In P2P (peer-to-peer) cryptocurrency exchanges like USDT, Flash USDT fraud can manifest itself in different ways. Fraudsters often take advantage of the flexibility of the system and the absence of intermediaries to carry out scams targeting novice or unwary users.
Common P2P scams using Flash USDT:
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1. Fake Transactions:
Description:
The scammer claims to have sent USDT to the victim's wallet and provides fake proof (fake screenshots or incomplete transactions on the blockchain).
the end:
The victim releases other currencies (such as local currencies or Bitcoin) without verifying the receipt of USDT.
Protection:
Always check that funds have arrived on the blockchain and not just rely on screenshots.
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2. Approval of harmful smart contracts:
Description:
The scammer asks the victim to interact with a smart contract to complete the transaction. The contract may be designed to withdraw all coins from the victim’s wallet once it is approved.
the end:
Stealing the victim's entire money.
Protection:
Do not agree to any smart contracts unless you are absolutely sure of their purpose and source.
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3. Exchange rate manipulation:
Description:
The scammer offers a higher than market price to buy or sell USDT to lure the victim, then changes the price at the last minute after the victim shows commitment.
the end:
The victim loses money due to the difference in price.
Protection:
Fix the price in writing on the platform you are using, and avoid making trades outside the platform.
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4. Fake payment by bank transfer:
Description:
The scammer purchases USDT and uses a fake bank account to send fake payments, or pretends to send them and then asks the victim to release the coins.
the end:
The victim loses USDT after releasing it without receiving the money.
Protection:
Cryptocurrencies are only released after verification that the amount has actually arrived in your bank account.
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5. Exploiting the “Release by Mistake” feature:
Description:
The scammer claims to have incorrectly sent funds to the victim's account and demands a refund, but is actually trying to get USDT for free.
the end:
The victim loses money if he believes the lie.
Protection:
Always check any incoming transactions before acting.
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6. Off-Platform Trading:
Description:
The scammer claims that off-platform trading is faster and cheaper, but ends the transaction without sending the money or coins.
the end:
Victim loses money or currency