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Bitcoin / BTC Trading WhatsApp Groups SCAM

The latest trick used by these scammers is misusing the news of 30% of income tax applicable in India, on the profits made from crypto trading.

This is how they carry out this scam

  1. Victim gets added to random WhatsApp group(s). Admin and others asks the victim to install the app XYZABC through their own link (Not through Google Play store - it will not be available on Google Play store). The real-time values of the crypto currencies in this app, matches with the actual values in genuine exchanges like Binance. This helps these scammers gain initial confidence of the Victim.
  2. If you tell “assistant” that you are making losses from the investment advice shared by the “Analyst”, the assistant' will share the contact of the Analyst.
  3. This “Analyst" will convince to get into a 3 day hedging plan, where he will invest amount on behalf of you. He will inform you that the minimum amount to be invested is 5000 USD, and without taking any amount from victim, he says he has placed order of 5000 to 10000 USDT and makes the victim believe that he has made profit of 5000 to 10000 USDT.
  4. Now, he forces the victim to pay a commission of 20%, so that he can withdraw the profit made. Since it is a 3 day hedging plan, victim needs to pay the 20% commission for the total profit made from all 3 days!
  5. If victim denies to proceed with all 3 days of trading or informs him that he would pay tax only after withdrawal of amount, he threatens with legal action. The victim fears as he has submitted government issued IDs while registering an account with XYZABC app.
  6. The assistant will now tell victim that, he can withdraw the amount only after the Analyst confirms to company that his commission has to be paid.
  7. If the victim now tries to withdraw the “profit” amount from his wallet, the amount will get freezed. The victim will be asked to pay 2000 USD to unfreeze his amount.
  8. Once amount is paid, the profit amount will be unfrozen, the total amount will reflect on his account, which makes victim believe that everything is going right!
  9. Now the assistant will inform to withdraw the amount from the account, after paying 30% personal income tax to the company. So, that they can issue a tax bill using which you can prove to the income tax department that the profit earned is legitimate!
  10. These scammers will not agree to send any information officially via email. They don't even share your transaction details, profit earned, the tax amount to be paid through email.
  11. If you enquire them about their company details, they tell they belong to a16z investment company or something like that (which usually are reputed investment companies) and share that website address.
  12. I think more victims will fall trap into these scams, as they are actually able to withdraw some small amount to their bank account initially.

Request you all to be BEWARE of all these scamsters.

If the scammer is reading this, your karma of fooling innocent people will catch you soon!