Unfortunately, scams are not uncommon in crypto land. However, it is not often that a large-scale crypto scam organization is busted. This was the case last week in Manila, the capital of the Philippines. More than a thousand people, who were forced to defraud others online, were rescued by the authorities. Twelve people were arrested. This concerns seven Chinese, four Indonesians and one Malaysian. This was announced by local media.
Crypto scam factory
The victims were lured to the Philippines by the perpetrators with work, free airline tickets and accommodation. After the unsuspecting victims arrived, their passports were taken away. The victims were forced to run crypto scams on the internet for up to 18 hours a day. They were not allowed to communicate with their peers.
The rogue organization trained the victims to trap unsuspecting people. Through fake romantic relationships, victims were asked to transfer money and cryptocurrency. Individuals in America and Europe in particular have been targeted by these practices.
It is often older vulnerable people who are the target of internet scams. “A bright future is promised. Let’s buy a car, let’s buy a house, let’s invest together, let’s do business.” People who are not aware of the risks on the internet are often easy to mislead with such beautiful stories.
Romantic crypto scams
There are countless examples of crypto scams. Especially these ‘romantic scams’ have been very popular lately. For example, a British senior recently lost almost two hundred thousand euros due to such a crypto scam.
The woman had contact with a doctor in the US army through a dating website. Or so she thought. In practice, the man was a scammer, but when she found out the truth, it was already too late. The Lady had already transferred nearly $200,000 via bitcoin (BTC) ATMs.
Unfortunately, such events happen too often. Also, it is extremely difficult for authorities to prevent these situations. Do you have vulnerable individuals in your environment who are active on the internet? Try to inform them of the risks they may face. Such crypto scams are also not uncommon in the Netherlands and Belgium.