Protect yourself from a harrowing scam experience that cost a fellow trader both time and financial security. This is a cautionary tale every crypto trader needs to read. Stay vigilant to keep your funds safe!
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â ïž The Incident: A Nightmare Unfolded
On October 29, 2024, a trader sold 750 USDT via a P2P platform to a user named BajwaTraders786, believing it was a routine transaction. But what happened next was shocking:
BajwaTraders786 transferred Rs. 204,000 through two separate bank accounts, including an Alfalah Bank account.
On November 1, 2024, he filed a dispute with his bank, falsely claiming the payment was unauthorized.
The bank froze the victim's account and even extended the freeze to other accounts connected to the transferred funds.
Now, the victim is being forced to refund the disputed amount to unfreeze their accounts, despite having undeniable proof of the transaction.
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đš Why You Should Avoid BajwaTraders786
This user is a fraudster who disputes legitimate transactions after receiving the agreed crypto assets. Hereâs why this scam is dangerous:
Exploits P2P systems: They abuse banking dispute mechanisms to claw back funds while keeping the crypto.
Freezes your accounts: Not just the victim's account, but other accounts tied to the funds can be impacted.
Destroys trust in P2P trading: Such scams harm the community and erode confidence in legitimate traders.
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đ Tips to Stay Safe on P2P Platforms
Protect yourself by following these essential safety protocols:
1. Verify Trader Reputations: Check reviews, ratings, and transaction history before engaging in trades.
2. Keep Transaction Records: Maintain screenshots and detailed records of payments, chat logs, and wallet transactions.
3. Avoid Risky Accounts: Limit using banks like Alfalah Bank, which may have dispute-friendly policies.
4. Monitor Your Accounts: Watch for suspicious activity and act quickly if issues arise.
5. Use Escrow Services: Platforms with strong escrow systems help ensure funds are only released after confirmation.
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đš How to Report Scammers
If youâve encountered fraud with BajwaTraders786, take immediate action:
1. Report to the P2P Platform: Contact customer support with evidence to escalate the issue.
2. Notify Your Bank: Report the fraudulent activity and demand an investigation.
3. Involve Authorities: File a complaint with local law enforcement.
4. Contact Financial Regulators: If in Pakistan, reach out to the Pakistan Financial Regulatory Authority for assistance.
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đŁ Spread the Word
Every trader in the community needs to know about this scammer. Share this article with your network to warn others and prevent further victims. Together, we can make P2P trading safer for everyone.
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đĄ Final Thoughts
The crypto world is full of opportunities, but itâs not without risks. Stay vigilant, follow secure trading practices, and always protect your capital. For a safer trading experience, choose Binance, the worldâs most trusted cryptocurrency platform.
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