Cryptocurrency scam is not new within the cryptocurrency space but when you receive a direct message from the scammer stating that you have been a scam victim, then it becomes a little abnormal. This is the well-calculated scam tactic used on the couple after they received a message stating;

“Let me save you the stress, cus you’ve been through a lot already. Coinexx is a scam. Everything and everyone involved are the same. Don’t bother about trying to get back your money. Just focus on getting money to take care of your family.”

Message received by the couple.

The amateur cryptocurrency investors got excited when they saw their cryptocurrency investment double, without knowing this was just a well-calculated scam tactic to have them pour in more money into their portfolio.

They initially invested $1,400 into Coinexx.org and after 6 months, they saw that investment increase to over $3,700. This had them pour even more money into their portfolio before they were asked to match their $20,000 investment.

However, they didn’t have more money to invest in the portfolio and they realised that fees increased and their investment shrank. Interestingly, they had no access to their coins or money anymore.

“I doubled over, and I just felt sick. I was like, ‘we’re f***ed’. That’s it. That’s all I thought,” said Mr Yeomans, the victim of the scam.

He went further to explain how they left without any money and how the investment had pushed them into debt. “I just wanted to cry” he said.

Mr Yeomans even had to quit his job as they relied on the earnings from Coinexx until the company decided to let them know they have been victims of a cryptocurrency related scam. At this point, the victim had invested over $43,000 invested.

This is just a typical example of a Ponzi scheme with the most well known being Bitconnect, a sham project which saw many cryptocurrency investors part ways with their investments.

Just like many other similar projects, there were very noticeable spelling and grammatical errors on the website.

How do you think investors can shield themselves from such Ponzi schemes?

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