Crypto scams on Facebook are becoming increasingly sophisticated
Crypto scams on Facebook are becoming increasingly sophisticated

Crypto scams on Facebook are becoming increasingly sophisticated

By Alfredo de Candia - 24 Apr 2020

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A new crypto scam is appearing on Facebook: a page, called Crypto Capital, via a simple post, under the pretext of celebrating the growth of its community, promises to give away as many as 200 Ethereum (ETH).

The modus operandi is always the same: an event, a sum of cryptocurrencies as a gift, but also a request to send crypto to the company’s Ethereum address to multiply the amount sent.

This scam promises from 3 to 15 ETH in exchange for sending from 1 to 5 ETH.

In addition, to falsely validate the whole thing, there are several comments with evidence that they have received the relevant rewards, without obviously showing the transaction or the address of origin. On the surface, beginners may think it’s all safe, but unfortunately, the cryptocurrencies end up in the wallets of the criminals.

One advantage of the blockchain is that it is transparent and so it is possible to check a lot of information, such as the address published by the criminals to which the users are asked to send ETH.

This way it is possible to check whether there are incoming or outgoing transactions and given that the Ethereum blockchain uses smart contracts, which in this case could be used to send back the ETH, it’s also possible to check how it works.

Hence, by checking the address it’s possible to see that there was only one incoming transaction of 1 ETH but no outgoing transaction that, according to the post, should instead send back 3 ETH, but this was not the case.

Moreover, not even a smart contract can be detected, which proves that the comments that show to have received ETH are completely false.

This is certainly a well-organized scam compared to many others. The Facebook page in question, in fact, shows several posts dating back to February, which means that the page was created some time ago and that criminals are trying to make the scam more credible. The page has around 6,000 followers, and many likes and comments, which were probably bought.

In short, these crypto scams are getting increasingly sophisticated, which means that everyone should keep in mind that all the giveaways asking for seed, keywords or tokens are 100% scams.


Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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