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3 Common Bitcoin Scams in Hong Kong–Are You At Risk?

Hong Kong has been at the forefront of technological advancements and the adoption of Bitcoin. The downside of this is the increase in Bitcoin scams in Hong Kong, but the country’s authorities have been quick to crack down on cyber fraud. There are tight regulations proposed that may limit the trading of Bitcoin and to place cryptocurrency under tighter scrutiny. 

If you have been the target of Bitcoin scams in Hong Kong speak to Trader Defense Advisory experts. We have the tools and the expertise to track down cybercriminals, unmask scams and work with authorities and regulators. Consult with our team and we will help you make your claim on the money you are owed. Here are some of the most common Bitcoin scams in Hong Kong.

  1. Romance Bitcoin Scams 

The South China Morning Post reports that romance Bitcoin scams in Hong Kong have robbed people of tens of millions of dollars. Many of these frauds combine the methods of romance scams with phony investments. Fraudsters under an assumed identity, start up a romance with someone on social media platforms such as Tinder, Facebook or Instagram. 

The other people think they are having an online romance, but the fraudster will make excuses to avoid video chat. They may even post fake pictures of themselves and make up false stories about where they live. As part of the romance, they will share hard-luck stories and ask for money for a medical procedure or help them until they find a new job. 

In some cases, they will share investment “ideas” with their romantic partners and encourage a joint investment for their “future together.” In the end, it is clear that the other party is a fake and runs off with the money. They often choose Bitcoin or cryptocurrency to hide their identity, although the authorities often catch up with them. 

Scammers count on the fact that many of their victims will be too embarrassed to come forward. Don’t let the fraudsters get away with it, but speak to Trader Defense Advisory if you have lost money in romance bitcoin scams in Hong Kong. 

  1. Bitcoin ATM Theft 

Hong Kong police in 2020 arrested three men in an ATM Bitcoin scam that robbed people of tens of thousands of dolalrs. This was only one of many ongoing cases of ATM Bitcoin theft and it continues to be one of the biggest Bitcoin scams in Hong Kong. These men were thought to be part of a larger group of people who have learned to steal money out of Bitcoin ATMs with fake authorizations. 

These ATMs allow people to buy Bitcoins and other cryptocurrencies with cash or credit cards. These scammers have learned how to exploit loopholes in the verification procedure to access Bitcoin. The authorities also warn of customer data being mined by fake Bitcoin machines. 

  1. Investment Schemes

Investment Bitcoin schemes in Hong Kong are another common form of cryptocurrency fraud. In Hong Kong, residents are bothered online and even on the phone by scammers promising extremely high-yield returns for cryptocurrency investments. Scammers have taken to social media to push deals that promise to invest in Bitcoin but are nothing more than Ponzi schemes. 

There are plenty of legitimate Bitcoin investments, but reliable crypto investments are almost always through a legitimate, licensed broker. Do not invest in schemes advertised on social media, text, or through email spam. 

If You Have Been Targeted by Bitcoin Scams in Hong Kong, Contact Trader Defense Advisory

If you suspect an online romantic partner, or a crypto investment might have robbed you of your Bitcoin, contact Trader Defense Advisory, Bitcoin scams in Hong Kong and all over the world are robbing people of millions of dollars. You need to act fast and have the right advocates to help you make your case. Trader Defense Advisory experts will take you through the entire process of recovering your funds. Talk to TDA experts today.

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Bitcoin Scams UK 2021–What To Look Out For

Cryptocurrency is a digital currency and provides new ways of saving, spending and investing. Bitcoin was the first type of cryptocurrency launched in 2009, and since then it has grown in popularity. It is accepted by many merchants as a form of payment and there are even legitimate Bitcoin investment funds.

However, the growth of bitcoin has led to many scams. The anonymity and lack of regulation have attracted those who perpetrate Bitcoin scams UK 2021. If your Bitcoin has been stolen or you have lost money in a bitcoin investing scam, contact Trader Defense Advisory. We will discuss your case and will advocate on your behalf with regulators and authorities. 

FCA Warning About Bitcoin Scams UK 2021

The UK’s Financial Conduct Authority warned that UK citizens face losing large amounts of money in cryptocurrency assets, lending products, and investment schemes. The FCA expressed concerns specifically about deals that promise extremely and unrealistically high returns. 

“If consumers invest in these types of products,” the FCA warned according to CNBC, “They should be prepared to lose all of their money.” Despite these warnings, the British authorities have not declared every cryptocurrency scam illegal.

 For instance, after Britons lost close to 2.5 million pounds sterling in a Bitcoin pyramid scheme, British authorities did not declare the scam illegal. This is one reason it is essential to have fund recovery agents like Trader Defense Advisory working on your behalf. 

Types of Cryptocurrency scams

  1. Super High Return Investment Scams

The kind of scams the FCA has warned about unfortunately is quite common. One of the early Bitcoin scams UK 2021 occurred under the name of Lyfecoin, which promised that if investors staked claims for five months, they could receive 100% returns. This scam began late in 2020 and was intended to go into 2021. 

When the investors did not receive returns after five months, they were told that more time was needed to realize huge returns. They extended staking periods to 12 months or even 24 months. The term “staking” is bitcoin terminology that means committing money on the blockchain for a stipulated amount of time for rewards. 

  1. Hacks and Impersonating Celebrities

Cases of scammers impersonating celebrities on social media networks and asking for donations to charities proliferated in 2020 during the COVID-19 crisis. Another major scandal started in 2020 and is becoming among the biggest Bitcoin scams UK 2021 as eight British citizens have been arrested in a celebrity SIM swap scandal. 

The U.S the U.K authorities arrested eight men in connection with swapping the SIM cards of high-profile individuals to steal their bitcoin and get their cryptocurrency passwords as well as other personal information. Not only do high net worth individuals need to be worried–there are many hackers out there stealing bitcoin information from regular people. 

  1. Bitcoin Extortion

Whether it is the threat of having obtained X-rated photos, damning documents or films of the recipient from hacking their computer, bitcoin extortion is one of the major bitcoin scams UK 2021. The sad fact is that some people give in to the blackmail even though they feel the person threatening them may be bluffing and have no sensitive information. 

Fear is often a greater motivator than greed, and many people fall for bitcoin extortion because they may not realize how complicated it is to hack into a remote computer. The extortionists ask for bitcoin because it is an anonymous form of currency that can hide their identities. 

If You Have Been the Target of Bitcoin Scams UK 2020–Contact Trader Defense Advisory

Bitcoin scams UK 2021 are growing faster than law enforcement can cope with them. You need an advocate who will listen to your claim, create a case and fight for your cause with regulators and authorities. 

Trader Defense Advisory has the experience and qualifications to help you win your claim and to help you on the road to retrieve your funds. Consult with our experts today so we can get started on your case.

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Bitcoin Scams Australia 2021–What To Look For

Bitcoin seemed to be the answer to the prayers of people who wanted a completely online way to earn, save, spend and invest money. Bitcoin, the first digital currency, hit the scene in 2009 and since then, it has increased in popularity. Now, major merchants and investment funds have incorporated Bitcoin into their payment methods and investment vehicles. 

However, along with convenience, Bitcoin has also led to fraudulent activity. Cybercriminals take advantage of the anonymity provided by cryptocurrency and the desperation of people to make money quickly.  If you have been targeted by Bitcoin scams Australia 2021, Trader Defense Advisor will consult with you and find solutions that will help you survive the scam and seek restitution from those responsible. 

Fake Cryptocurrency Funds 

Some of the biggest Bitcoin scams in Australia 2021 involve fake investments. These are intended for people who may find cryptocurrency technology difficult to understand and adjust to but simply want to make some fast money on the growing trend. 

One of the worst cases of Bitcoin scams Australia 2021 was that of Australian Stefan He Qin who defrauded investors of $90 million in a cryptocurrency investment fraud. Stefan He Qin operated a fake fund called Virgil Sigma. He encouraged people to invest in his cryptocurrency fund only to squander the money. 

His slogan was “He’s got a way to make money on cryptocurrency whether it goes up, down or nowhere at all.” Obviously, Stefan He Qin’s way to make money meant keeping it for himself. Also, the Australian Securities and Exchange Commission charged John Biggaton with operating without a license, mismanaging funds, and making misleading claims with his BitConnect cryptocurrency investment scheme

Celebrity Imposters 

Celebrities around the world have had their identities used to promote fake charity and investment schemes. One of the biggest bitcoin scams Australia 2021 has been using the identities of celebrities such as Dick Smith and Andrew Forrest to make followers believe they are endorsing a fake charity or an investment scheme connected to Bitcoin.

This tactic has been used worldwide, and most famously on Twitter in July 2020 when a 17-year old hacker took over the accounts of Barack Obama, Bill Gates, and others and asked for donations in bitcoin. High-profile Australians have either have had accounts hacked or counterfeit identities created in their name in an effort to steal bitcoin. 

Bitcoin Extortion

One of the major Bitcoin scams Australia 2021 is extortion. This is happening all over the world and occurs when an extortionist manages to convince the recipient that they have compromising photos, videos or documents and demands money in the form of Bitcoin. 

The extortionist claims to have hacked the recipient’s computer and to have obtained sensitive photos or documents or they claimed to have filmed the person from the computer camera. Even if the recipient is fairly sure they have no compromising material or doubt that their computer has been hacked, many people become frightened enough to give the money anyway. 

Have You Been Targeted by Bitcoin Scams Australia 2021? Contact Trader Defense Advisory

If you have been targeted by Bitcoin scams Australia 2021, talk to Trader Defense Advisory right away. Bitcoin scammers tend to be clever about concealing their identities and their tracks, but as the news stories above show, they are often caught successfully. 

Trader Defense Advisory experts are trained and experienced in the area of cryptocurrency scams and know how to unmask users, ask the right questions of regulators and get the support of authorities. We will act as your advocate and will work hard to seek restitution on your behalf. Talk to our experts today and we will get started on the road to recovery from bitcoin scams.

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Bitcoin Scams on Social Media: How to Spot Them and What to Do

Bitcoin scams are in the news. The growth of fraudulent behavior connected to cryptocurrency has risen substantially, particularly on social media. The social network Gab was completely taken down temporarily because a large number of accounts were posting bitcoin wallet scams. This problem is symptomatic of growth of bitcoin frauds on social media. 

Cryptocurrency represents exciting possibilities, but there are also many scams connected with digital currency to watch out for. Trader Defense Advisory experts will help you evaluate whether a bitcoin opportunity is legit or fake. If you have lost money to a bitcoin scam, contact TDA experts who are experienced in dealing with cryptocurrency scams and can help you seek redress for your claims. 

Why Are There So Many Scams Connected to Bitcoin? 

Bitcoin is a digital currency that does not have a physical equivalent in the form of coins or bills. It is not centrally regulated by a government but instead is managed through the blockchain. Transactions are anonymous and bitcoin is free from the usual regulations that accompany banking and trading. 

Bitcoin, though loosely regulated, is not dodgy or illegal. Many mainstream merchants accept bitcoin as payment and some legitimate brokers have cryptocurrency funds. However, it is an attractive vehicle for scam artists because the anonymity of the transactions provides cover for illegal behavior. This makes money laundering and even extortion easier. 

bitcoin transactions happen in a kind of a vacuum without a central authority regulating it. This means there is little recourse for those who have lost their money through bitcoin. Transactions done with bitcoin can be difficult to reverse, which can make customers and clients feel stuck. 

It may seem impossible to get money back from a bitcoin scam. However, experts at Trader Defense Advisory are experienced with cryptocurrency and have the tools and skills to unmask crypto scammers. Contact us if you have lost money in a bitcoin scam. 

Social Media Imposter Bitcoin Scams 

One common social media bitcoin scam is a hacker or imposter creating a fake account or hacking the actual account of a public figure and asking for fake donations of bitcoin in return for a doubled donation. 

This happened on a large scale in July of 2020 when a hacker, who turned out to be a teenager, hacked into the Twitter accounts of Elon Musk, Bill Gates, Kanye West, and Barack Obama asking its fans to donate with bitcoin and promising to double the amount to a major charity. Bill Gates’s account promised to give double back to the actual sender. 

It took a couple of hours for Twitter to contain the incident, although many of the accounts sent messages immediately that the tweet was not genuine. A total of $113,000 was taken, which was returned to users and the 17-year-old hacker was apprehended. Although the issue was resolved, it emphasizes how easy it is to mimic the tweets and posts of public figures. 

The takeaway from this incident is to avoid sending money if a public figure seems to be advocating a campaign. Usually, when celebrities start an initiative there is a news story or a press release. Check the news before sending any money, and send through an official donation platform, not social media. 

Fake Wallets and Platforms 

Along with actual bitcoin, many consumers purchase wallets, apps, and bitcoin trading platforms. Since these deal with your actual money in the form of bitcoin, it is essential to ensure they come from a reputable seller. A common bitcoin scam on social media is to post links selling apps and wallets. When people purchase them, their bitcoin is stolen by the people who sold them. 

Social media is a place people discuss every imaginable topic. They seek advice about everything from relationships to how to decorate their apartment to managing their money. Unfortunately, many scammers take advantage of this and market their fraudulent products on platforms such as Twitter, Facebook, and Instagram. Although the platforms try to stay ahead of these schemes, it is hard for them to put out every fire. 

Wallet and app scams when the user downloads them through a link on social media. This installs malware on the computer or device and robs them of data and their bitcoin. Sometimes the link itself will install the malware immediately without even pretending to be the service or app advertised. 

Bitcoin Blackmail

This scam sounds like something out of a thriller on Netflix, but unfortunately, it is all too real. It can happen with or without social media, but often these scammers find platforms like Facebook are more convenient ways to embarrass their victims. 

They will send a message by Facebook messenger or an email claiming they have hacked into their computer, have found compromising photos or documents, or filmed them visiting adult websites and will expose them on social media if they do not pay them a certain amount of money in bitcoin. 

In many cases, the claims that they have hacked into their computer and found compromising photos or filmed them is false. It is amazing, also, how many people end up paying these extortionists even though they know they have no compromising material. Still, they are worried about photoshop or deep fake videos and sometimes pay the bitcoin anyway. 

This is an example of negative reinforcement as a way of scamming people, instead of promising to make them tons of money in a phony investment. Fear, sadly, can often be a great motivator, even if the recipient knows the extortionist is probably bluffing. 

Bitcoin Investing Scams 

Like other investment scams, bitcoin investment scams have grown significantly in recent years. The SEC sounded the alarm about the increase in Ponzi schemes at the theft of investors’ money through false investments. 

Investing scams are often connected with Bitcoin flipping. These flippers take advantage of the fact that bitcoin transactions are hard to reverse. They often meet people on social media and start talking to them about a fantastic investment opportunity that is guaranteed to double their money. All they have to do is give them their bitcoin, and the other person will give them the dollar equivalent. 

Not surprisingly, the other person disappears without giving them the dollars. Another fake bitcoin investing scheme is a false ICO. Like an IPO or Initial Public Offering is a chance for people to invest in companies going public, an ICO or Initial Coin Offering is an opportunity to invest in a new type of cryptocurrency. The money is taken from investors, but the new currency never materializes. 

Social media is often the way communication of these fake opportunities takes place. Social media platforms have tried to clamp down on these fraudulent activities, but there is such a proliferation of them, the numbers can be hard to manage. Also, many bitcoin scam artists will strike up a conversation with someone on social media only to lead them off for more details about the scam via email or text. 

What to Do If You Have Lost Money on Bitcoin Scams on Social Media

If you have been the target of bitcoin phishing, a cryptocurrency investment scam or are dealing with an extortionist asking for bitcoin, contact Trader Defense Advisory. Our team of experts has vast combined experience dealing with cryptocurrency scams and advocate for our clients. Consult with us and we will create a claim and help you get started on the path to retrieving your funds.

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Bitcoin Scams in Canada 2021: What You Should Know to Stay Safe

Cryptocurrency represents exciting possibilities, but there are also many scams connected with digital currency to watch out for. Bitcoin scams in Canada 2021 are already happening at the quick rate they were occurring in 2020 and follow many of the same patterns. 

There are numerous examples, including social media scams, investment fraud targeting Canadians, and extortion. The BBB reported 148 million inquiries about bitcoin products and investments, which sounds out the alarm for Bitcoin scams in Canada 2021. 

In this risky environment, you need to stay safe if you use bitcoin. Trader Defense Advisory experts will help you evaluate whether a bitcoin opportunity is legit or fake. If you have lost money to a bitcoin scam, contact TDA experts who are experienced in dealing with cryptocurrency scams and can help you seek redress for your claims. 

Why Is Bitcoin Often Associated with Scams? 

Bitcoin and other cryptocurrencies are purely digital. They do not have physical money associated with them or central regulation. This means there is little recourse for those who have lost their money through bitcoin scams. Transactions done with bitcoin can be difficult to reverse, which can make customers and clients feel stuck.

Although there is recourse for those who have lost money in Bitcoin scams in Canada 2021, it is important to use caution when dealing with bitcoin. Never share your password, which will enable others to steal your bitcoin. Avoid purchasing bitcoin wallets or apps from any seller who is not verified. Be aware of the risk and the lack of regulation and know that TDA is here to help if you become a target of a bitcoin scam. 

Bitcoin Blackmail

This scam sounds like something out of a thriller on Netflix, but unfortunately, it is all too real. The Canadian Anti-Fraud center released an alert that many people in British Columbia are being targeted in bitcoin-related extortion. Extortion bitcoin scams in Canada 2021 unfortunately are growing. 

The extortionist will send a message or an email claiming they have hacked into their computer, have found compromising photos or documents, or filmed them visiting adult websites and will expose them on social media if they do not pay them a certain amount of money in bitcoin. 

In many cases, the claims that they have hacked into their computer and found compromising photos or filmed them is false. It is amazing, also, how many people end up paying these extortionists even though they know they have no compromising material. Still, they are worried about photoshop or deep fake videos and sometimes pay the bitcoin anyway. 

This is an example of negative reinforcement as a way of scamming people, instead of promising to make them tons of money in a phony investment. Fear, sadly, can often be a great motivator, even if the recipient knows the extortionist is probably bluffing. Plenty of people are scared that someone will steal their information, which is the reason why many fall for extortion bitcoin scams in Canada 2021. 

Phone Bitcoin Scams

Although most of the Bitcoin scams in Canada 2021 happen online, some are occurring on the phone. There is a grocery store in Winnipeg with a bitcoin machine that made users vulnerable to phone scams selling fake bitcoin or ask them to invest in phony schemes. One single mother reported she lost her entire life savings through a phone scam after using the machine.

Wallet and App Scams

One of the most common bitcoin scams in Canada 2021 and around the world is selling a fake bitcoin wallet or app. Someone who seems to be local but is actually using a fake social media identity may persuade you to purchase a bitcoin wallet or app or may post a link on a group. When you click on it to download, it will download malware on your computer and device instead. 

What to Do If You Have Lost Money on Bitcoin Scams in Canada 2021.

If you have been the target of bitcoin scams in Canada in 2021, such as phishing, a cryptocurrency investment scam or are dealing with an extortionist asking for bitcoin, contact Trader Defense Advisory. Our team of experts has vast combined experience dealing with cryptocurrency scams and advocate for our clients. Consult with us and we will create a claim and help you get started on the path to retrieving your funds.

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Bitcoin Scams US 2021-What We Can Learn from Them

Bitcoin scams in the US 2020 were in the news, and already in 2021, there have been some high-profile incidents. The growth of fraudulent behavior connected to cryptocurrency has risen substantially, particularly on social media. The social network Gab was completely taken down temporarily because a large number of accounts were posting bitcoin wallet scams. This problem is symptomatic of the growth of bitcoin scams in the US 2020 and 2021. 

It takes a team of experts to track down bitcoin scams. Because of the ease with which scammers can mask their transactions with bitcoin, professionals such as Trader Defense Advisory, with skill and expertise in combating cryptocurrency fraud, will assess your claim and work at unmasking the bitcoin scammers. Talk to us today if you want to track down bitcoin scammers.

Why Is Bitcoin Connected to Scams? 

Bitcoin is a digital currency that does not have a physical equivalent in the form of coins or bills. It is not centrally regulated by a government but instead is managed through the blockchain. Transactions are anonymous and bitcoin is free from the usual regulations that accompany banking and trading. 

Bitcoin, though loosely regulated, is not dodgy or illegal. Bitcoin scams in the US 2020 were prevalent, but that doesn’t mean bitcoin itself is problematic. Many mainstream merchants accept bitcoin as payment and some legitimate brokers have cryptocurrency funds. However, it is an attractive vehicle for scam artists because the anonymity of the transactions provides cover for illegal behavior. This makes money laundering and even extortion easier. 

Imposter Phishing Scam

One common social media bitcoin scam is a hacker or imposter creating a fake account or hacking the actual account of a public figure and asking for fake donations of bitcoin in return for a doubled donation. 

One of the major bitcoin scams in the US 2020 happened when a hacker, who turned out to be a teenager, hacked into the Twitter accounts of Elon Musk, Bill Gates, Kanye West, and Barack Obama asking its fans to donate with bitcoin and promising to double the amount to a major charity. Bill Gates’s account promised to give double back to the actual sender. 

It took a couple of hours for Twitter to contain the incident, although many of the accounts sent messages immediately that the tweet was not genuine. A total of $113,000 was taken, which was returned to users and the 17-year-old hacker was apprehended. Although the issue was resolved, it emphasizes how easy it is to mimic the tweets and posts of public figures. 

The takeaway from this incident is to avoid sending money if a public figure seems to be advocating a campaign. Usually, when celebrities start an initiative there is a news story or a press release. Check the news before sending any money, and send through an official donation platform, not social media. 

Fake Wallets and Platforms 

Along with actual bitcoin, many consumers purchase wallets, apps, and bitcoin trading platforms. Since these deal with your actual money in the form of bitcoin, it is essential to ensure they come from a reputable seller. Common bitcoin scams in the US 2020 involved  selling apps and wallets. When people purchase them, their bitcoin is stolen by the people who sold them. 

Bitcoin Investing Scams 

Like other investment scams, bitcoin investment scams have grown significantly in recent years. The SEC sounded the alarm about the increase in Ponzi schemes at the theft of investors’ money through false investments. 

Investing in bitcoin scams in the US 2020 often dealt with flipping. These flippers take advantage of the fact that bitcoin transactions are hard to reverse. They often meet people on social media and start talking to them about a fantastic investment opportunity that is guaranteed to double their money. All they have to do is give them their bitcoin, and the other person will give them the dollar equivalent. 

Talk to Us If You Have Lost Money in US Bitcoin Scams 2020 or 2021

Bitcoin scams US 2020 proliferated and seem to be increasing in 2021. If you have lost money in a bitcoin scam, speak to Trader Defense Advisory about what happened. Our experts are well-versed in the dynamics of cryptocurrency fraud and tracking down funds lost in a scam. Talk to us today so we can take care of your claim and work toward retrieving your funds.