New Scam Targets Victims of Blockchain Deception

Cryprocurrencies and a hooded hacker

A disturbing trend in the Chinese blockchain industry reveals a new scam targeting victims of cryptocurrency fraud, with fake lawyers exploiting their vulnerability for further financial gain. One victim, defrauded of $70,000 by a fraudulent lawyer after falling victim to a $100,000 pig butchering scam, exemplifies the severity of the situation.

A New Form of Scam

In a disturbing trend sweeping the Chinese blockchain industry, victims of cryptocurrency scams are falling prey to a new form of deception, this time orchestrated by fake lawyers. The modus operandi involves exploiting the desperation of those seeking legal recourse after being swindled, leading them into yet another trap.

Scammed Twice

One recent case highlights the severity of the situation, with a victim losing $70,000 to a fraudulent lawyer after already being duped of $100,000 in a pig butchering scam. The victim’s plight was shared in a translated post on X by @@Honglin_lawyer, shedding light on the tragic consequences of these scams.

“It’s so tragic. I was defrauded of 700,000 yuan when I invested in virtual currency, and then I was defrauded of 500,000 yuan by someone pretending to be a lawyer,” lamented the victim, encapsulating the devastating impact of these deceitful practices.

The sequence of events typically unfolds with victims, reeling from financial losses incurred through cryptocurrency investments gone awry, seeking legal assistance in hopes of recovering their funds. However, instead of finding genuine legal representation, they unwittingly engage with imposters posing as lawyers, only to suffer further financial harm.

Need for Vigilance

This alarming trend underscores the need for heightened vigilance and caution within the blockchain community, as opportunistic fraudsters continue to exploit vulnerabilities for personal gain. It serves as a stark reminder for individuals to exercise due diligence when engaging with legal professionals and to verify the credentials of any service providers before entrusting them with sensitive matters.

As authorities work to address these fraudulent activities, individuals must remain vigilant and proactive in protecting themselves against scams, thereby safeguarding their financial well-being and preventing further exploitation in the evolving landscape of blockchain-related deception.

Author: Jinka

Jinka is a self-trained crypto journalist, passionate about happenings in the industry.