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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