Online Scams – Crypto Scam

Bitcoin Scam

To give an idea of the liquidity in bitcoin, the largest bitcoin wallet (which can be easily traced) holds about 100,000 BTC, or equivalent of 2 billion dollars at approximately 20k per bitcoin in December 2020. The total supply of bitcoin is limited to approximately 20 million btc, so the likelihood of the largest bitcoin wallet holding half a percent of the total supply influencing the entire market is impossible. Furthermore, there are a total of 55 million bitcoin wallets globally and the growth of new wallets is exponential.

Is Bitcoin a scam?

Bitcoin is not a scam by itself.  Yes there is a hype about the bitcoin cryptocurrency, and there are many crypto and bitcoin scammers, but the liquidity of the bitcoin cryptocurrency itself is extremely difficult to control or manipulate by any monopoly. This is because the control of bitcoin and its price is spread out by all of its holders globally. Therefore, even though there is a measure of control held by large stakeholders of the early adopters and biggest players, it would be incorrect to assume that bitcoin is a scam.

However, bitcoin is highly susceptible to bitcoin scammers.  With any new financial instrument scammers flock to products with high liquidity/demand, with little or no regulation and global reach and bitcoin scammers are no exception.  As such bitcoin and crypto scammers have grown exponentially with the cryptocurrency market.  Additionally the cryptocurrency scam scene is becoming more complex as new methods are used to trace and enforce laws against the fraudulent crypto transactions.

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Bitcoin Scam List?

  • Bitcoin Forex Scam
  • Remote Desktop Bitcoin forex scam
  • The withdrawal Tax bitcoin forex scam
  • The bitcoin forex minimum withdrawal scam
  • The no-fee recovery scam

What is the Bitcoin Forex Scam

Some specific cryptocurrency scams include Bitcoin Forex Scams, where the fraudulent company poses as a legitimate financial institution, playing on people’s desire to earn money and learn about new financial markets.  In bitcoin forex scams, the deposit method is usually bitcoin or another major cryptocurrency such as etherium or a bitcoin fork such as bitcoin classic.  This is because the bitcoin scammers believe their identity is anonymous and they falsely believe they can launder money through the bitcoin network without being detected.  Nothing can be further from the truth.  Today almost all major cash-out points require KYC or personally identifying documents which the bitcoin scammers must give the ther exchange in order to cash out.  This is usually due to local laws that the bitcoin scammers would like to flaunt.

Withdrawal Tax Bitcoin Forex Scam

Bitcoin scammers are always seeking different ways to get the victim to deposit money or bitcoin with them again.  One such cryptocurrency scam that consistently pops on our radar is the “withdrawal tax” bitcoin forex scam.  Do not become a victim.  If you have been told there is a withdrawal tax at a bitcoin forex company you should contact us immediately.

A good advice would be not to send money to companies claiming an international or country wide tax to withdraw funds from your bitcoin account.

How does the withdrawal tax bitcoin forex scam work?

Usually victims are lured into a bitcoin scam by a broker with an enticing offer promising riches  by trading bitcoin on a forex platform. 

The victim will send the bitcoin scammer a large sum of money, either through bitcoin, credit card, wire or through other conventional payment methods.  When the victim requests to withdraw or liquidate funds from the bitcoin forex account, the bitcoin scammer might demand a withdrawal tax from within their local “banking jurisdiction”.  This country is often Hong Kong Grenadines, Virgin Islands, Malta or some other tax haven jurisdictions.

Why do bitcoin forex scammers ask for a withdrawal tax?

Once a victim has deposited funds with a scam broker, the bitcoin scammers are seeking to retain the funds as long as possible. They do this for several reasons:

  1. The bitcoin scammers have no intention of sending the victim the original deposited funds or cryptocurrency.
  2. The bitcoin scammers know that the more time and money the victim sends to the bitcoin forex company, the more difficult it will be for the victim to concede that they have indeed been scammed.  This is a terrible and deceitful play on human psychology.
  3. The bitcoin scammers want to ‘run out the clock.  The longer the broker is in possession of the funds the more difficult it will be to claim the money back. Many people do not know that there is a time limit for requesting funds back from banks,

How much money does the withdrawal tax scam cost?

We have seen bitcoin scammers demand arbitrary amounts, anywhere from 1% to 20% of the account balance.  Some even will negotiate the amount or terms,  The negotiation is a clear indication of scam. There is no withdrawal tax anywhere in the world, and you should immediately seek guidance to recover your funds.  Speak to us, at Trader Defense Advisory. We are experts in recovering funds from a withdrawal tax scam from bitcoin forex companies.

“There is NO withdrawal tax anywhere in the world, and the victim should immediately begin work recover funds if their ‘broker claims that there is one”

How do I fight a withdrawal tax scam?

If you have been told to pay a withdrawal tax to a foreign country, contact us immediately to recover your funds!  Whatever you do, do not deposit more with the bitcoin scammer. You  must realize that you are dealing with highly sophisticated and ruthless criminals that do not intend to send any money back to you.

What about my winning trades or account balance in my bitcoin forex account?

The moment you realize that these bitcoin scammers are fake, you must understand that your “account balance” in the bitcoin forex account is fake as well.  The “account balance” is a mirage, like a video game.

Sometimes these scammers hide behind sophisticated and legitimate partners, like MT4/5 or a legitimate sounding brand name, or own a shell company in a legitimate sounding jurisdiction, it is all a mirage. 

Sometimes the scammers have the victim fill in extra documents proving identity cards/passports.  This is all used to lure in victims to their deceitful bitcoin scam

Do not be prey for bitcoin scammers.  Do not give them your precious time, and certainly not your money!  Contact traderdefenseadvisory.com and we will guide you  in the process to reclaim what is rightfully yours.

The bitcoin forex broker logged into my account with Anydesk to make the deposit. Do I still have a case?

Logging in with Anydesk to your computer to make financial transactions in your name is HIGHLY ILLEGAL. If anyone has tried to walk you through a series of difficult steps such as wire transfers, bitcoin purchases  or credit card payments, you must seek out assistance immediately. 

TraderDefenseAdvisory.com team has years of experience dealing with banks, processors, crypto exchanges and authorities regarding this horrible deceitful practice.  Contact us immediately to understand your options.  This leads us to our next FAQ the remote desktop scam.

Remote Desktop Scam

What is a remote desktop deposit scam?

In the anydesk scam the perpetrator will convince his victim to give them access to your computer to help you with the technical details with transferring money.

How can Trader Defense Advisory help me with the remote-desktop Scam?

Trader Defense Advisory are experts in retrieving funds from bitcoin scammers and bitcoin forex companies perpetrating this scam.  We have multiple avenues of retrieving funds including wire reversals, chargeback disputes, bitcoin and crypto tracing, consulting on legal actions and referring the top lawyers in the field.  Because our team has years of experience handling bitcoin scammer claims, we have a global network of lawyers, many from Top AM200 law firms, top investigators in almost every country, access to world-leading data providers and cyber intelligence desks.

What about my winnings? My account balance is much higher than my original deposit?

You must understand that with these bitcoin scams, everything is fake.  Fake companies, fake names, fake agents, fake phone numbers, fake accounts, fake support, fake news and updates, fake platforms including pricing, fake bonuses, and unfortunately a fake balance.

You must understand that this money is not real.  You can take them to court for these profits once you have intelligence and evidence against the bitcoin scammers but you cannot count on this sum to be returned in a recall, wire reversal, chargeback or bitcoin transfer.  Trader Defense advisory can offer a list of qualified attorneys to represent you if you choose to pursue the perpetrators further beyond our retrieval service.

What softwares do bitcoin scammers use for the remote desktop scam?

Any software or method that logs into your computer remotely can be used including: TeamViewer, ConnectWise Control, VCN Connect, Zoho Assist, Beyond Trust, LogMeIn Rescue, Goto Assist, Solar Winds, Remote Desktop Services, SplashTop, Chrome Remote Desktop, FixMe.IT, NoMachine Everybody, ISL Light, RemotePC, GoToMyPC, a VPN Connection and many many others.  It should be noted that all of these softwares and companies are legal, however they are being misused and abused by these scammers.

Are these remote desktop software programs legal?

Yes, the above remote-desktop softwares are absolutely legal, and they have many technical support purposes, however they are being abused by unscrupulous bitcoin scammers.

Is logging into my computer with anydesk to make a FIAT currency deposit on my behalf legal?

No.  It is absolutely not legal for bitcoin scammers to log into your computer and make a transaction for you, or in your name without complete legal authority.

Is Logging into my computer with remote-desktop to buy or transfer bitcoin or cryptocurrency legal?

No. Absolutely not. This will further complicate your problem because you have now made a deposit for an often non-refundable product and then it has been transferred to the bitcoin scammer.

What is the bitcoin forex withdrawal scam?

Summary: The Bitcoin forex withdrawal scam is when the bitcoin forex broker demands an additional deposit to cover funds already in your account.

Occasionally it’s acceptable to have a minimum withdrawal amount, typically between $30-$100 is reasonable even with legal brokerages as there are fees for processing payments, however it is not a reasonable term for a company to demand you DEPOSIT bitcoin or FIAT if you already have that sum covered in your brokerage or trading account.  This is a clear indicator of a bitcoin forex withdrawal scam.

No-Fee Scam Recovery

The first sign of scam is guaranteed results.  No one can guarantee 100% that you will be able to recover funds, however TraderdefenceAdvisory recovery team has assisted clients with over 18 Million dollars in recovered funds. 

The second indication of scam is that the company does not charge an up-front fee.  The problem with this is that the scam recovery company has no fiduciary responsibility to the client.  What happens in this case is that the fake “recovery company” collects the client information and evidence, then successfully retrieves the funds to a corporate or bank account and does not complete the transaction and send it to the client.

Our recovery team is excellent and has assisted hundreds of clients get their money back, has recovered over 15 million dollars over the last 3 years and has an excellent reputation.  Still, we cannot guarantee perfect results.