Scammers are evolving, and the recent incident involving popular trader BajwaTraders786 is a crucial reminder for P2P traders to stay vigilant. Protect yourself by learning from this real nightmare in the crypto world.
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🎯 Incident: A Crypto Trader's Nightmare
On October 29, 2024, I sold 750 USDT via Binance P2P to a user named BajwaTraders786. He transferred Rs 204,000 using two separate bank accounts, including one from Bank Alfalah.
At first, everything seemed legitimate. However, a few days later, on November 1, 2024, he filed a dispute with his bank, claiming that the transaction was unauthorized.
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💔 Consequences: How the fraud unfolded
1️⃣ Freeze the account
Despite providing evidence such as screenshots and transaction details, the bank froze my account and even froze other accounts I interacted with.
2️⃣ Bank Alert
The bank insisted that the only solution was to reverse the Rs 204,000 to BajwaTraders786 - an easy victory for the fraudster.
This left me stranded, unable to recover my money or cryptocurrencies, even though I was the real victim.
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⚠️ How does the scam work?
Scammers like BajwaTraders786 exploit the system with a well-thought-out plan:
1. They buy cryptocurrencies and transfer the funds to the seller.
2. After completing the transaction, they submit a refund request to their bank, claiming that the payment was unauthorized.
3. The seller's bank freezes his account, and the scammer wanders away with the cryptocurrency and his money.
These fraudulent tactics are common and target unsuspecting traders, leaving them facing financial losses and legal chaos.
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🔒 How to Protect Yourself: Trade Safely on Binance P2P
🛡️ Key Safety Tips
1️⃣ Avoid split payments
Only accept payments from one verified account to reduce the risk of dispute.
2️⃣ Document everything
Save all payment proofs, chat history, and transaction details as evidence.
3️⃣ Check buyers carefully
Check buyer profiles, reviews, and past disputes before proceeding with any transaction.
4️⃣ Clearly define the terms of trade.
Include terms like “funds must be cleared without disputes” in your P2P ad descriptions.
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📢 What to do if you are scammed
Immediate action
1️⃣ Report to Binance
Provide all evidence, including payment proofs and chat logs, to Binance Support.
2️⃣ Contact your bank
Dispute the scammer's refund claim using your transaction history and Binance receipts.
3️⃣ Alert the cybercrime units
In many countries, cryptocurrency scams can be reported to authorities such as the Federal Cybercrime Investigation Directorate (FCID).
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🛡️ Professional Tips for Safe P2P Trading
Stick to small trades: Avoid large transactions in one deal; break them down into smaller, manageable amounts.
Wait for payments to clear: Make sure the funds have completely cleared before releasing your cryptocurrencies.
Stay informed: Check Binance security tips and community updates regularly for the latest advice.
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🚀 Let's build a safe crypto community
Scammers like BajwaTraders786 are undermining trust in the cryptocurrency ecosystem. By spreading awareness and following safety measures, we can protect ourselves and make Binance a safe platform to trade.
📢 Share this alert
Share this post widely to educate others and prevent similar scams. Together, we can stop scammers from taking advantage of honest traders.