Full transparency: I know VERY little about crypto, so please explain to me like I'm five. My younger brother came over wanting me to join him in crypto trading. I don't have names–he said he'd give me full details later–but I know he's got an app, a group chat somewhere, and a website.
Twice daily some "leader" in this chat gives everybody in the group a code. They take the code, post it somewhere else, and invest (I think). It sounds like some sort of group buy. He sees a little leave his account, then sees more come back after the trade.
He does this two times, every single day, with a different code word.
He's calculated all this forecasted return, which, unless I'm totally ignorant, can't be guaranteed, right? He's convinced by the end of the year "by these numbers" he'll have $111k in his account he can treat like cash.
He dumped $3k into whatever is going on over here, and is trying to pull our family in too.
He's got a family of his own and things are tight for them, but he was told "'so-and-so' bought a brand new truck using this method," and tells me he "sees it working. It's only been four days but I'm already up $400."
This all sounds suuuuuper sketchy to me, and like he's gonna lose that $3k any minute. They tell him 'the longer he stays the more he'll make,' and I just don't trust one word of it.
What the crust is going on? Should I make him bail asap, or does this sound normal? Is this just how things go in crypto trading??
Pulled into a scam? Crypto buys with twice daily code
byu/Least-Social inCryptoMarkets
Posted by Least-Social
3 Comments
No such things as guaranteed returns. Seems to be a scam prob operates like a ponzi scheme
This sounds like a scam. This is not how things typically work in crypto. The $3000 is likely gone already and the $400 they say he made is probably fake.
It’s one of those pig butcher scams. Look it up. It usually involves hooking the victim and as many others as possible (hence the word of mouth 2x a day). The process is basically show them returns, sometime even let them cash out some of it (the fattening the pig process) hoping they’ll come back with even more money and more conviction that’s when they butcher the pig and take all their money.