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A recent scam has been reported involving fraudulent investment schemes promoted on Facebook, leading victims to transfer funds via Cash App to the Bitcoin wallet address
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. The scam has resulted in significant financial losses, with victims misled by fake promises of high returns on their investments.
How the Scam Operated:
- Fake Investment Offers: Scammers approached victims through Facebook, advertising a “guaranteed” high-return investment opportunity, often using fake profiles or groups tocreate an illusion of legitimacy.
- Use of Cash App for Payments: Victims were instructed to send Bitcoin via Cash App to the specified wallet address, exploiting the app’s simplicity and speed for transactions.
- Funds Irretrievably Lost: After the payments were made, the scammers disappeared, leaving victims without any returns or means to recover their funds
Common Tactics Used in the Scam:
- Emotional Manipulation: Scammers often pressure victims with time-sensitive offers or exclusive opportunities to gain trust and rush decisions.
- Professional Appearance: Fake testimonials, fabricated screenshots of “profits,” and other tactics were used to make the scam seem credible.
- Social Media Targeting: Facebook’s large user base was exploited to reach potential victims, especially those less familiar with cryptocurrency risks.
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