A recent incident involving Curve.fi, a supposed mining pool, has emerged as a high-stakes scam targeting unsuspecting investors. The scam began when a fraudster reached out through social media, presenting Curve.fi as a reputable platform for crypto investments. Initially, the scam appeared legitimate, with the platform even releasing small amounts to build trust. However, as soon as larger investments were made, the tactics shifted drastically, with demands for additional funds to “unlock” withdrawals and attempts to freeze account access. Ultimately, this deception led to a devastating loss of $278,434.

How the Scam Operated

The fraudster contacted the victim through social media, persuading them that Curve.fi was a genuine and profitable mining pool. To gain trust, small withdrawals were processed initially, giving the illusion that funds were easily accessible. This tactic encouraged the victim to increase their investment significantly. However, as the deposits grew, the platform began imposing new barriers to withdrawing funds, including demands for additional fees and security deposits.

When the victim attempted to withdraw a substantial amount, they were informed that their funds had been “frozen” due to account verification issues, requiring yet more payments. The repeated demands for additional money were merely a scheme to drain more funds, leaving the victim unable to access any of their initial deposits or profits.

Transaction Details

The victim’s crypto transactions included:

1. Wallet ID: bc1qcz65vllajvuadk83jk9uflcpmjafavss4k67hz
   – Crypto: BTC
   – Amount: $120,687
   – Date: 05 Jul 2024
2. Wallet ID: 33WbY7Sc1ciDyvTSaxsoK6KH5Y2B1XNVsx
   – Crypto: BTC
   – Amount: $157,747
   – Date: June 27, 2024

These significant amounts were transferred under the pretense of profitable mining operations, with Curve.fi creating a false sense of legitimacy to encourage larger investments.

Warning Signs

• Social Media Contact: Be cautious of unsolicited investment offers on social media, particularly from individuals claiming connections to mining pools or investment platforms.
• Initial Payouts for Trust-Building: Many scams release small amounts initially to build trust, only to impose barriers when larger amounts are invested.
• Frozen Funds and Additional Fees: Demands for extra payments to unlock funds or resolve verification issues are common red flags indicating fraudulent activity.

Curve.fi Conclusion

The Curve.fi mining pool scam serves as a sobering reminder of the dangers of online investment schemes. The total loss of $278,434 underscores the importance of conducting thorough research before trusting any platform, especially when unsolicited offers are made on social media. Platforms or individuals that demand additional payments for withdrawals or freeze accounts with fabricated verification issues should be avoided entirely.

For anyone approached with similar offers, exercise extreme caution, verify the platform’s legitimacy independently, and avoid depositing funds without verified information.