Electric Capital, a prominent venture capital firm, has warned about a sophisticated scam operation targeting potential investors. Avichal Garg, Co-Founder and General Partner of Electric Capital, revealed in a recent post the alarming tactics being employed by scammers. Electric Capital Exposes Sophisticated Crypto Scam According to Garg, the fraudsters are masquerading as representatives of Electric Capital, orchestrating meetings and deceitfully persuading individuals to send money in advance of investments. Unfortunately, scammers are pretending to be @ElectricCapital, setting up meetings, and asking people to send them money before investing. Electric Capital will never ask you to send money before receiving an investment. We will never reach out cold via Telegram. We almost… — Avichal – Electric ϟ Capital (@avichal) November 27, 2023 Highlighting the severity of the situation, Garg emphasized, “Electric Capital will never ask you to send money before receiving an investment.” He clarified that the firm does not engage in cold outreach via Telegram and typically contacts people through mutual acquaintances. Garg further noted that all Electric Capital employees are connected to him on LinkedIn, offering an additional layer of verification for cautious investors. He also pointed out that the firm’s official communication channels are limited to emails sent from their verified domain, electriccapital.com, further reassuring investors that efforts are underway to enhance email security and verification on social media channels to prevent impersonation. Scammers Mimic Electric Capital’s Procedures to Dupe Investors A major point of concern is the approach used by these scammers. According to Garg’s statement, these scammers are employing social engineering techniques to establish trust and credibility. They go as far as conducting thorough due diligence, mimicking Electric Capital’s standard operational procedures. Since people are asking how the scam works: – scammers pretend to be EC & do actual diligence (!) – scammers tell the founder to become an LP into an “Electric” fund and to send money – claim that once diligence is done and founder is an LP in Electric, they will get investment — Avichal – Electric ϟ Capital (@avichal) November 27, 2023 The strategy is to persuade prospective victims to become limited partners (LPs) in a fund falsely presented as “Electric.” These individuals are then directed to transfer funds with the assurance of receiving investments once they are officially onboard as LPs. According to Kroll’s Q3 Cyber Threat Intelligence report, there has been an increase in social engineering tactics, including phishing, smishing valid account exploitation, and voice phishing, leading to the highest volume of incidents observed in 2023. The rise in such scams is a concerning trend in the crypto space, particularly as the market is expected to become even more attractive during the next bull run. Garg advises individuals to be vigilant and verify the authenticity of any communication supposedly from Electric Capital in light of these developments. The post Electric Capital Raises Alarm on Crypto Scams Targeting Entrepreneurs appeared first on CryptoPotato.

A non-fungible token (NFT) collector has narrowly escaped losing his assets to fake Forbes journalists during a supposed Zoom interview. In a tweet, Crumz, the pseudonymous Bored Ape Yacht Club (BAYC) owner, detailed his experience with the scammers and how they attempted to steal their NFTs by requesting a banana during the interview. BAYC User Escapes Losing NFTs Crumz revealed that a scammer pretending to be Robert LaFranco, an editor for the American business magazine and media company, reached out to him, requesting an interview as Forbes was writing an article about BAYC. The supposed editor wanted Crumz to talk about his experience in the club. Unfortunately, Crumz failed to discover that the X account that contacted him differed from LaFranco’s original one, even though they looked up the editor’s name. While they were a bit surprised at the company’s move, the BAYC owner cooperated with the scammer and fixed a date for the interview. The bad actor failed to show up for the first call, citing a family emergency, but suggested that the interview be postponed to November 26. On the set date, they came an hour late with another scammer pretending to be Steven Ehrlich, the research director of Forbes’ crypto arm. Interestingly, the fraudsters did not turn on their cameras during the meeting. While Crumz was too excited at the beginning to question the interviewers about not turning on their cameras, they noticed several other red flags during the interview. The scammers did not have a premium Zoom account; they had to set up multiple call links, and the supposed journalists wanted to record Crumz’s screen with a separate recorder bot. The Request for a Banana Crumz was asked to press a button to allow access to record their screen, told to say something that sounded like one of his collectibles, and asked to get a banana. 6/8 I had to press a button to allow access to record. I didn’t think much of it first but at the end he asks me to say something that resembles my ape and he suggests a banana. I didn’t have a banana on hand so he said there is no problem in waiting for me to get one. — Crumz (@crumz10) November 26, 2023 After muting their screen and acting like they went to get the banana, Crumz stood by and watched as the scammers began to control his screen. Although their NFTs were in cold storage, the BAYC owner had to shut down his computer when they headed to the NFT ownership platform Delegate, instantly interrupting their access. Meanwhile, Crumz was not the only one invited for the interview. The scammers also sent similar invitations to other crypto users on X, with some ignoring the message. I got this same message I was so excited for the interview haha! Glad you came out unscathed!!! I would have definitely got scammed!!! Thank you so much for revealing the scam!!!! — LEMAOW TurboRaveLords.eth (@LeiMai_LeMaow) November 26, 2023 The post BAYC Investor Reportedly Escapes Losing NFTs to Fake Forbes Journalists appeared first on CryptoPotato.

Watch Out: Shiba Inu ( $SHIB ) Community Warned About This Dangerous Scam…. As Reported in Cryptopotato, SHIB Army should be careful when connecting their wallets to dubious websites… Shiba Inu Scam Warning: Shibarmy Scam Alerts warns of fraudulent sites and NFT airdrops targeting SHIB investors, advising careful verification of URLs. TG Scam Alert: The team previously alerted about scammers on TG posing as legitimate contacts to deceive users in the Shiba Ecosystem & Shibarium Tech group. Safety Advice: Users are urged to verify identities and check official links to prevent falling victim to cryptocurrency fraud. SHIB Army Should Beware.... The cryptocurrency industry is an attractive sector for numerous investors and offers the chance to make substantial profits in a short period of time. However, the space is also full of fraudsters who target market participants aiming to swindle their holdings. The X (Twitter) account focused on treats surrounding Shiba Inu and its native token SHIB – Shibarmy Scam Alerts – warned that there are a lot of fake sites and NFT airdrops that request people to connect their wallets and supposedly redeem money.  The team alerted that this was a scam, advising individuals to check the URLs and not conduct such operations without proper due diligence.  “If you are ever in doubt, please check with us before you do anything. Stay safe, Shibarmy, and keep your eyes open,” it concluded. Shibarmy Scam Alerts urged people to verify the identity and confirm the authenticity of the mysterious individuals they are communicating with. Checking official website links for verification could also prevent one from being involved in a cryptocurrency fraud. 

TL;DR Shiba Inu Scam Warning: Shibarmy Scam Alerts warns of fraudulent sites and NFT airdrops targeting SHIB investors, advising careful verification of URLs. Telegram Scam Alert: The team previously alerted about scammers on Telegram posing as legitimate contacts to deceive users in the Shiba Ecosystem & Shibarium Tech group. Safety Advice: Users are urged to verify identities and check official links to prevent falling victim to cryptocurrency fraud. SHIB Army Should Beware The cryptocurrency industry is an attractive sector for numerous investors and offers the chance to make substantial profits in a short period of time. However, the space is also full of fraudsters who target market participants aiming to swindle their holdings. The X (Twitter) account focused on treats surrounding Shiba Inu and its native token SHIB – Shibarmy Scam Alerts – warned that there are a lot of fake sites and NFT airdrops that request people to connect their wallets and supposedly redeem money.  The team alerted that this was a scam, advising individuals to check the URLs and not conduct such operations without proper due diligence.  “If you are ever in doubt, please check with us before you do anything. Stay safe, Shibarmy, and keep your eyes open,” it concluded. Shiba Inu’s Previous Warning The team recently issued another alert to the community, claiming people should be utterly cautious when using Telegram since potential scammers are looking for an opportunity to attack. “It has come to our attention that there are scammers operating on Telegram DMs, targeting unsuspecting users Shiba Ecosystem & Shibarium Tech group. These scammers may pose as legitimate individuals or organizations, attempting to deceive you into sharing personal information, financial details, or even sending them money,” it said. Shibarmy Scam Alerts urged people to verify the identity and confirm the authenticity of the mysterious individuals they are communicating with. Checking official website links for verification could also prevent one from being involved in a cryptocurrency fraud.  The post Watch Out: Shiba Inu (SHIB) Community Warned About This Dangerous Scam appeared first on CryptoPotato.

💥🔥 You have your cryptocurrency lets say Bitcoin, and you are wondering how it will benefit you. Cryptocurrencies, if used wisely, can be a vehicle to your success. You can make immense profits from it. However, you need to understand how well to involve yourself in this process and not fall into fraudsters pit traps. One prudent way to make money is by buying and holding. You can do this by buying a satisfying cryptocurrency that has a basic use and hold them up until they acquire an equitable market share. You can also stake cryptocurrencies. By staking, you obtain the double welfare of the price valuing for possessing good crypto bits in addition to dividends for holding up the coins. You can buy and hold digital currencies that will help you earn dividends. There are a number of great cryptos that will earn you a significant amount for holding them. These are just but a few ways in which cryptos can earn you money. However, you should be alert of many scammers who will promise you a lot adversely, and you end up losing way much more.

In the ever-evolving world of cryptocurrencies, scams are unfortunately on the rise, targeting millions of unsuspecting investors. The emergence of crypto as a lucrative technology has paved the way for both innovation and exploitation. Much like the early days of the internet, where excitement and hype coexisted with scams, the crypto space is grappling with its own set of fraudulent schemes. One of the most prevalent scams affecting the crypto community takes place in the comment sections of popular YouTube channels and in a good number of Youtube videos with a high number of fake views. These scams involve fake promotions of new tokens, often claiming associations with major companies like Amazon. Scammers exploit the curiosity of users by urging them to research these tokens, leading to potential financial losses. One prevalent scam involves P2P (peer-to-peer) arbitrage, where scammers create fake videos boasting high amounts of purchased views. These videos claim to demonstrate a foolproof arbitrage strategy, enticing users with promises of significant profits. The scam typically unfolds as follows: the fraudsters showcase a seemingly successful arbitrage transaction, encouraging viewers to replicate the process on their own. Users are urged to transfer funds from one exchange to another to capitalize on price differences and earn substantial returns. However, once users make the transfer, the scammers vanish their money, leaving victims without their funds. Here are key red flags associated with P2P arbitrage scams: Highly Viewed Videos: Scammers purchase views to make their videos appear popular and trustworthy. Be wary of videos that boast an unusually high number of views, especially if the content promises quick and guaranteed profits.Too Good to Be True: If an arbitrage strategy sounds too good to be true, it probably is. Legitimate investments come with risks, and there are no guaranteed profits in the volatile world of cryptocurrencies.Requests for Fund Transfers: Scammers will prompt users to transfer funds between exchanges or wallets. Exercise extreme caution when asked to move your funds, especially if the instructions come from unverified sources.Lack of Transparency: Genuine arbitrage strategies are transparent about risks and potential downsides. If a video or offer lacks clarity or avoids discussing potential pitfalls, it may be a scam.No Reputable Endorsements: Scams often lack endorsements from reputable sources or individuals within the crypto community. Legitimate investment strategies are typically discussed and endorsed by trusted figures. It's crucial for investors to conduct thorough research, verify information, and consult reputable sources before engaging in any investment activity. Always remain skeptical of strategies that promise unrealistic returns and be cautious when transferring funds, especially in response to online recommendations. The second scam involves fraudulent YouTube advertisements. Scammers use deepfake technology to create convincing videos featuring prominent figures like Brad Garlinghouse, CEO of Ripple. These fake advertisements promise giveaways and ask users to send a certain amount of cryptocurrency to a specified wallet to receive double the funds in return. In reality, users end up losing their entire investment. The third scam exploits the popularity of genuine channels by mimicking their content and comments. Scammers often create fake channels and use deceptive tactics to lure users into engaging with them. They manipulate comments, buy likes, and employ other tactics to appear legitimate, deceiving users into clicking on malicious links. It's crucial for crypto enthusiasts to exercise caution and skepticism when encountering enticing offers or promotions. Legitimate channels will never ask users to send cryptocurrency for giveaways or promise unrealistically high returns. As the crypto space continues to evolve, users must stay informed, follow reputable channels, and report scams to protect themselves and others from falling victim to fraudulent schemes. Remember, while bad actors may exploit emerging technologies, genuine innovation and adoption of these technologies continue to shape the future positively. Stay vigilant, and don't let scams overshadow the true potential of the crypto landscape.

⚠️The "pig-butchering" scam conducted in the cryptocurrency industry is an especially dangerous form of scamming, typically involving identity forgery and long periods of careful planning by the scammers. Here are some methods they commonly use: Establishing Trust: Scammers often first establish contact with targets through social media, dating Apps/websites, or emails. They may pose as potential romantic interests, business partners or investment advisors to build trust and emotional connections. Forging Identities and Backgrounds: Scammers create counterfeit personal or company backgrounds, generally inclusive of forged social media accounts, false websites, and fabricated stories, to augment their credibility. Promoting Crypto Investment: After establishing a certain level of trust, scammers start proposing cryptocurrency investment, claiming it to present an opportunity for high returns. Usage of Counterfeit Trading Platforms: Scammers might guide victims to use forged trading platforms or wallet applications, which seem legitimate in appearance but are actually controlled by the scammers. Encouraging Investment and Difficulty in Withdrawals: Once the victim invests, fraudsters may fake profits and transaction histories, enticing the victims to invest more funds. When victims attempt to withdraw funds, they will find it impossible to do so, or be asked to pay extra charges and taxes. Sudden Disappearance: Having swindled enough funds, scammers usually vanish suddenly, leaving victims unable to contact them and retrieve their money. This type of scam is especially dangerous as it merges social engineering with financial fraud, exploiting personal emotions and greed to induce victims into investing, potentially resulting in hefty losses before the victim realizes it's a scam. Therefore, remain vigilant about any online investment proposal, particularly those from unknown or unverified sources, and conduct thorough investigations and verification. ✅If you have been involved in this kind of scam and sent funds via Binance, file a report immediately by following the steps outlined in this guide: How to Report Scams on Binance Support .