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Scott Pape exposes crypto scammers using his identity, revealing their tactics and highlighting the importance of reporting scams to authorities.
You know how crypto has an infinite amount of scams? Well, Scott Pape, the Barefoot Investor, took it upon himself to confront a bunch of scammers. They had stolen his identity and were using it to scam his followers. He decided to go deep into the rabbit hole and document everything that went down. Honestly, I love this kind of stuff, but it also makes me realize just how deep these things can go and how easily people can be duped.
Scammers were posing as Scott Pape on social media, using his name and likeness to scam his followers. Instead of waiting for social media to remove the fraudulent accounts, Pape decided to engage with the scammers directly and document their tactics.
Pape engaged with the scammers, seeking investment advice. He was quickly invited to an "exclusive" WhatsApp group called the "DB Wealth Institute", where he observed the scammers' operations. The DB Wealth Institute claimed to offer financial training and AI-powered trading strategies. Pape discovered that many US regulators had warned about such fake "wealth institutes." The WhatsApp group was flooded with messages from users, likely bots, posting about their supposed trading successes.
He went on to break down the three-step scam process he experienced firsthand:
Recognizing the scam, Pape withdrew from the group. He emphasized the importance of understanding scam tactics and avoiding further loss by not engaging directly with scammers.
It’s a long read, but worth it. I’m torn between wanting to know more about how it all works and just wanting to stay far, far away from it. That said, I think it’s important to recognize what’s happening with these scams.
If nothing else, it’s a good reminder of the lengths they’ll go to in order to get money from crypto.
