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Created: Jun 2024

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How Scammers Make Money: A Deceptive Guide
Overview
Scammers in the crypto community exploit the vulnerabilities of individuals who have lost significant amounts of money. By posing as helpful intermediaries, they trick victims into paying upfront fees for nonexistent recovery services. Here’s how the scam works in detail:

Step-by-Step Process
Identifying Victims:

Target: Scammers monitor social media platforms like Twitter for posts from individuals who have lost money in crypto transactions.
Approach: They initiate contact with these victims, expressing sympathy and sharing a fabricated story of their own loss and recovery.
Building Trust:

Initial Message: "Hi! I’m sorry for your loss. I recently lost $20,000 too, so I know how it feels."
Gradual Persuasion: Instead of immediately asking for a fee, scammers slowly lead the victim to the idea of seeking help, mentioning how they managed to recover their own money.
Introducing the "Helper":

Creating Curiosity: "Well, I managed to get my money back; maybe you can too."
Referral: The scammer offers the contact of a supposed helper, who is actually another account controlled by them.
Maintaining the Illusion:

Delayed Responses: The "helper" account ignores messages for a few days to appear busy and credible.
Initial Interaction: "Sorry for the delay, I don’t check Telegram/Twitter often."
Fee Request: The "helper" eventually offers assistance for a fee, usually 10% of the lost amount, with an upfront payment of $200.
Reinforcing Trust:

Validation: If the victim is suspicious, the first scammer reassures them, confirming that they paid the fee and received help.
Extracting Payments:

Initial Payment: The victim sends the $200 fee.
Further Deception: The scammer might later request additional payments, claiming they need more money to complete the recovery process or to deposit funds on a fake site.
Tools and Preparation
Fake Social Media Accounts:

Victim Persona: Create or buy a Twitter account and post crypto-related content to build trust.
Helper Persona: Create a Telegram or Twitter account with a name like "MetaMask_support" to pose as a support agent.
Fake Reviews and Channels:

Reviews: Create a channel with fake testimonials to convince victims of the helper’s legitimacy.
Cost and Effort
Investment: The scam is low-cost, requiring only about $5 to purchase a few social media accounts.
Execution: Success depends on the scammer's effort and ability to convincingly play multiple roles.
Conclusion
This elaborate scam preys on the desperation of individuals who have already suffered significant financial losses. By meticulously building trust and creating a façade of legitimacy, scammers extract additional funds from their victims, compounding their initial losses. Always be cautious and verify the legitimacy of any offers, especially those requiring upfront payments.