A user just got scammed $1,000 after making a P2P transaction and the merchant is currently on the loose. 😿

How it happened :

Jack was looking to sell some Bitcoin, and sees a good deal on an ad posted by a buyer named "Xed Exchangers." Jack messaged the buyer, and bought BTC worth $1,000.

Afterwards, the merchant sent Jack a screenshot of a bank transfer receipt, showing that he has deposited the money into Jack's account. He checked his bank account, and sees that the money has indeed been deposited. Then, he released the Bitcoin to Xed Exchangers, and the transaction was marked complete.

However, a few days later, Jack got a call from his bank. The bank manager told him that the money that was deposited into his account was fraudulent, and that the transfer has been reversed. Jack is now out $1,000, and he his unable to make claims, since crypto trading is banned by the government in the country.

Jack is confused on what to do, as his bank account has been blocked and the merchant in question has not been reacheable. What do you guys advice?

Meanwhile, these are p2p tips I do recommend, you can add yours in the comment section.

Binance P2P Tips :

Always verify the payment before releasing the crypto. Don't just rely on a screenshot of a bank transfer receipt. Call your bank to verify that the money has actually been deposited into your account.

Be wary of sellers who offer prices that are too good to be true. If the price of Bitcoin is significantly below the market price, it's probably a scam.

Use the escrow service provided by Binance. The escrow service will hold the crypto until the payment is confirmed. This will protect you in case the seller tries to scam you.

By following these tips, you can help to protect yourself from being scammed on Binance P2P.

P2P Trading Recommendations :

Only trade with sellers who have a good reputation. You can check the seller's reputation by looking at their ratings and reviews.

Use a secure internet connection when trading. This will help to protect your personal information from being stolen.

Be careful about what information you share with the seller. Don't share your personal information, such as your home address or phone number.

If you think you've been scammed, report it to Binance. Binance will investigate the matter and take action against the scammer.

Always use a spare bank account and transfer your funds out to another account if possible

Feedback :

Let's hear your thoughts below 👇

What advice do you have for Jack?

Have you fallen victim before?

Do you have a personal #p2p merchant on Binance?

Have you resolved a p2p #scam before?

What advice do you have for Binance?

We'll be reading all comments below

Follow us 📍

Like and share post 📍

Cheers 🥂

Disclaimer :

This post is for educational purposes only and not a financial advice. Please always do your own research before taking any actions or investment decisions. 🙏