Topic: Ponzi scheme scammer uses BTC to cover tracks (Read 564 times)

There is also mixing though, and we could be losing the sign of them. I mean the simplest one, if there is a small scam, then they could just put their money into binance, with a token or coin they will not use, and just use a dex to turn their btc into any token and so forth. Long story short, it is quite possible to lose all of your tracks if there isn't a big one.

Obviously if it is like 100+ million dollars or whatever, then they won't be able to hide it, because everyone would be joining on the track and investigate where the money is going and that would cause a bit of trouble for them. This is why it's quite important not to be alone when you are scammed.

The bad news is if you try to educate some people to avoid Ponzi scheme, they'll feel you're advising them to leave a profitable investment. People are so easily brainwashed because of their greed. They've seen an invested that will guarantee them 200% of their actual money in a month so who are you to tell them otherwise. I have met few people that i advised against Ponzi and they listened while some didn't. I have also met one that have lost a lot of money in Ponzi but she said she will still go into another one if she sees the opportunity. According to her its an investment and investment comes with risk.

Come in mind that there would be no scams if theres no one letting themselves on getting scammed and thats the truth.Considering that this market is involved which huge money that circulates around

then it wont really be surprising that this would be a honeypot for scammers, swindlers and hackers all around which it is really just sensible for us investors and holders to mind off about the security

of our coins via using up non custodial wallets and be mindful on how to make use of centralized platforms which does have a bad history on those incidents
which causes up huge stolen funds and something correlated.

Ponzi scheme will always remain in the space because there's are more obstacles in the space and they're all scams. Taking good steps to prevent scam is one big nice tep and very tradeable interms of security. Crypto having one of the most amount of scams and it's generating as the day goes by, but it can not be eradicated but prevented, and it's by getting enough knowledge on how it works,  there by making more users serious about it. There's absolutely no investment that will grant you double or triple of money invested and later telling people that they need time to upgrade their online site.

No matter how smart the scammers are, they will eventually get caught.
The final landing place to know the owner really needs time and the address will continue to be monitored. cases like this also depend on how many transactions were made or the amount of money the scammer managed to cheat.

The more there are, the more focused on finding the main perpetrators, as in the case of hacking carried out by several hackers who moved millions of dollars from their wallets which will continue to be monitored by the FBI.

About Options, P2P mixers are also targeted for tracking as authorities will target these platforms to provide the required data that leads to suspicious users. The government and law enforcement agencies have full authority regarding the disclosure of cases like this if necessary.

But if it's only a small transaction, maybe the case will just disappear.

Ponzi schemes target those who still don't understand what a Ponzi really is. Those who are trapped are also promised various benefits without knowing what a Ponzi scheme really is. Currently, Ponzi schemes use crypto as camouflage to run their business, so crypto becomes a good place for them and it seems as if they are building a crypto project that promises a lot of profit. even though the scheme used is a Ponzi. I found a lot of Ponzi scheme projects in crypto and in the end, it hurt a lot of people.

Unfortunately there are still few ponzi schemes around. It appears not everyone has gain the know of understanding ponzi and avoiding them. Few people still fall victim in ponzi scheme which is not likely at this very time.
It is going to be a continuous campaign against ponzi schemes, educating people to avoid ponzi and such falea offer to give them high percent.

If the scammer is very smart and wise, it could be a 30% of chance that they will recover it from a scammer. Yes --bitcoin could be tracked but you don't know who is the owner of the address where it landed. P2P exchanges and bitcoin mixers could be an option for this scammer to hide the scammer's identity. However, there are a lot of tools now that can track transactions but I think it takes too long before this case will close.

Very can and the BTC address will reveal who the perpetrators are behind the Ponzi scheme.
And you are wrong about the difficulty of identifying scammers via BTC addresses, because BTC uses Blockchain recording technology where all transactions will be recorded and cannot be deleted, so that the source of the money and where it ends will be known even if they use the bitcoin mixer platform service.

To prove a Ponzi scheme or report about a fraudulent scheme that is being carried out, it all depends on how many victims report it, and the losses are estimated, so that the government can move quickly to catch the perpetrator of the Ponzi scheme.

So you are saying mixers are useless? Interesting🤔, how would you explain successful mixers operating for years with God know how much stolen money, and how much blood money on their hands?

This depends on various factors. I mean if he had publicly linked his BTC address with his profile anywhere, then he can be easily traced through it. If he doesn’t use any mixer, and directly sends all the money to his wallet, then also he can be caught. In order to cash out the Bitcoins, if he sends the BTC to an exchange where he has done KYC , then also he can be caught. Similar incident already happened at Binance as far as I can recall, and Binance helped the police I guess. It’s better to avoid this type of Ponzi schemes. No one becomes rich overnight. Work hard continuously, and definitely you will get profit and wealth.

When any website offers returns like that, I can assure you it is an attempt at scam which should be avoided ASAP. Staking is of course different like most fake websites that offer high returns, so it's only natural that they have to be very careful and do a thorough analysis before investing.

I'm sure some people here ^{[in this forum]} may have received offers like that from friends or other random people, so they should be able to choose and sort out which ones are really legitimate for their investment. Losses and gains are a definite consequence for every investor, so they must be quite responsible for whatever they choose.

It can but it will be difficult, you need someone to really track those addresses and be identified to that individual.

Because you needed to do blockchain chain analysis, here this company who specialized on it: https://www.chainalysis.com/. But obviously, it will take a lot of money to tap their services though. So unless this individual scam millions and millions of dollars and as a Ponzi scheme, authorities might not react as swift as they can, just saying.

Agreed, it is our responsibility to keep ourselves secure identifying how the scammers approach and how to stay away from such people. When something gets value, automatically there arises a group that scam common people in the same name. More pyramid schemes are running around in the name of cryptocurrency, as scammers have identified the increasing usage around the world.

Scams are everywhere, there's no single thing that don't have existence of scams inside. Bitcoin is worldwide and it's growing rapidly to other parts of the universe, left for you and me to adapt to it and know how the entire project operates. There's new scamming method everyday, and we need to be fully enlighten on how to control and prevent from been victims. We have our own pattern of noticing scams and it's very simple, we can also use our common sense to know what's scam and legit.

Many people have used Bitcoin to perpetrate evil in the past and they are still doing that, but with caution now as Bitcoin is getting more adoption, knowledge and exposure. And Ponzi has been before BTC and would continue to be, but in an advanced scheme, and such is what Bitcoin made available through its privacy and anonymity. Many people have been swindled through this and many would still be scammed unless they are careful themselves in falling for HYIPs.

And as for the question of the OP, the Bitcoin Ponzi scam could only be traced if the scammer is careless. Although BTC transactions are traceable, there are many vices to make transactions untraceable.

Hard to convince people who can't see the proof in the poisoned pudding. Greed dampens the small voice in the back of their heads telling them it's a game they're eventually going to lose.

High returns with no effort. Lock in periods. Referral fees. Guarantees of profit (even SBF in his pitches used phrases like "risk free" and "zero risk"). Classic ponzi schemes.

Years ago I read research about triad gangs in Southeast Asia, same circle of people running relatively low value ponzis like this. HYIP rings and money doublers. I saw them myself in the late 1990s, mid-2000s. They don't end up taking much but they just run multiple sites, rinse and repeat, so stay below the Madoff radar.

Used to be cash in mail, internet and PayPal was next, then digital payments like e-gold, not Bitcoin.

Is the Ponzi schemer still alive? I assumed that crypto users were already aware of how a Ponzi scheme works and how to protect their funds. Ponzi schemes never last, and the people who run them are scammers. Once they have raised a sufficient amount, they can proceed with the funds. If the BTC address is not public, there is no way to track the scammer. Just keep in mind that there is no money-making machine that will provide you with high returns. Use your brain and save money.

This line of thinking is what has led many into becoming victims of investments scam, this method of Ponzi has been around for a while now but we should already know that scammers already have a good map out plan to exploit the investors, so no matter how smart an investor is he will end up losing everything in the long run.
Trying to outsmart the scammers with trial funds is not a good idea to me and you should not upload your document on third party website most especially an investment platform because there are no legal financial institutions, a lot of such schemes have collapsed lately and investors are counting their loses.

Many people come to the bitcoin wold because they want easy money. They see a page where they get 20% return of they "stake" their bitcoins ore something else. Then they see a stupid explanation why this website gives them 20% return and not 5% like you would get with any other investment. They believe it because bitcoin is magic internet money that gives free money. They eventually loose their bitcoin and say bitcoin as a whole is a scam.
Best Part: Many of those people are here in the forum but dont know yet that their bitcoins are sooner or later lost.

There are many cases of ponzi investment in the community, most of the modes are the same but often the cover is different. Everyone tends to be careful when getting an investment offer in the name of bitcoin. Many people suffer losses from illegal investments ^{[ponzi schemes]} because they don't understand what investing is, so there is nothing to consider when someone wants you to invest under their control.

Bitcoin has never promised a return within a certain time frame, a return on people's investment because of its fluctuating value. So no one knows what percentage of profit will be obtained in one month, one year or for a certain period.