A few days ago, a player on Twitter said that he was cheated out of 10wu when buying USDT, which is a total of 700,000 yuan, which is a pity.
The way of being cheated is a commonplace. The scammer wants to buy U from him, but because he is afraid of being cheated, he asks a third party known to both parties to guarantee it and requires both the buyer and the seller to transfer 10wu to the guarantor.
This player did not verify the guarantor's WeChat, but only looked at the avatar and nickname, and transferred 10wu to the guarantor's address. After the transfer was successful, the group was disbanded and he could not find anyone.
The guarantor’s WeChat ID is fake and does not have a real name. Even if the scammer’s WeChat ID has a real name, the police report will not be accepted.
I checked the transaction records on the chain, and found that the 10wu are still on the chain, but the holder behind the wallet cannot be found. I don’t know who to contact. I am in tears and there is nothing I can do.
Some time ago, there was a player who withdrew funds through the OTC platform and cashed out 340,000 yuan, but his bank account was frozen a few months later.
After he cashed out, he did not withdraw the RMB, and his balance was frozen a few months later. He is now actively providing relevant information, but I don’t know if it is possible to unfreeze it.
The transaction process of withdrawing funds through the C2C platform is relatively safe, but since merchants connect with many users, they do not know which funds may involve risks, making it difficult to guard against.
As blockchain becomes more popular, more and more people hold cryptocurrencies and use USDT to buy or sell cryptocurrencies such as BTC and ETH.
However, the current crypto market lacks effective supervision, and exchanging USDT has become a marginal behavior, which involves certain risks.
There is no official exchange channel and it can only be done through private individuals or third parties. Security cannot be guaranteed and scams occur from time to time.
For example, the following are some common ways to be deceived.
①Fake intermediary fraud
Similar to the previous article, the scammers gain the trust of the victims by pretending to be acquaintances or "guarantors", pretending to be a neutral third party to ensure the security of the transaction. Once the victim transfers U to them, the other party will quickly lose contact.
In this type of fraud, victims blindly trust the intermediary or acquaintances, lower their vigilance, and are deceived.
② Exchange rate fraud
Victims are lured into trading by offering attractive exchange rates.
They offer an exchange rate several percentage points higher than the market rate, or do not charge any service fees, in order to attract victims who are eager to exchange currency. After the USDT is transferred out, the other party will lose contact.
Generally refer to the market price, there are risks when the exchange rate is too high or too low.
③Forged payment receipts
After the victim transfers USDT or promises to pay first, the scammer sends a forged RMB payment receipt, claiming that the transfer has been completed, but in fact the victim has not received any money at all.
There are endless ways to be deceived, but the most important thing is to remain vigilant, carefully verify the information of both parties, and terminate the transaction immediately if you feel it is unreliable and risky.
When exchanging any currency, be clear-headed and avoid dealing with people you are not familiar with.
However, when participating in the crypto market, there will be a need for exchange from time to time, so how can you avoid being cheated?
①Choose a formal trading platform
Choose a trustworthy platform to prevent being deceived. Formal platforms usually have a complete identity authentication process and transaction guarantee mechanism, which can effectively reduce transaction risks.
For example, all major trading platforms have C2C transactions, which can be exchanged directly and the transaction process is relatively safe. However, the merchants pay large quantities and amounts, so there may be certain financial risks, that is, whether the RMB received is reliable.
②Choose a reliable third-party intermediary
You can find reliable third-party intermediaries, such as some familiar KOLs or group owners, who automatically assume the role of third-party intermediaries in the user group.
For example, A5 Intermediary Trading, which specializes in virtual asset intermediary trading, is a 20-year-old platform that is relatively safe and reliable.
③Verify the other party’s identity
In any transaction, be sure to carefully verify the identity of the other party, especially when an intermediary or third party is involved, such as checking the other party's WeChat ID or QQ account to ensure that no fake third party is involved.
④Use small test transactions
You can also conduct a small test transaction first to ensure that the other party completes the transaction as agreed before making a large transfer.
Although this cannot completely avoid risks, it can at least reduce the losses caused by being cheated in a large transaction.
⑤ Don’t be tempted by high exchange rates
Scammers usually take advantage of victims' desire for bargains and lure them in by offering exchange rates that are above the market price.
When exchanging USDT, you should remain rational, avoid being misled by high exchange rates, and trade at market prices.
⑥Confirm the release of coins after confirming the payment
Whether trading through the platform or a third party, the next step should be taken after the RMB is received.
When making a transaction, log in to online banking to check the actual status of the funds received to avoid taking the next step based solely on the payment screenshot sent by the other party.
The current crypto market is still in a crazy growth cycle. Blockchain technology is changing the world, but fraud and deception operations are common, so any transaction must be done with caution.
Whether it is USDT or RMB, it is accumulated through hard work. It is great to be able to earn and keep it. The crypto market has both risks and benefits. Be cautious about every transaction.
The above is just my personal opinion, not investment advice. I am Chuxiaolian, and I am paying attention to the crypto market and web3.
