Social media is a great place to connect, but it’s also become a hotbed for crypto scammers pretending to be influencers or experts. My friend Julia recently fell victim to such a scam that wiped out her savings.

Julia started following a seemingly successful cryptocurrency trader on Instagram. The profile was polished, showcasing luxury lifestyles—expensive cars, vacations, designer clothes—and screenshots of massive crypto profits. The influencer regularly shared stories about helping followers achieve financial freedom through cryptocurrency investments.

After interacting for a few weeks, the influencer personally messaged Julia, offering her an exclusive opportunity to join a “private trading group.” Excited by the chance, Julia accepted. The influencer then encouraged her to deposit at least $2,000 into a “secure crypto investment wallet,” promising quick returns through their “secret trading strategy.”

Believing the influencer’s impressive social media presence and followers’ comments praising their profits, Julia sent the money. Initially, things looked great—her account balance grew rapidly. Encouraged by this, she deposited another $3,000, expecting even bigger profits.

However, when Julia tried to withdraw her earnings, she was told she needed to pay a withdrawal fee. Suspicious, she hesitated, but the influencer pressured her relentlessly, claiming the fee was mandatory. Julia eventually gave in and sent an additional $500, desperate to access her supposed profits. After this final payment, the influencer suddenly blocked her on Instagram and vanished entirely.

Julia later discovered that the influencer had used stolen images from other profiles to create a convincing fake persona. She learned a painful lesson—never trust flashy social media accounts promising guaranteed returns. Always verify identities, do thorough research, and avoid investments that pressure you into making quick decisions.