Many people are added voluntarily to the WhatsApp groups that are useful for them. However, most of these WhatsApp groups are recruiting under pretense. Many people also agree to pay a hefty fee for joining such a group so that they can become better crypto investors. Such groups lure in victims by claiming that they are offering massive returns like 50% yearly returns on their investments.
A lot of people who are operating these groups also use complex charts and trading reports as solid proof for a guaranteed profit. The people who are unable to make head or tail of the crypto market and the technical indicators often fall for such tricks and fancy terminologies. The fact of the matter is that the best investors and financial engineers in the world are unable to provide a 100% surety about the price movement of any cryptocurrency.
An India-based victim agreed to talk about his bad experience with scam artists managing the WhatsApp group. However, the victim preferred to remain nameless to preserve his privacy. He found the founders of a crypto investment group who invited him to join and offered him 10% daily returns on his investments.
The victim claimed that he was impressed by the mathematical representation of the scammers and agreed to their terms. The scammers convinced him to transfer 0.48 percent of a Bitcoin unit to their wallets without the presence of any type of paper-bound contracts. The victim was worried at first, but his small initial returns were dispersed by the scammer as they were planning to rake in more money from their victims.
The victim, whose trust level was now established on the scammers, was ready for a bigger fall. The scammers next called him to their new office, which was rented out for 40K INR per month. They once again played psychological tricks on the scammers and told him about another investment opportunity. This time the victim agreed to transfer 1.43 Bitcoins to their wallets.
Just like the last time, the victim felt no need to get any paper proceedings done before making the transactions. However, when the market went into loss, the scammers claimed he had invested in the capacity of a partner, and therefore they can’t pay him back. After a small correction, Bitcoin’s price reached $64,800 ATH in April, and the scammers made major profits from his BTC portion. The victim claimed that he has proof in his digital wallet logs that he transferred him a Bitcoin, but he is left without any legal grounds for reclaiming his loss.