Before 2019, the popularity of Bitcoin was gaining at a snail’s pace; after 2020, it grew at an astonishing speed. There are hardly any people who might not know what Bitcoin is. There are even some who call every cryptocurrency a Bitcoin.
During the pandemic, many had less cash as they were forced to stay home due to the government-enforced lockdown. Many had to adjust their lifestyle to cope with the scarcity of food available. Some found refuge in Bitcoin.
Many witnessed a sharp boom in the acceptance of Bitcoin. They were convinced that when traditional financial markets collapsed, the crypto market was surviving. Many even made a substantial amount of money by trading in it.
Although Bitcoin seemed the only savior in challenging times, some fell prey to Bitcoin scams. It is no secret that scammers can be found where money is involved; they are like sharks that can smell a drop of blood miles away.
Scammers are a dime a dozen on social media platforms like YouTube, FaceBook, Dating apps, Twitter, Instagram, and so forth.
These scammers are unscrupulous; they only intend to make quick money without any concern and feeling that their victims will suffer once they have been scammed. Many fall victim to such scams since many of these victims wish to upgrade their lifestyles. It is not the victim’s fault, and aiming for a good lifestyle is not a crime.
Scams related to Bitcoin on social media are booming; take the case of Instagram, a popular app amongst the youth, adults, and even seniors. Many scammers will impersonate celebrities and even social media influencers with these apps.
Although there is only one Elon Musk, you will find several other accounts named after him on social media platforms like Instagram. In addition, scammers create several other fake celebrity accounts. They lure in their intended victims by impersonating a celebrity or a social media influencer.
So how do people fall for such scams?
Bitcoin scams attract their victims by contacting their victims by posting a link on Instagram. As we have already mentioned, there are several fake accounts named after Elon Musk. We will stress how these accounts lure in their victims by using Elon Musk as an example.
The account of Elon Musk is hacked, and based on his photos and other reels posted by him are used in a fake Elon Musk Instagram account created by scammers. If you were to compare both accounts by placing them side by side, it would be challenging to differentiate between them.
Then messages from the “fake account” are circulated amongst the fans who follow the real Elon Musk. These messages generally show Elon Musk giving away a few Bitcoins to his fan base. The message will have a link to a portal where you need to fill in your sensitive financial details and cryptocurrency accounts details.
Scammers are pretty clever and lure in their victims based on false promises that would only end up in misery for their victims. Since the link will compel you to give in your details, you are practically handing over your private keys to the scammers. Furthermore, these scammers will clean up all the cryptocurrency you have “Hodled.”
Contacting the officials at Instagram would be a little help since there are several scammers, and reporting fake accounts would be as good as removing a drop of water from a vast lake. And even if the account gets blocked, scammers will open up a new account and initiate the entire process of luring their fresh victims again.
Steps to take to avoid falling victim to Instagram scams.
Celebrities will have a link to other social platforms on their Instagram accounts. So besides Instagram, you can also follow them on different social media platforms.
Bitcoin scams cannot be stopped, but they can be avoided. So if you ever get a message from a celebrity you are following about free Bitcoins or cryptos being airdropped, verify this message directly with the celebrity on their social media accounts like FaceBook. It is a sure-shot way to confirm whether the message sent on Instagram is genuine.
Sometimes scammers will hack into an ordinary Instagram account and try the same tactics they use to lure in their victims. The only difference is that these scammers will hack your account, and while impersonating you, they will send a message regarding Bitcoin airdrop.
Consider two solutions, if you think your account is hacked, then broadcast about it on your Instagram and other social media accounts regarding the hack.
If you get a message from your friend or family about a Bitcoin airdrop, contact the person immediately through other means or even call them if you have their number and verify it.
Getting rid of Bitcoin scams is challenging; however, having enough knowledge can avoid falling victim to them.
Even if you fall victim to such scams, there are several financial fund recovery firms whose sole aim is to recover the financial assets of their rightful owner. However, awareness of such firms is rare since they have cropped up recently. Thus, such scams are more popular than these financial asset recovery firms.