Author Topic: Multiversx crypto scam Beware!  (Read 2454 times)

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Offline nctnicoTopic starter

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Multiversx crypto scam Beware!
« on: July 06, 2023, 11:56:16 am »
Someone in my close circle got lured into 'investing' into Multiversx crypto. First they earned a bit of money using small amounts. Then they teamed up with someone else (acquaintance of an acquaintance so no super random stranger) to invest a whole lot. Then they 'earned' a whole bunch of money that is in their Multiversx account but Multiversx now wants payments for taxes, more payments for taxes and even more payments for taxes before they can release the funds. Ofcourse these tax payments are completely bogus. The people that got scammed got rid of all their savings (a 5 digit number in euro)! I do not know the super fine details but caveat emptor!
« Last Edit: July 06, 2023, 12:02:56 pm by nctnico »
There are small lies, big lies and then there is what is on the screen of your oscilloscope.
 

Offline jonovid

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Re: Multiversx crypto scam Beware!
« Reply #1 on: July 06, 2023, 12:22:40 pm »
post it on Dodgy Technology
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Online ataradov

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Re: Multiversx crypto scam Beware!
« Reply #2 on: July 06, 2023, 03:56:51 pm »
This is a very common scam. There are literally 1000s of them. There is not even a point in remembering the name, it will not exist for much longer and they will start under a new name.

A typical entry point for this are dating apps. A person would match with you and then after a few minutes they will want to tell you how they are making a lot of money using crypto. And they will ask you to install their specific app or use their specific site.

Also, all crypto is a scam.
Alex
 
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Offline ebastler

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Re: Multiversx crypto scam Beware!
« Reply #3 on: July 06, 2023, 05:23:33 pm »
Someone in my close circle got lured into 'investing' into Multiversx crypto.

In my understanding, Multiversx is a cryptocurrency, but also a marketplace/payment service. Could you specify what the "investment" actually was?

Looks like the Multiversx currency has largely gone down in value over the past year, so I am not sure how much one could have gained there (unless one was very lucky in sync'ing the selling and buying with short-term fluctuations). Hence, was your friend/relative possibly investing into some third party business, and just using Multiversx to send them money?

Then they 'earned' a whole bunch of money that is in their Multiversx account but Multiversx now wants payments for taxes, more payments for taxes and even more payments for taxes before they can release the funds. Ofcourse these tax payments are completely bogus. The people that got scammed got rid of all their savings (a 5 digit number in euro)!

These "fee and tax prepayment" scams seem to be somewhat common in connection with alleged lottery wins, donations from some rich benefactor, or invented "lost bank accounts" etc. But I struggle to see how they could be bold enough to pretend taxes on an "investment profit" which amount to the total alleged profit plus the total sum originally invested?! What gives??
 

Offline nctnicoTopic starter

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Re: Multiversx crypto scam Beware!
« Reply #4 on: July 06, 2023, 06:32:07 pm »
Someone in my close circle got lured into 'investing' into Multiversx crypto.

In my understanding, Multiversx is a cryptocurrency, but also a marketplace/payment service. Could you specify what the "investment" actually was?

Looks like the Multiversx currency has largely gone down in value over the past year, so I am not sure how much one could have gained there (unless one was very lucky in sync'ing the selling and buying with short-term fluctuations). Hence, was your friend/relative possibly investing into some third party business, and just using Multiversx to send them money?
Unfortunately that is not clear to me. It seems like they made a >100% profit in a matter of several weeks / months this year. But it is not clear what mechanism is behind that. From what I understand they have a large sum in their Multiversx wallet but can't cash it out. I specifically questioned whether there is malware involved redirecting to a fake website but they tried from various computers / mobile phones.

Quote
Then they 'earned' a whole bunch of money that is in their Multiversx account but Multiversx now wants payments for taxes, more payments for taxes and even more payments for taxes before they can release the funds. Ofcourse these tax payments are completely bogus. The people that got scammed got rid of all their savings (a 5 digit number in euro)!

These "fee and tax prepayment" scams seem to be somewhat common in connection with alleged lottery wins, donations from some rich benefactor, or invented "lost bank accounts" etc. But I struggle to see how they could be bold enough to pretend taxes on an "investment profit" which amount to the total alleged profit plus the total sum originally invested?! What gives??
That boggles my mind as well. But also some stupidity as to not knowing when & how to pay taxes (right answer: only to the government's tax service as part of income tax). It just is another variation of making people blind by greed.
There are small lies, big lies and then there is what is on the screen of your oscilloscope.
 
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Online ataradov

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Re: Multiversx crypto scam Beware!
« Reply #5 on: July 06, 2023, 06:54:39 pm »
Double check the domain names of all the involved sites. Scammers often use names of "legitimate" companies. How would you know which is the legit domain without at least some research. You can still be going to the same fake site from different deices.

Most of the time those scams have nothing to do with crypto, they don't use exchanges. They just take regular currency and show bogus profits.

The point where this scheme is weak is actual payment processing. But often they re located in sketchy countries where authorities don't care.

There is zero chance of recovering any money. And any additional "tax" payments will also not be recoverable.

Nothing makes this kind of return. If it did, all the rich people would do it.
Alex
 

Offline tom66

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Re: Multiversx crypto scam Beware!
« Reply #6 on: July 06, 2023, 06:56:18 pm »
A scam in crypto?  Say it ain't so!

oh. https://web3isgoinggreat.com/
 

Online ataradov

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Re: Multiversx crypto scam Beware!
« Reply #7 on: July 06, 2023, 06:59:48 pm »
There is not even a place to log in on the "legit" site. They are offering a technology, not a specific wallet. If you click buy on their site, they redirect you to the actual exchanges.

But none of that offers any growth outside of the normal currency valuation.

So, I suspect they are given a totally bogus site, as per their standard scam procedure.

This is not really a crypto scam, it is just plain old scam using crypto as a new hype word that makes it easy to confuse people. Wait for them to update the scripts to AI.
« Last Edit: July 06, 2023, 07:04:35 pm by ataradov »
Alex
 

Offline nctnicoTopic starter

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Re: Multiversx crypto scam Beware!
« Reply #8 on: July 06, 2023, 07:35:59 pm »
There is not even a place to log in on the "legit" site. They are offering a technology, not a specific wallet. If you click buy on their site, they redirect you to the actual exchanges.

But none of that offers any growth outside of the normal currency valuation.

So, I suspect they are given a totally bogus site, as per their standard scam procedure.
You are right. After some enquiry from my side it turns out they got directed to a scam website ( mvxnft.net ) without doing due diligence whether the website is legit. The scam website is using the Multiversx logo / terminology and similar graphics. On the scam website there is  an outlook.com email address to contact customer service. That should have been a major red flag for starters.  :palm:
« Last Edit: July 06, 2023, 07:59:55 pm by nctnico »
There are small lies, big lies and then there is what is on the screen of your oscilloscope.
 

Offline thm_w

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Re: Multiversx crypto scam Beware!
« Reply #9 on: July 06, 2023, 09:26:01 pm »
Lots of these crypto/forex/investment scams lately.

It all boils down to:
- give me money to "invest"
- money is taken, with no intent on investing it

There is a good investigation here:




There is zero chance of recovering any money. And any additional "tax" payments will also not be recoverable.

By now probably zero yeah, if you are really fast though, wire transfer can be reversed in rare situations. If any payments were via credit card, those could be chargebacked in some cases as well.
Usually these places string you along so you don't immediately try to get a refund, get transfers through third parties, or ask for payments in crypto.
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Online ataradov

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Re: Multiversx crypto scam Beware!
« Reply #10 on: July 06, 2023, 10:35:08 pm »
a scam website ( mvxnft.net )

That domain was registered on May 25, 2023. This is less than 2 months ago. This is the most obvious and basic check one can do.

But also "investing" all your money into something you tried for less than 2 months is stupid, no matter what the thing is.
Alex
 
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Offline SiliconWizard

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Re: Multiversx crypto scam Beware!
« Reply #11 on: July 06, 2023, 10:49:17 pm »
Only ever invest the money you're ready to lose.
 


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