Scam Name: Shiliblock Cryptocurrency Scam

Calculated Amount Lost: $31,468 USD (31,445.645 USDT)
Scam URL: shiliblock.com

Victim Description:
The victim connected with an individual on Instagram who claimed to have a method for making money through cryptocurrency trading. The scammer introduced the victim to a fake trading platform, using crypto.com and another “blockchain” website. The victim began with an initial investment of $1,000 and, after some months of trading, attempted to withdraw the funds. However, the withdrawal was frozen, and the scammer demanded the victim pay taxes before the funds could be released. The victim was told that the funds had grown to $60,000, but the taxes were in the thousands, a classic scam tactic to extort additional funds.

Scam Tactics:
Initial Contact:
The victim was contacted by the scammer on Instagram, where they were introduced to cryptocurrency trading as a way to make money.
Introduction to Fake Trading Platforms:
The scammer guided the victim to use crypto.com and another “blockchain” platform to trade cryptocurrency. The victim was shown how to deposit and withdraw their initial investment of $1,000.
Positive Initial Results:
After a few months of trading, the victim was told that their initial deposit had grown to $60,000. This encouraged the victim to continue trading, believing they were seeing genuine profits.
Withdrawal Blockage:
When the victim tried to withdraw their funds, the scammer informed them that the withdrawal was frozen. The victim was told that they had to pay a tax before they could access their profits.
Tax Demands:
The scammer claimed that the victim needed to pay taxes on their earnings, which were allegedly in the thousands. This is a common tactic in cryptocurrency scams to manipulate victims into paying more money.
Victim’s Financial Situation:
Amount Lost: $31,468 USD (31,445.645 USDT). The victim invested an initial $1,000 and was told the investment had grown to $60,000, but could not withdraw the funds due to the fake tax demand.
Wallet Address Involved:
Although specific wallet addresses were not provided, the victim’s description suggests that the scam involved cryptocurrency deposits and withdrawals through fraudulent platforms, including crypto.com and an additional unnamed blockchain platform.

Domain Information:
The scam website shiliblock.com was registered with Gname.com Pte. Ltd., created on February 3, 2022, and set to expire on February 3, 2025. The domain status is clientTransferProhibited, a technique used by scammers to lock the domain and prevent its transfer or suspension.

Domain: shiliblock.com
Registrar: Gname.com Pte. Ltd.
Registered On: 2022-02-03
Expires On: 2025-02-03
Updated On: 2024-03-02
Status: clientTransferProhibited
NameServers: a.share-dns.com, b.share-dns.net
Scam Overview:
The victim was manipulated by a scammer on Instagram, who introduced them to fake cryptocurrency trading platforms. After initially depositing $1,000 and seeing apparent profits, the victim tried to withdraw the funds. However, they were informed that the withdrawal would be frozen unless they paid taxes, a common scam technique to extract more money from victims. The scammer claimed the victim’s funds grew to $60,000, but the victim was unable to access them due to the false tax demand.

Recommendations:
Report the Scam:
The victim should report the incident to relevant authorities such as the Federal Trade Commission (FTC), Internet Crime Complaint Center (IC3), and local law enforcement. Reporting will help track the scammer and warn other potential victims.
Consult Legal Counsel:
Given the significant financial loss, the victim should consider seeking legal advice, especially if they believe the scam could be prosecuted or if there are possible avenues for financial recovery.
Track Blockchain Transactions:
The victim should try to track any cryptocurrency transactions linked to shiliblock.com through a blockchain explorer. This may reveal further details about the scam’s operation or lead to identifying where the funds went.
Contact Financial Institutions:
The victim should reach out to crypto.com and any other platforms involved to report the fraud. Although it may be difficult to recover funds, reporting the scam could prevent future losses.
Disengage from the Scammer:
The victim should stop all communication with the scammer to avoid further manipulation. Engaging with the scammer will likely result in additional losses.
Raise Awareness:
Sharing the victim’s experience on social media, scam reporting websites, and cryptocurrency forums will help prevent others from falling victim to the same scam. Awareness is a powerful tool in preventing further fraud.
Monitor Accounts for Suspicious Activity:
The victim should monitor their cryptocurrency wallet, bank accounts, and credit cards for any unauthorized transactions. If any suspicious activity is identified, it should be reported immediately.

Conclusion:
The victim was scammed out of $31,468 USD (31,445.645 USDT) through shiliblock.com, a fraudulent cryptocurrency trading platform introduced via Instagram. After initially showing some profits, the victim was unable to withdraw their funds due to fabricated tax demands. Immediate actions such as reporting the scam to authorities, tracking blockchain transactions, and raising awareness should be taken to prevent further losses.