Multiversx crypto scam Beware! - Page 1
Forum section: electronics / general

author: nctnico
author_rank: Super Contributor
timestamp: July 06, 2023, 11:56:16 am
content: Someone in my close circle got lured into 'investing' into Multiversx crypto. First they earned a bit of money using small amounts. Then they teamed up with someone else (acquaintance of an acquaintance so no super random stranger) to invest a whole lot. Then they 'earned' a whole bunch of money that is in their Multiversx account but Multiversx now wants payments for taxes, more payments for taxes and even more payments for taxes before they can release the funds. Ofcourse these tax payments are completely bogus. The people that got scammed got rid of all their savings (a 5 digit number in euro)! I do not know the super fine details but caveat emptor!

author: jonovid
author_rank: Super Contributor
timestamp: July 06, 2023, 12:22:40 pm
content: post it on Dodgy Technology

author: ataradov
author_rank: Super Contributor
timestamp: July 06, 2023, 03:56:51 pm
content: This is a very common scam. There are literally 1000s of them. There is not even a point in remembering the name, it will not exist for much longer and they will start under a new name.A typical entry point for this are dating apps. A person would match with you and then after a few minutes they will want to tell you how they are making a lot of money using crypto. And they will ask you to install their specific app or use their specific site.Also, all crypto is a scam.

author: ebastler
author_rank: Super Contributor
timestamp: July 06, 2023, 05:23:33 pm
content: Quote from: nctnico on July 06, 2023, 11:56:16 amIn my understanding, Multiversx is a cryptocurrency, but also a marketplace/payment service. Could you specify what the "investment" actually was?Looks like the Multiversxcurrencyhas largely gone down in value over the past year, so I am not sure how much one could have gained there (unless one was very lucky in sync'ing the selling and buying with short-term fluctuations). Hence, was your friend/relative possibly investing into some third party business, and just using Multiversx to send them money?Quote from: nctnico on July 06, 2023, 11:56:16 amThese "fee and tax prepayment" scams seem to be somewhat common in connection with alleged lottery wins, donations from some rich benefactor, or invented "lost bank accounts" etc. But I struggle to see how they could be bold enough to pretend taxes on an "investment profit" which amount to the total alleged profitplus the total sum originally invested?! What gives??

author: nctnico
author_rank: Super Contributor
timestamp: July 06, 2023, 06:32:07 pm
content: Quote from: ebastler on July 06, 2023, 05:23:33 pmUnfortunately that is not clear to me. It seems like they made a >100% profit in a matter of several weeks / months this year. But it is not clear what mechanism is behind that. From what I understand they have a large sum in their Multiversx wallet but can't cash it out. I specifically questioned whether there is malware involved redirecting to a fake website but they tried from various computers / mobile phones.QuoteThat boggles my mind as well. But also some stupidity as to not knowing when & how to pay taxes (right answer: only to the government's tax service as part of income tax). It just is another variation of making people blind by greed.

author: ataradov
author_rank: Super Contributor
timestamp: July 06, 2023, 06:54:39 pm
content: Double check the domain names of all the involved sites. Scammers often use names of "legitimate" companies. How would you know which is the legit domain without at least some research. You can still be going to the same fake site from different deices.Most of the time those scams have nothing to do with crypto, they don't use exchanges. They just take regular currency and show bogus profits.The point where this scheme is weak is actual payment processing. But often they re located in sketchy countries where authorities don't care.There is zero chance of recovering any money. And any additional "tax" payments will also not be recoverable.Nothing makes this kind of return. If it did, all the rich people would do it.

author: tom66
author_rank: Super Contributor
timestamp: July 06, 2023, 06:56:18 pm
content: A scam in crypto? Say it ain't so!oh.https://web3isgoinggreat.com/

author: ataradov
author_rank: Super Contributor
timestamp: July 06, 2023, 06:59:48 pm
content: There is not even a place to log in on the "legit" site. They are offering a technology, not a specific wallet. If you click buy on their site, they redirect you to the actual exchanges.But none of that offers any growth outside of the normal currency valuation.So, I suspect they are given a totally bogus site, as per their standard scam procedure.This is not really a crypto scam, it is just plain old scam using crypto as a new hype word that makes it easy to confuse people. Wait for them to update the scripts to AI.

author: nctnico
author_rank: Super Contributor
timestamp: July 06, 2023, 07:35:59 pm
content: Quote from: ataradov on July 06, 2023, 06:59:48 pmYou are right. After some enquiry from my side it turns out they got directed to a scam website ( mvxnft.net ) without doing due diligence whether the website is legit. The scam website is using the Multiversx logo / terminology and similar graphics. On the scam website there is an outlook.com email address to contact customer service. That should have been a major red flag for starters.

author: thm_w
author_rank: Super Contributor
timestamp: July 06, 2023, 09:26:01 pm
content: Lots of these crypto/forex/investment scams lately.It all boils down to:- give me money to "invest"- money is taken, with no intent on investing itThere is a good investigation here:Quote from: ataradov on July 06, 2023, 06:54:39 pmBy now probably zero yeah, if you are really fast though, wire transfer can be reversed in rare situations. If any payments were via credit card, those could be chargebacked in some cases as well.Usually these places string you along so you don't immediately try to get a refund, get transfers through third parties, or ask for payments in crypto.

author: ataradov
author_rank: Super Contributor
timestamp: July 06, 2023, 10:35:08 pm
content: Quote from: nctnico on July 06, 2023, 07:35:59 pmThat domain was registered on May 25, 2023. This is less than 2 months ago. This is the most obvious and basic check one can do.But also "investing" all your money into something you tried for less than 2 months is stupid, no matter what the thing is.

author: SiliconWizard
author_rank: Super Contributor
timestamp: July 06, 2023, 10:49:17 pm
content: Only ever invest the money you're ready to lose.