Virtual currency exchanges are about to be fully liquidated. Be careful of these types of scams that have caused users to lose tens of millions of yuan

As the end of the year approaches, the comprehensive liquidation of virtual currency trading and mining platforms has also entered the countdown.

However, during this period, fraud activities taking advantage of the liquidation of virtual currency trading platforms have also been staged! Today, "Anti-fraud Chain Security" will share with you some common methods of fraud that take advantage of the liquidation of virtual currency exchanges. I hope everyone will not jump into the fraud trap again.

Impersonating virtual currency trading platform customer service/staff fraud

"Hello, I am a customer service staff of xxx Exchange. Are you xxx? Our trading platform is clearing mainland accounts and we need you to cooperate with us . Otherwise, your account may be blocked and your assets may be lost..."

Previously, many virtual currency investors have encountered frauds by pretending to be customer service or staff of virtual currency trading platforms, claiming that the exchange has cleared mainland accounts or claimed that the accounts have abnormal operations. Common fraud routines include:

• The fraud was carried out by clearing out mainland accounts and upgrading to overseas accounts.

Users are tricked into clicking on phishing links. Once they enter the phishing website and fill in their personal identity information, exchange account login information, etc. according to the prompts, it is easy for criminals to steal their accounts and transfer their assets.

• The fraud is carried out under the pretext of clearing mainland accounts, no longer serving mainland customers, and requiring the withdrawal of funds to a "safe account", otherwise there is a risk of account closure and asset loss.

Taking advantage of users’ panic, they induce users to withdraw money to the provided “safe account” or induce users to download a designated APP to withdraw money. These so-called “safe accounts”, “designated addresses” and “overseas account addresses” are most likely fake wallet addresses.

• Fraud is carried out by claiming that account operations are abnormal and there is a risk of currency theft.

It can accurately tell you the operation record of your account and inform you that the platform has found abnormal operation of your account and there is a risk of theft of coins. You need to log in to the relevant link to perform real-name authentication and change your password. Once you log in to the link and fill in the relevant information, it is possible that your account has been hacked and the coins have been stolen.

• The fraud was carried out on the grounds that the account was suspected of money laundering and needed to be unfrozen.

The usual rhetoric is that one of your transactions is suspected of money laundering. When you hear the word "money laundering", you immediately cooperate to provide personal identity information, account information, verification code, etc.; or follow the instructions to download video call software and turn on screen sharing... step by step you fall into the trap of scammers to steal your account and transfer your assets.

Here are some things to watch out for in this type of scam:

Scammers will first gain the trust of users and let them down. The usual method is to accurately state the user's identity information and transaction information, forge a trading platform work permit , etc.

Scammers will make users panic. Common methods are to inform users that their accounts cannot be used, money laundering, account abnormalities, account restrictions, account closures, orders that need to be checked, account unfreezing, etc.

Scammers will try every possible means to steal user accounts and transfer assets . Common methods include inducing users to click on phishing links sent via text messages, emails, etc.; inducing users to provide personal identity information, account password information, etc.;

Scammers will induce users to withdraw or sell coins. They will provide so-called "safe account" addresses; induce users to download designated cryptocurrency wallets; advertise that they can provide "safe withdrawal channels", etc.

Scammers will trick users into transferring money . A common rhetoric is that they need to transfer money to "hedge the flow" and the money will be returned to the original account later;

Most scammers call from Hong Kong with irregular 00 or +852 numbers . Remember that official customer service/staff and law enforcement agencies will not call users.

Cryptocurrency wallet scams

Where do the coins go when the exchange is liquidated? In the wallet! This also provides an opportunity for scammers to use cryptocurrency wallets to commit fraud. Common cryptocurrency wallet fraud routines include the following: Impersonating popular cryptocurrency wallets

This kind of routine is extremely difficult to distinguish. The official website address, official website page, download link, social network, etc. are almost identical. If users do not carefully check and identify, they will easily fall into the trap. If you download and install these counterfeit wallets, the user's virtual assets will be in danger!

• Provide the so-called " safe withdrawal account "

Users were told to provide a "safe wallet for withdrawing coins" or to download a designated cryptocurrency wallet and transfer virtual currency to the designated wallet. This wallet was actually a fake phishing wallet. Once the coins were transferred out, they could not be taken back. Some people were defrauded of millions of U.S. dollars because of this.

• Wallet Airdrop Scam

Some fake wallets emerged when virtual currency trading platforms were being cleared, and used methods such as "airdropping" virtual currency to deceive investors into transferring virtual assets on the platform to the fake wallets.

Black-hearted copycat exchange scams

In addition to cryptocurrency wallets, exchanges that have not suspended services for users in mainland China have also become alternatives for some users to transfer and store virtual assets. At this time, various unscrupulous copycat exchanges are using the name of liquidation to trick and deceive users. For example:

1. Users need to pay a deposit before withdrawing money , and there are various restrictions on users' withdrawals ;

2. Promise users to contact them to handle the liquidation procedures, but suspend any withdrawals and income distribution ;

3. Platform maintenance and upgrades result in users being unable to log in to the platform and assets being unable to be withdrawn ;

4. Crazy launch of air coins and use of contracts to cut leeks;

5. It is a high-risk platform that is prone to run away. It deceives users into depositing money into the platform in order to defraud their assets.

Final Thoughts

Fraudulent activities that take advantage of the liquidation of virtual currency exchanges have caused heavy losses to many investors, and some users have lost assets exceeding 10 million. In order to avoid asset losses, users must pay more attention to the official information of relevant trading platforms, and always remain calm and rational in thinking and judgment, and take precautions.

Finally, you must remember: do not be credulous; do not transfer money; do not provide any account number, verification code or personal information; do not click on any links from unknown sources, and protect the safety of your wallet and assets.