A deceptive scam has emerged, targeting individuals seeking financial gains through a so-called “Cash Loading Program” via Cash App. This scam promises substantial returns on investments, specifically a $10,000 return for a fee, under the guise of a simple 3% payment to the facilitator. However, victims are drawn into a cycle of paying ever-increasing fees without receiving the promised return.

Scam Details:

• Dollars Lost: $1800
• Location of Targeted Individual: PA, USA – 19143
• Scammer Location: FL, USA
• Scam Type: Cryptocurrency
• Business Name (Used by Scammer): CryptoCurrency Scam
• Date Reported: December 16, 2023

Victims are introduced to this fraudulent scheme through social networks, such as being referred by a “friend” on Facebook, and are instructed to pay fees in Bitcoin, a method chosen for its difficulty to trace. As the scheme progresses, victims are continuously asked to pay more, under the promise that once all fees are covered, they will receive their $10,000. Unfortunately, the payout never arrives, leading to significant financial losses without any return on the initial investment.

Please share your story if you or someone you know has fallen victim to this scam or a similar fraudulent scheme. Your experiences and any additional information, such as Bitcoin wallet addresses used for payments, methods of contact, or any communication from the scammers, can be crucial for Open Source Intelligence (OSINT) investigations. This information can help identify patterns, track the scammers, and potentially aid others in avoiding similar scams.

Be vigilant and skeptical of any program that requires upfront payment for a promised future return, especially when requested through cryptocurrencies or other hard-to-trace methods.