Caution in Offline Cryptocurrency Transactions: Avoiding Common Scams
A recent incident highlights the risks of offline cryptocurrency transactions. A trader holding 900,000 USDT attempted to exchange virtual currency for cash through an in-person transaction. Despite taking initial precautions, such as testing with a smaller amount and verifying the authenticity of cash bills, the individual ultimately fell victim to a scam.
After transferring the USDT, the other party abruptly uninstalled their app, falsely claiming they had not received the funds. The trader was left without both the virtual currency and the 900,000 in cash, with no evidence to support recovery.
This scenario is becoming increasingly common as more individuals turn to offline transactions to circumvent online trading risks. Unfortunately, offline methods can present greater dangers. Scammers often use hard-to-trace platforms like Telegram to set traps, making it easy to deny the transaction if something goes wrong. Some go as far as hiring individuals to impersonate buyers, leaving them without liability.
The legal framework around virtual currency transactions is still developing, often leaving victims with limited options for recourse. To safeguard yourself in such transactions, consider these precautions:
1. Record the Transaction: Use audio and video to document the entire transaction, verifying the other party’s identity and ensuring the transaction details are clear.
2. Use Verified Communication Tools: Avoid foreign chat apps; opt for real-name, traceable platforms like WeChat.
3. Confirm Transaction Completion: After completing the transaction, wait briefly before leaving to ensure it has been fully processed without reversals.
4. Sign a Written Agreement: When possible, formalize the transaction with a written agreement for added evidence.
Exercise caution and prioritize trusted parties in offline transactions to help safeguard your assets in the evolving cryptocurrency landscape.
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