Crypto scams: fake profiles of famous brands and people

In the world of cryptocurrencies, scammers are constantly trying new ways to extort funds from inattentive and careless users. One example of such scams is the creation of fake pages and profiles of famous brands and individuals. Everything is often a perfect copy of the original, difficult to distinguish. Often, scammers also bet on using current trends and events of global reach to attract and stun their victims. Scammers promise rewards or profits in exchange for sending their cryptocurrencies to a specific address. While the immutable nature of blockchain and the reliability of cryptocurrencies make the technology safe, its biggest threat and weak point is humans.

How do scams based on fake pages and profiles work?

Scammers set up fake profiles on social media platforms such as Twitter, Facebook or Instagram. These profiles often pretend to be well-known brands, large cryptocurrency projects, or celebrities. They also take advantage of global trends and current events, such as the launch of SpaceX's Falcon 9 rocket.

Fake profiles publish posts in which they encourage users to register, participate in airdrops or invest in cryptocurrencies. A very common example is the “offer” of 2 for 1. Victims often see tempting promises to multiply their capital quickly, such as receiving 2 ETH in exchange for sending 1 ETH.

People who have been manipulated and fooled by fake sites and profiles register with their wallets, giving access to them to third parties, or send their cryptocurrencies irrevocably to the wallet address provided. At this point, the scammers intercept access to the victim's cryptocurrencies or transfer funds directly to their accounts. Unfortunately, fake profiles often remain anonymous, they are created using a variety of redirects, which makes it difficult or even impossible to track down and punish the perpetrators.

How to protect yourself from scams using fake profiles?

To avoid falling into the trap of scams associated with fake profiles of famous brands and individuals in the world of cryptocurrencies, it is worth following some important precautionary rules. Always check the source of information and verify that the profile in question on the social platform is official and authentic. To do this, pay attention to when it was created, what were its possible previous names or what URL it has. Be suspicious of ads promising rewards or profits in exchange for sending your cryptocurrencies. This is often a trap. If you are interested in investing in cryptocurrencies or participating in competitions, consult official sources or websites of famous brands or people.

If you have already decided to register using a cryptocurrency wallet, always use the one on which you have no funds or have the least. In case you identify fake ads or profiles, warn other users not to be deceived. Report and block profile. Inform a real company about the incident and ask for action.

What can I do if I have been deceived in this or that way?

If you have been affected by a similar situation, you can:

• submit a notice of the possibility of committing a crime,
• consult with a legal adviser or lawyer,
• decide on further legal steps after consultation.

Legal commentary

The described actions can be considered, among other things, a crime of fraud, specified in Article 286 of the Criminal Code. The perpetrator of such a crime is subject to imprisonment from 6 months to 8 years. In the so-called minor cases, the offender is subject to a fine, a penalty of restriction of liberty or imprisonment of up to 2 years.

In order for the proceedings to take place, it is necessary to file a notice of the possibility of committing a crime. The notice can be submitted in writing or orally to the protocol in the nearest unit of the Police or Prosecutor's Office. In the event of a conviction, the court may order, and at the request of the injured party, order the obligation to compensate (in whole or in part) the damage caused by the crime or to make reparation for the harm suffered. The application can be filed until the court wire is closed at the main hearing. Compensation or compensation may also be sought in civil proceedings. To do this, you need to file an action and file a corresponding lawsuit. Separate measures of legal protection may also be available to the entity that the perpetrators are impersonating. Such an entity may be notified of the situation in order to enable it to pursue its claims.

lawyer Rafał Lorent, counsel at 3DOTS Law

Scams using fake profiles of famous brands and individuals are insidious attempts to extort cryptocurrencies from users. Practicing caution and common sense is crucial in order to avoid becoming a victim of these scams. It is worth being vigilant and critical of the promises of profits and rewards on social platforms and always checking the authenticity of information sources.