Today we are going to take a deep dive into crypto scam and to start off, let’s understand what exactly happened with seven celebrities. Hollywood celebrities know who A lawsuit has been filed against them, so What exactly are we talking about?
What kind of cryptocurrency scam is this? So basically, this is the, I wouldn’t claim that this is a cryptocurrency scam as such because, these were the celebrities who just endorsed it and which brings out and you are aware of when they did the endorsement for this particular exchange and for a particular crypto.
You know, at least they knew that, you know someday that this will simply leave, and that is exactly what It happened over here and there have There have been major issues with this. So this is just a part of it, which brings us to, like, a very important thing. that just because celebs have some high Profile celebs are, you know, endorsing, cryptos, or even, I would say, some of you know about fantasy games or gaming websites.
Please do your due diligence before putting your money into it, so, know a lot of countries, including India has certain guidelines for these celebrities, and I think the celebrities are just not going through those guidelines, even in India is pretty stringent, and they must go through such kind of guidelines before endorsing such a kind of product.
There we go. Really, I was just coming to some guidelines. point because, in India, I think we’ve have you got a set of guidelines? know against you endorsing any kind of products, not only financial products but, then all kinds of products, and this is for the social media influencers as well.
As celebrities that we are talking about Specifically, let’s just stick to Crypto scam celebrity endorsement? is one of the ways, or one of the types of scams that are catching up but apart From that, what exactly is the modest mode of operation of crypto scams, which are also rising in number
Okay, so if we see the current The current trending one is something that I would call it big butchering, and the The second one is, your friends accounts being hacked or impersonated, so these are like, you know.
The two major things, so let me explain What is pig butchering, Pig? butchering is that you know you will get a message from some random person whom you wouldn’t know also, and then They will slowly start talking to you. This is more like a romance, Camp.
I and I know several victims who’ve approached me for this, and, so you know, they start talking to you, they kind of it’s It’s like like catfishing, you know. They will catfish you.
They will talk to you, and then slowly they will fall for the lure. you into investing in cryptos, and if You’re already invested in cryptos. They will ask you for your digital qualities, or they might ask me just to transfer funds to a different wallet, and you know they’ve already gained your trust over there,
Now They may keep you knowing they make you keep buying more and more crypto, but We also don’t realise that all this Money is going into a particular digital wallet on, and you know we think we have a control, but actually we don’t have a control over it, so this is this is one scam, which is pig butchering, and it’s there, and once you fall, play through it.
Like, I don’t know anyone who’s been a victim of less than five lakh rupees as such then the second one, which is now What is becoming very common on YouTube is there on Instagram. It’s there on Facebook is there.
It’s there You will see advertisements for it everywhere you look. People are asking you to come to a particular website, and you know where to invest As such, we, and over here also there have been celebrities who’ve been endorsing certain things, so we need to do our due diligence very well.
The third One, as I was telling you, is about, Instagram or Facebook, where An impersonation is there either I hack your account, and you know now that I misuse your account, and I just tried to show that Hey guys, I bought this fancy car, know from the crypto money that I earned. and what will happen is that your followers will believe that you actually bought it.
Because of this particular thing and then you will start following that. particular cryptography or that particular account, and then they will take you to telegram, or they will start speaking They start making you, you know.
Invest initially, you will also see returns, but those returns will be like very minimal, like you know in hundreds of rupees as such, and that is Just for you to believe that they are for real, so, uh, this is where Your account is being had now, even if Your account has not been hacked.
