sources of funds
Criminals often use 'air coins' or scam projects to attract investments, and once they explode, investors' capital chains may be traced back to fraud cases.
3. How to avoid being involved in telecom fraud?
1) Choose legitimate exchanges
Prioritize investment in platforms that have compliance qualifications and strict KYC certification to avoid entering opaque over-the-counter trading markets.
2) Beware of high-return temptations
Be wary of promotions claiming 'guaranteed profits' or 'short-term doubling', and avoid being drawn into fraudulent activities driven by profit.
3) Verify the source of funds
If participating in over-the-counter trading, be sure to ensure that the other party's source of funds is legitimate, and refuse to trade with unidentified strangers.
4) Comply with laws and regulations
The cryptocurrency market has gray areas; investors must ensure their actions are legal and compliant when trading, to avoid being implicated due to others' actions.
Cryptocurrency speculation itself is not telecom fraud, but due to its anonymity, cross-border nature, and high yield characteristics, it is easily exploited by criminals, leading to intersections with telecom fraud. Everyone should stay vigilant when participating in cryptocurrency trading, choose legitimate channels, avoid involvement in illegal activities, and protect their financial security.