The Bitcoin scam on Instagram

This article is about another Bitcoin scam that took place on the social network Instagram.

The Bitcoin scam on Instagram

As is increasingly the case, the scammers’ strategy was well developed. It consisted of stealing existing Instagram profiles to make it a little more believable, especially to people who knew and followed the account in question.

After that, the fraudsters started sharing fake messages and screenshots on social media, where they would show that, thanks to an amazing Bitcoin mining strategy, they had managed to earn lavish income within few hours.

This is the post that was shared on Facebook by the same person whose Instagram account was hacked.

As the images show, the earnings were first shown on a cryptocurrency account and later, on an alleged message from the Intesa Sanpaolo bank, to prove that the money had been received in their bank account.

To the less observant eye, this series of steps may represent irrefutable evidence that will strengthen the argument that this is not a fraudbut that it was a success.

In reality, it would be enough to pause and think about the words written in the caption Instagram mail.

As it stands, this girl is allegedly going to earned 13,000 euros in just 5 hours thanks to a Bitcoin mining company. After that, she advises everyone to take a look at the aforementioned profile.

And this is where the real scam begins. This is actually not a normal scam where people are invited to deposit their money into fake accounts. In this case, the real goal is with hackers is precisely to entice users to click on the account name that appears at the end of the post description.

This will give the fraudsters access to sensitive data, which will then be sold or used as a bargaining chip in an attempted ransom.

Bitcoin scam in Italy

The story that has just been told is not the first of its kind in Italy, and it certainly will not be the last.

Some time ago, The Cryptonomist actually already had published an articlewhere the fraud of the company New Financial Technology was explained.

It was a multi-million dollar scam, created by the above company, that promised earnings of up to 10% of the invested capitalThanks to arbitrage operations on the crypto market.

New Financial Technology was born in Silea, Treviso, while the registered office was based in London.

Thanks to its promises, it managed to defraud around 6,000 savers, who invested between €10,000 and €300,000.

According to estimates, which have yet to be determined as they are not entirely accurate, New Financial Technology managed to trick the unfortunate out of total €40 million to €100 million.

In short, a well-executed Ponzi scheme.

Two of the three founders have gone underground, while the third, a lawyer from Rome, is trying to compensate the victims of the fraud.

He himself was probably not aware of this scheme either, which, according to what has been uncovered, was organized right from the start.