The Swap Scam | Bitcointalksearch.org

jt00

newbie

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Quote from: aioc on December 07, 2020, 06:07:56 PM

Quote from: jt00 on December 07, 2020, 09:29:49 AM

One common practice that makes my blood boil is the "swap scam" as it pertains to token swaps.

Basically, any token that doesn't have a perpetual window to swap is acting unethically and criminally. Because inevitably there will always be people who lose their investment because they failed to swap their token within the given time frame. I don't know how anyone can rationalize that this is not theft. Anyone who believes otherwise is unethical or very stupid. And if this industry were regulated, these people (the swap scammers) would be in jail.

As someone who is not particularly deft in the law I am asking for advice:

What can be done if anything through legal avenues for people to get their stolen money back?

There are many reasons why they are doing swap it could be that they are transferring to a new chain, or they are changing the contract, that is why you should always follow the update and do not leave their group channel in case there is an announcement of swap, more so if you are holding a big amount of token that is about to swap, the developer should be considerate in accepting late swap.

Many ethical teams have perpetual swap windows, it isn't that difficult. People will use irrational excuses to justify stealing money from others. In the least there should be one week a year in which swap windows are re-opened.

These people steal because they can get away with it. Scumbags with no integrity that should be in jail.

Slingshot

sr. member

Activity: 616

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Well, whatever anyone is doing they should always remember there is always scam. Projects are there to scam without even having conscience while some are very real and legit. Let's not out of greedy loose our funds to scammers. If they come with promises or swap fake promises just decline and do some findings before investing please

Sebas.tian

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More reasons why i often stand against cryptocurrency exchnage without proper regulation, they are found with this misbehavior against their esteem customers. The worst case about this incident is that, they (the cryptocurrency exchnage) don't have physical office which we can easily tender complaint. We should ensure to commit these cryptocurrency exchanges to take the route of regulation becasue this will definitely help we'll from such scams.

nomenclatur

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Activity: 1344

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token swaps often occur in ico projects and are often more detrimental to investors because most of the time if swaps are late then all of it will be useless and tokens will not have a selling value and will become trash because of that many people prefer to quickly sell them when the price still has Of course, many investors realize that swaps will require gas costs which will make more expenditures which make investors even more disadvantaged.

gurunanakji777

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SOL.BIOKRIPT.COM

I do agree with you. There are several coins in your portfolios and some team decided to swap their coins in a specific time frame, if one has not taken the action at the right time he will not receive new coins and this is a planned scam I would say because it's not possible for everyone to become active on social media groups to get updated all the time to check what's going on and some people check also time to time but they also missed the updates sometimes so such swaps give frustration when not received because you did hard work to receive the rewards and you missed it because you could not swap the coins in the specific time frame. A lot of people ignore such scams and do not take any legal action because it's our duty as well to get up to date before blaming.

Lhaine

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This is a common schemes use by different project there are also project that make swap of their tokens more than 1x so it means they want to take advantage of the supply of those people that will not follow swap instructions. They choose that way to decrease the supply and the token holders of their tokens every time they make a swap. Then after that they can easily manipulate the price to increase since they know the holders is reducing.

zasad@

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Quote from: Jating on December 07, 2020, 12:24:37 PM

Quote from: zasad@ on December 07, 2020, 11:31:41 AM

Quote from: jt00 on December 07, 2020, 09:29:49 AM

What can be done if anything through legal avenues for people to get their stolen money back?

There are already large companies in the world that are fighting against online fraud, hacking, theft of funds, etc.
https://www.group-ib.ru/
If you have been cheated for a large amount and you have the means to hire professionals, then you can try to contact such companies.
But their services are very expensive 50-100 thousand dollars and more.
They work with the police of many countries, and after the fraudsters are found, their data will be transferred to the police.

That's the thing though, if you have been scam just a couple of thousands of dollars then it doesn't make sense to spend $50-$100 thousand just to chase those criminals. However, perhaps these victims can group themselves together to strengthen the case and maybe they can file it against those fighting online frauds.

I'm not really sure though if this has precedence already. As far as I know, it's either the US DOJ or SEC are filing criminal complaints and chasing this fraudulent projects in crypto space

I watched interviews with these guys. Interpol and other interstate structures are working very slowly. It takes a very long time to request and exchange information.
These companies can quickly conduct investigations and transfer data to the police of different countries.
Cybercriminals are now getting huge prison sentences because they are found quickly, because there are many ways to find hackers.

aioc

hero member

Activity: 2926

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Quote from: jt00 on December 07, 2020, 09:29:49 AM

One common practice that makes my blood boil is the "swap scam" as it pertains to token swaps.

Basically, any token that doesn't have a perpetual window to swap is acting unethically and criminally. Because inevitably there will always be people who lose their investment because they failed to swap their token within the given time frame. I don't know how anyone can rationalize that this is not theft. Anyone who believes otherwise is unethical or very stupid. And if this industry were regulated, these people (the swap scammers) would be in jail.

As someone who is not particularly deft in the law I am asking for advice:

What can be done if anything through legal avenues for people to get their stolen money back?

There are many reasons why they are doing swap it could be that they are transferring to a new chain, or they are changing the contract, that is why you should always follow the update and do not leave their group channel in case there is an announcement of swap, more so if you are holding a big amount of token that is about to swap, the developer should be considerate in accepting late swap.

DoublerHunter

hero member

Activity: 2590

Merit: 644

^ Sad but it is true that currently around the globe there is no clear or lucid law that will protect scammed people on their crypto properties and if you seek legal assistance about this then it will really cost you a lot like you've been scammed for the second time because you will pay more than the amount that was stolen from you. The best thing that we can do as of now is to be keen on our actions especially on those who will be entrusting our funds like researching first their background and their transparency to the customers including the security that they can provide to us.

hugeblack

legendary

Activity: 2702

Merit: 4002

Unfortunately, the law does not protect the fools, and there is no clear regulatory framework in order to ensure its implementation, as many countries do not have clear laws for cryptocurrencies, so finding a professional lawyer and ways to officially retrieve data seems cumbersome, but things will change in the future.

The basic rule is that most exchanges are centralized, so you should make sure that they have legal papers and a workplace so that you can sue them for fraud charges.

Jating

hero member

Activity: 2842

Merit: 772

Quote from: zasad@ on December 07, 2020, 11:31:41 AM

Quote from: jt00 on December 07, 2020, 09:29:49 AM

What can be done if anything through legal avenues for people to get their stolen money back?

There are already large companies in the world that are fighting against online fraud, hacking, theft of funds, etc.
https://www.group-ib.ru/
If you have been cheated for a large amount and you have the means to hire professionals, then you can try to contact such companies.
But their services are very expensive 50-100 thousand dollars and more.
They work with the police of many countries, and after the fraudsters are found, their data will be transferred to the police.

That's the thing though, if you have been scam just a couple of thousands of dollars then it doesn't make sense to spend $50-$100 thousand just to chase those criminals. However, perhaps these victims can group themselves together to strengthen the case and maybe they can file it against those fighting online frauds.

I'm not really sure though if this has precedence already. As far as I know, it's either the US DOJ or SEC are filing criminal complaints and chasing this fraudulent projects in crypto space

zasad@

legendary

Activity: 1932

Merit: 4602

Buy on Amazon with Crypto

Quote from: jt00 on December 07, 2020, 09:29:49 AM

What can be done if anything through legal avenues for people to get their stolen money back?

There are already large companies in the world that are fighting against online fraud, hacking, theft of funds, etc.
https://www.group-ib.ru/
If you have been cheated for a large amount and you have the means to hire professionals, then you can try to contact such companies.
But their services are very expensive 50-100 thousand dollars and more.
They work with the police of many countries, and after the fraudsters are found, their data will be transferred to the police.

Sterbens

sr. member

Activity: 1848

Merit: 341

Duelbits.com

Quote from: jt00 on December 07, 2020, 09:29:49 AM

What can be done if anything through legal avenues for people to get their stolen money back?

In general it is very difficult to file a complaint that is not headquartered in your country. considering that it must also be based on the legality of the platform. I often hear this risk, even some of my friends have experienced this kind of thing. and they are also confused when the money has arrived and cannot be returned.

Slow death

legendary

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Quote from: jt00 on December 07, 2020, 09:29:49 AM

What can be done if anything through legal avenues for people to get their stolen money back?

I have talked about this many times, exchanges have no respect for customers, at least it is the case with most exchanges and they do this precisely because they know they will not feel the weight of the law. and knowing that exchanges don't even have a physical office and have anonymous owners everything gets complicated when it comes to complaining.

The solution to this problem will be on the day that all exchanges are regulated and have physical offices

bekti3

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Activity: 1078

Merit: 15

Quote from: jt00 on December 07, 2020, 09:29:49 AM

As someone who is not particularly deft in the law I am asking for advice:

What can be done if anything through legal avenues for people to get their stolen money back?

I am also not someone who understands the legal field, but if it is categorized as crypto-type theft, it is clearly very difficult to get caught by the law.
refers to IT law? regardless of whether your country has a pretext for imposing sanctions and can detect the person behind the fraud. but some of the deceived people should have initiative like yours and report to the authorities. if you do it yourself without clear evidence and the losses incurred exceed the legal expert's payment fees, I guess that's up to you.I am also not someone who understands the legal field, but if it is categorized as crypto-type theft, it is clearly very difficult to get caught by the law.
refers to IT law? regardless of whether your country has a pretext for imposing sanctions and can detect the person behind the fraud. but some of the deceived people should have initiative like yours and report to the authorities. if you do it yourself without clear evidence and the losses incurred exceed the legal expert's payment fees, I guess that's up to you.

oh I almost forgot, maybe it's more appropriate if you make the thread here friends https://bitcointalk.org/index.php?board=83.0

jt00

newbie

Activity: 11

Merit: 0

In the crypto industry, there is a very large elephant in the room.
This industry is filled to the brim with unethical, no integrity scumbags. They may talk nice, may have great credentials, but nevertheless, they are utter pieces of garbage.

One common practice that makes my blood boil is the "swap scam" as it pertains to token swaps.

Basically, any token that doesn't have a perpetual window to swap is acting unethically and criminally. Because inevitably there will always be people who lose their investment because they failed to swap their token within the given time frame. I don't know how anyone can rationalize that this is not theft. Anyone who believes otherwise is unethical or very stupid. And if this industry were regulated, these people (the swap scammers) would be in jail.

As someone who is not particularly deft in the law I am asking for advice:

What can be done if anything through legal avenues for people to get their stolen money back?

Topic: The Swap Scam (Read 209 times)