Crypto Loan Scams: How Victims Are Tricked Into Debt
Download MP3🎙 Episode Show Notes:
In this episode, we expose the shocking and increasingly aggressive tactics scammers are using to trap victims into financial ruin through fake crypto investments.
🔹 Key Highlights:
- Online scams involving cryptocurrency are still widespread and evolving.
- Most scams don’t actually involve Bitcoin but other types of digital currencies.
- Scammers often contact victims through:
- Social media
- Dating apps
- Spam text messages
- Random “wrong number” messages
- Initial conversations often seem innocent—social chats or accidental messages—but gradually shift toward investment talk.
- Scammers build trust and curiosity before asking for money.
- Victims are told they can double or triple their investment in a short time.
- Fake statements show growing returns (e.g., $3,000 becomes $5,500) to convince victims the scheme is real.
- When victims hesitate to invest more, scammers offer fake loans, saying:
- “Put in $1,000, we’ll loan you $3,000 more.”
- Victims are encouraged to:
- Take out personal loans
- Use credit cards or advances
- Tap into home equity
- Withdraw from 401(k) accounts
- Psychological tactics make victims feel “special” or “indebted” to scammers.
- These statements and loan offers are completely fake—numbers typed up to deceive.
- 50% of fraud victims in recent months have taken out actual loans to invest in these scams.
- The result: not only do victims lose their own money, but they’re also left with debt to repay.
đź’ˇ Stay alert. If someone is pressuring you to borrow money to invest, it's a major red flag. Protect your finances and report any suspicious activity.
