SCARS Institute’s Encyclopedia of Scams™ Published Continuously for 25 Years
Cryptocurrency Is Full Of Fraud
According to State Regulators, the Following Cryptocurrency Businesses Should Be Avoided! They are Engaged in Pig Butchering Scams!
The following are the identified companies (or fake companies) and the story of at least one of their victims.
Cryptocurrency broker RB Hood
The victim met a woman calling herself “Jiang Yingying” on social media and they communicated on WhatsApp, Telegram, and through text messaging. At some point, Jiang convinced him to open a crypto account, so he transferred $500 from his debit card, then transferred the cryptocurrency to a Chinese exchange at first called rbhoodc.com, but later it changed its name to rbhoodz.com, then changed again to rbhoodd.xyz. The victim even got a loan for $13,000 which he also deposited into rbhoodc.com through his Crypto.com account. Jiang kept saying he was making money and should add more capital, so he got another $9,500 loan and wired it to Coinbase. At some point, the victim tried to withdraw some of the money, but Jiang told him he had to pay taxes. The victim then spoke to a customer service agent at the exchange who also told him he had to pay taxes on the money before he could withdraw it. The company operated the websites at https://rbhoodc.com; rbhoodz.com; and rbhoodd.xyz.
Cryptocurrency broker Reliable Option Trade
The victim met “Mrs. Linda” and they communicated through WhatsApp. At some point, Linda convinced the victim to open an account with Reliable Option Trade and told him to deposit $500. The victim then got a message from the company’s Support Team saying he could get Bitcoin if he deposited another $1,000 into his account. Then he was asked to deposit another $3,500 but he told them he didn’t have that amount, so they convinced him to invest $2,000 instead. Later he was told his account was worth $24,000 so the victim decided to withdraw his money. He filled out the withdrawal form and submitted it, then got a call from broker who offered to trade for the victim so he could make more money. The broker advised him to download the Trust Wallet app, which he did. Now he cannot get his money out of the Trust Wallet, and he is still being asked by the broker to put in more money. The company operated a website at https://www.reliableoptiontrade.com.
Cryptocurrency broker Rui Win Capital Group LTD
The victim was introduced to “Enze Zhao” in a WeChat group. Zhao told the victim he was interested in her, and they continued to communicate. The victim gradually fell in love, believing she and Zhaou shared many interests and values. Zhao told the victim he was an economics major and his hobby is to earn extra money through Rui Win Capitals LTD. Zhao convinced the victim they had a future together, but wanted her to do better financially, so they could build a house together in the Bay area. Zhao then suggested he could teach the victim to invest Gold Dollars on Meta Traders 5 through Rui Win. She put in $500,000, and Zhao told her she had completed a deal successfully and now had more than a million. But, she was told she had to pay 20% tax on the profit.
She paid, but still couldn’t get her money back. Then the Rui Win customer service suggested that if she sent in 10% of her balance, she would become a VIP and get all her money back.
She sent in the 10% of what she thought was her online balance, more than $130,000 believing she would become a VIP. Then the customer service claimed that the platform had stopped functioning and she would have to wait for it to reopen. Meanwhile, Zhao asked her to keep sending him money to help him from getting into trouble, or he would go to jail. Eventually, Zhao stopped contacting her, she could no longer contact customer service at Rui Win, and she has lost close to $1 million.
Cryptocurrency broker SIMEX
Victim #1 reported meeting “Li Xiao” on LinkedIn, who then suggested they move further communication onto the Line app. There, Li Xiao claimed that she could offer advice on how to trade Binary Options through cryptocurrency and sent an invite link onto the platform. However, instead of downloading an app, the platform asked Victim #1 to download a “configuration profile” onto his Apple device. Victim #1 believed they were dealing with the Singapore International Monetary Exchange Limited, or Simex. Victim #1 transferred approximately $480,000 worth of cryptocurrency from crypto.com to Simex in eight transactions. Victim #1 was able to withdraw various small amounts from $100 to $2,500, but when he tried to withdraw $500,000 his request was rejected.
Victim # 2 met “Marcella Arias” on LinkedIn after he promised a trading opportunity to grow her personal wealth. After various exchanges via text message and phone conversations, Victim #2 eventually downloaded a third-party app via https://www.simexcbr.com, which she now believes was a fake site disguised as the authentic website of the Singaporean Monetary Exchange (SIMEX/SGX). Arias continued to gain Victim #2’s trust, urging her to deposit more and more money into her account, claiming his proprietary trading techniques and touting connections to prestigious wealth-management firms and universities (JP Morgan Chase & Co, New York University). Victim #2 eventually made six deposits to the “Simex” app, amounting to more than $1.2 million. At some point, Arias even asked Victim #2 to deposit her retirement savings locked in her 401K, which raised her suspicions. She then discovered that the Simex app she was using was not tied to the authentic Singaporean Monetary Exchange. ” The company operated the websites at https://simexkyc.com; simexyum.com; simexrue.com and simexdef.com.
Source: California DFPI
SCARS NOTE: we do not provide clickable links to the fraudulent business’s websites for safety reasons.
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- Please visit www.ScamVictimsSupport.org – a SCARS Website for New Scam Victims & Sextortion Victims
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A Note About Labeling!
We often use the term ‘scam victim’ in our articles, but this is a convenience to help those searching for information in search engines like Google. It is just a convenience and has no deeper meaning. If you have come through such an experience, YOU are a Survivor! It was not your fault. You are not alone! Axios!
A Question of Trust
At the SCARS Institute, we invite you to do your own research on the topics we speak about and publish, Our team investigates the subject being discussed, especially when it comes to understanding the scam victims-survivors experience. You can do Google searches but in many cases, you will have to wade through scientific papers and studies. However, remember that biases and perspectives matter and influence the outcome. Regardless, we encourage you to explore these topics as thoroughly as you can for your own awareness.
Statement About Victim Blaming
Some of our articles discuss various aspects of victims. This is both about better understanding victims (the science of victimology) and their behaviors and psychology. This helps us to educate victims/survivors about why these crimes happened and to not blame themselves, better develop recovery programs, and to help victims avoid scams in the future. At times this may sound like blaming the victim, but it does not blame scam victims, we are simply explaining the hows and whys of the experience victims have.
These articles, about the Psychology of Scams or Victim Psychology – meaning that all humans have psychological or cognitive characteristics in common that can either be exploited or work against us – help us all to understand the unique challenges victims face before, during, and after scams, fraud, or cybercrimes. These sometimes talk about some of the vulnerabilities the scammers exploit. Victims rarely have control of them or are even aware of them, until something like a scam happens and then they can learn how their mind works and how to overcome these mechanisms.
Articles like these help victims and others understand these processes and how to help prevent them from being exploited again or to help them recover more easily by understanding their post-scam behaviors. Learn more about the Psychology of Scams at www.ScamPsychology.org
Psychology Disclaimer:
All articles about psychology and the human brain on this website are for information & education only
The information provided in this article is intended for educational and self-help purposes only and should not be construed as a substitute for professional therapy or counseling.
While any self-help techniques outlined herein may be beneficial for scam victims seeking to recover from their experience and move towards recovery, it is important to consult with a qualified mental health professional before initiating any course of action. Each individual’s experience and needs are unique, and what works for one person may not be suitable for another.
Additionally, any approach may not be appropriate for individuals with certain pre-existing mental health conditions or trauma histories. It is advisable to seek guidance from a licensed therapist or counselor who can provide personalized support, guidance, and treatment tailored to your specific needs.
If you are experiencing significant distress or emotional difficulties related to a scam or other traumatic event, please consult your doctor or mental health provider for appropriate care and support.
Also read our SCARS Institute Statement about Professional Care for Scam Victims – click here to go to our ScamsNOW.com website.
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