Mainly, you won't instantly know when you have fallen victim to a crypto scam. You may think where your money has gone and why no one is replying to your questions. Finally, reality will hit your hard when you realize that scammers have stolen your money and are nowhere to be found. However, some crypto scammers have reached to the next level and have informed their victims that they have been scammed.
The latest crypto scam has occurred with an Australian Couple. As per the report shared by ABC, Nick and Josie Yeomans have kept money in a trading scheme found on Facebook probably known with the domain Coinexx.org (don't get confused with Coinexx.com) and firstly observed good returns from their small investment.
Despite doubts about the cryptocurrency scam, the positive early results have intimidated them to invest more money in the project. The couple has used its savings to invest $20,000 AUD in Coinnex.org.
Finally, Nick has left his job because of the amount of money they were getting from the investment, the report says. Apart from this, they also took loans, sold their possessions, and invested all they have got to pay the fees asked by the fake company.
The main problem started when they ran out of funds to continue investing. When they payments dried up and the respected firm lost access to their funds.
To ensure whether they are scammed or not, the couple had later got a message from a WhatsApp Account which they were using to communicate with the Coinexx.org, stating;
"Let me save you the stress, cus you've been through a lot already. Coinexx is a scam. Everything and everyone involved are the same. Don't bother about trying to get back your money. Just focus on getting money to take care of your family."
The Australian Competition and Consumer Commission (ACCC) informed ABC that the details offered by the Yeomans "have an appearance of the Ponzi scheme," even though the spokesperson said that they haven't got any complaints regarding Coinexx.org.
In April 2019, ACC along with some government agencies have released a report signifying that Australia had seen an increase in report of scams involving cryptocurrency in 2018.
Around 674 cases were reported, Victims said that AU$6.1 million (US$4.3 million) in crypto had been lost to scammers in the whole year. But, the total scam losses along with the fiat currencies were higher, at AU$489 million (US$345 million).