Buying house with fake tokens - page 3.

TimeTeller

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Quote from: livingfree on August 13, 2022, 05:54:50 PM

Is this a real scenario?

Why would someone would love to receive a token that's not even known and popular. Usually, when there are trades and deals like this, it's either bitcoin, ethereum, bnb or any stable coins are the ones that's being accepted.

But why would someone accepted a token that's not really being used and turned out to be a fake one? There are too many questions on this. If he's able to accept a fake token, then the victim isn't really keen on accepting crypto as payment.

And he/she shouldn't have accepted it. What's the token?

It is the responsibility of the owner to know the value of the token itself.
However, we don't know the whole story here as the token may have value at the time of payment.
Remember, most pump and dump tokens, and if they happen to receive at the time of pumping period.
And some of these owners don't know that the token can easily lose their value once this period is over.
So if you are an owner and wanted to receive crypto payment, better stick to BTC, ETH or BNB.
At least you have to chance to convert it to your fiat, but with tokens, they can easily go worthless.

livingfree

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Is this a real scenario?

Why would someone would love to receive a token that's not even known and popular. Usually, when there are trades and deals like this, it's either bitcoin, ethereum, bnb or any stable coins are the ones that's being accepted.

But why would someone accepted a token that's not really being used and turned out to be a fake one? There are too many questions on this. If he's able to accept a fake token, then the victim isn't really keen on accepting crypto as payment.

And he/she shouldn't have accepted it. What's the token?

evichi

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I think more information is required to verify if this actually took place: The type of token used for the tranasaction, news source, location of the house to be purchased, etc. Purchasing a property like house, requires lots of paperwork, lawyers, transfer of ownership/deed of conveyance, etc. The buyer cannot own the property when the proper signatories have not take place. Buying house, IMO, is not faceless exercise that can be conducted without knowing the buyer. Assuming the fake token was discovered at a later time, then the seller have to involve experts/lawyers to track the transaction as this will be s serious court case. The buyer must prove that he sent the token/coin and verify his address. Both buyer and seller transaction hash will be studied by Crypto experts and lawyers to be able to resolve such case. The buyer cannot assume ownership without satisfactory documentation.

isaac_clarke22

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Quote from: re-start on August 13, 2022, 04:36:47 AM

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Curious to where this came from, OP. I have not heard any news yet pertaining that people paid for such high amount using non-Bitcoin or non-ETH. Do people think that tokens are all tied too much directly to Bitcoin that is why they are allowing such payment method?
I am pretty sure that people would at least accept Bitcoin first and the seller could have checked the token's price first since that is really the usual procedure they would do.
Surely the seller would appeal on this transaction right?

BuNga_cute

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Quote from: so98nn on August 13, 2022, 01:38:26 PM

That’s lot of money and kinda big fraud but never read any news like this before. Sure there are bunch of frauds already happened in the crypto space and not just fake token but fraud cases with the bitcoin too. That’s sad because nonetheless some of them will always ruin the rim of new technology. Hope so they get their money back some how. That’s lot of money and they lost the house for nothing.

Actually, fraud is everywhere, not only in the crypto world. Therefore we need to be wise in every decision we will take, especially those involving
large amounts of money, we should not rush into making decisions. I don't know if what the OP said is true or not, for sure buying a house with
fake tokens in my opinion is very difficult to do, because it involves large amounts of money. Usually home sellers if they accept payments with
crypto will definitely ask for payment in Bitcoin or top altcoins, I doubt any house sellers will accept new coins or shitcoins. Unless the seller of
the house really trusts the buyer, so the seller of the house ended up being deceived by the buyer. Because fraud will easily occur if the victim
trusts the fraudster. Usually professional fraudsters always build a good image first to their victims, so that they can easily commit fraud.
A lesson for all of us to always be careful in making decisions in the crypto world. Moreover, we all know that the crypto world is prone to fraud.

so98nn

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That’s lot of money and kinda big fraud but never read any news like this before. Sure there are bunch of frauds already happened in the crypto space and not just fake token but fraud cases with the bitcoin too. That’s sad because nonetheless some of them will always ruin the rim of new technology. Hope so they get their money back some how. That’s lot of money and they lost the house for nothing.

salad daging

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Quote from: MAAManda on August 13, 2022, 06:25:59 AM

No direct link to news = Fake, I've even searched for news about this on google, but I didn't get any results. And if this is the case, it shouldn't take long for the homeowner to get his rights back because he was duped into buying the house. Maybe the first thing the OP can do is share a valid news link regarding this issue, then we can continue the discussion.

This is so interesting it really needs a link for us to know about this scam and is it on the global news yet?
I really wonder why this can happen even though buying a house requires some important letters and a valid transaction so this is buying with fake tokens whether the agent really doesn't know the token or what, so if there is no link we can't conclude it.

Indeed, there are many frauds with many cases happening, I often see it because there is news in the article, therefore about fake token fraud to buy a house, I just heard about it now.

globalpain

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what kind of fake token?, even though there are lots of altcoins that are verified through their smart contracts,
but are there still scammers? I'm really curious why can Fake tokens be accepted as a means of payment?

cryptoperkele

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Quote from: re-start on August 13, 2022, 04:36:47 AM

I read in the local news that a person bought several houses with fake tokens. He has defrauded more than 1.2 million dollars and now, house owners have a worthless fake token.

Nothing in this make any sense. What do "fake tokens" even mean? And obviously officials would step in at the moment they realize it's a scam. Not to mention you need to report where you got the money from when you are buying houses. You have no source for this and this sounds like a made up story.

Smitty Werben Man Jensen

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how can people trust fake tokens? this really confuses me, tokens have their own smart contracts,
and of course it can't be rigged, although not everyone is smart in this,
but is it possible that a seller who receives fake tokens doesn't know anything about cryptocurrencies? really very weird for me.

Nrcewker

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Quote from: re-start on August 13, 2022, 04:36:47 AM

I read in the local news that a person bought several houses with fake tokens. He has defrauded more than 1.2 million dollars and now, house owners have a worthless fake token. This is not new. We have seen different scams over the years by using cryptocurrencies! But I read people's comments and seems they are angry.
A good event can change people's views of cryptocurrencies.

what do you think guys?
If you have an interesting idea, I can use it and share the result here for you.

Not to blame the scammer. Here the seller is dumb.
How can he sell the house by just keeping this worthless tokens? These only proves that the seller has huge amount of money, so he doesn’t really care, or else he wanted to get rid of the house.
Nevertheless this is not new to us that someone got scammed due to this token shit. And I can still see that many people are running to hold as many tokens as they can.
Only show interest in tokens which are backed up by famous personalities. Beware of scam.

minairia3

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I have never heard of this before. A fake token? How can you sell a house to a strange man with a fake token?
Very unlikely, you should provide more information: what is the name of that fake token called?, and how did the householder trust the scammer with a token that is not on coinmarketcap. The householder wouldn't be stupid enough to exchange large properties for crypto without any crypto knowledge.

nira09

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Quote from: re-start on August 13, 2022, 04:36:47 AM

I read in the local news that a person bought several houses with fake tokens. He has defrauded more than 1.2 million dollars and now, house owners have a worthless fake token. This is not new. We have seen different scams over the years by using cryptocurrencies! But I read people's comments and seems they are angry.
A good event can change people's views of cryptocurrencies.

what do you think guys?
If you have an interesting idea, I can use it and share the result here for you.

Sorry, I also doubt the news you convey, How can someone accept payments using Crypto when he doesn't know about Crypto. In addition, buying and selling a house is a large transaction that requires legality, so it should be easy to find a buyer who cheated on him and the seller can sue the buyer for fraud.

Johnyz

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Is this real? Do you have any proof OP with regards to this one? because buying a house will take a lot of documents but if that scammer really great on scamming people, then it can be more easy for him/her especially if the property is located Rural area, but I still doubt about this story.

If buying property can easily be acquired like this, I think there's something wrong with the system on that country and needs to be address or else many will still fall on this kind of scheme. If you are not into crypto yet, don't trust any token or anyone that is sending crypto as their mode of payment, this is too risky.

Gozie51

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Quote from: Kalchef on August 13, 2022, 07:25:14 AM

If this is true the buyer should be the scammed victim because no real documents were passed on to him, he sent tokens to owners and he believed that he is the real owner? Where is the proof that he is the owner? Kinda case that gets solved easily in courts.

I think they say you can't put something on nothing and you think it will stand. This means the matter is going to end in litigation in the court. If the seller will confirm and proof that he received some fake token in payment of his house, the buyer may have to forfeit what he has benefited. This is a matter that will be settled in court and the fact it should involve lots of money.

Kalchef

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If this is true the buyer should be the scammed victim because no real documents were passed on to him, he sent tokens to owners and he believed that he is the real owner? Where is the proof that he is the owner? Kinda case that gets solved easily in courts.

X-ray

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How dumb those house owners are. I guess if they have almost zero knowledge about crypto and that's why he was accepting scam token for their house lol. Those owners must be stupid enough. They didn't even try to talk with others who understood so well before tried to accept crypto as payment.
You shall search the link to that news or some members here may not believe it. I think that must better rather than creating a topic without any link

coin-investor

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Quote from: re-start on August 13, 2022, 04:36:47 AM

I read in the local news that a person bought several houses with fake tokens. He has defrauded more than 1.2 million dollars and now, house owners have a worthless fake token. This is not new. We have seen different scams over the years by using cryptocurrencies! But I read people's comments and seems they are angry.
A good event can change people's views of cryptocurrencies.

what do you think guys?
If you have an interesting idea, I can use it and share the result here for you.

If this is true since you did not post proof that it really happen then Those owners can recover their houses because they received fake tokens this is fraud the buyer can go to jail if the seller can prove that they received fake tokens, its easy to recover those houses because it's back by documents and transactions, it's different if they bought something in the internet like software or a peer to peer transaction, they need a good attorney to recover those houses if I am buyer I would not even think of buying a house with fake token because its easy to prove your crime.

MAAManda

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No direct link to news = Fake, I've even searched for news about this on google, but I didn't get any results. And if this is the case, it shouldn't take long for the homeowner to get his rights back because he was duped into buying the house. Maybe the first thing the OP can do is share a valid news link regarding this issue, then we can continue the discussion.

Wexnident

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Tried looking for it with a quick lookup but I couldn't find it. This is highly unlikely imo for real estate since they don't necessarily accept crypto as payment in general, they only accept fiat and even if they actually did accept crypto, you'd understand that they have at least some form of understanding about the crypto scene. Now if these "fake tokens" were actually valued at the start of the purchase but dropped at some point which lead to the value dropping to zero, I think the real estate agent would be at fault (since they should know about the volatility of crypto at the point when they actually accepted it as payments). It'd be a different thing if it really was a fake token though and for some reason, the agent still accepted the purchase.

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