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Dogecoin Team Warns Of A New Sham Tech Support Account

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Dogecoin’s official Twitter handle has warned users of fraudsters stealing personal details by impersonating tech support service providers of the meme coin.

These scammers pretend to connect with those having “difficulties, complaints, or issues” and trick victims into creating a fraudulent wallet that asks them to enter their seed phrase.

The Dogecoin account stated that it would never ask users to set up a Trust wallet or their seed phrases or account information.

The scam account existed much before Dogecoin was launched. Since gaining massive popularity in 2021, there’s been a steady stream of Dogecoin knock-offs that ended up being worthless scams.

Previously reported by TronWeekly, the latest of the coin’s long-list of infamous impersonators, Teddy Doge turned out to be a rug pull, blockchain security firm PeckShield uncovered.

In another recent report, the DOGE community unearthed a new scam after spotting a large number of suspicious transactions on the memecoin’s network.

Dogecoin Supporters Dig Up A New Scam

A discovery made by one Dogecoin fan revealed that the mysterious transactions were automated and very small. The said fan shared a list of the many addresses involved in the transactions.

“A large number of small transactions worth 0.0207 Doge were executed on a daily basis supposedly to hide the true nature of the business and the movement of money.”

Notably, the reported scam was devised and marketed as an investment opportunity for Dogecoin holders. But what caught the eyes of the sharp-sighted crypto fans was the unusually high-interest rates offered as a return on investment that helped exposed the scheme.

Not only that, the DOGE advocates even uncovered the culprit behind the scam which goes by the name of Huilo Invest. Supposedly the firm claimed to be of London, UK, origin but relentless online sleuths have connected the dots and found out that it’s actually based in China.

A more detailed inspection of its operations showed that at one point, Huilo Invest had accumulated funds worth nearly $600k – likely robbed from unsuspecting crypto holders with a false promise of offering between 7% and 10% return on investment within a day.

James Bond, Elon Musk Some of the Few Names Being Used to Lure Users Into Cryptocurrency Scams

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The impact of the cryptocurrency market has been substantial and many regulators have tried their best to curb its impact. In addition to attacks on the cryptocurrency industry, scammers have also been accused of running fraudulent YouTube ads.

Reports revealed that some poor actors in the cryptosphere were advertising adverts on YouTube featuring Elon Musk and Daniel Craig’s bogus endorsements.

The ads featured the scammers in their phony cryptocurrency schemes offering big returns on investment. The frauds have used fake quotes from Musk and Daniel Craig to boost their product to the next level.

This was not the first time that such measures were taken as false advertisements have also appeared on MSN, Yahoo and Facebook earlier. YouTube has still not commented on whether the scammers will be curbed soon.

Social media giants such as Facebook had said that it was setting up a $4 million anti-scam unit after several researchers pointed out the chinks in the armor.

The combined losses due to these scammers on websites such as AOL, MSN, and Facebook was around $260,000.This was one of the reasons why financial journalist Martin Lewis took suit on Facebook over fake ads and promotions.

The current pariah was ads that used Craig’s and Bond’s pictures to promote ‘Blitz News’. No one really knows what the ad wanted to convey but its caption was “Bond Franchise Comes To An End.”

It is pretty clear that the creator of the ad wanted users to click on it by looking at the tantalizing buzz headline. Once a user clicks on the ad, they are redirected to a page unrelated to Bond but definitely related to the digital asset world.

A user revealed that the first click leads to a fake article titled “Special Report: Brits are listening to 007’s Daniel Craig and they are raking in millions from home.” The ad is just a new twist on an old scam that talks about how people can become rich overnight by following a “few simple steps”.

In the latest article, it was said that users will be provided with a wealth loophole that will transform their lives.

People who end up on their page are lured into thinking that the cryptocurrency project “Bitcoin Era” was supported by people like Richard Branson, Elon Musk and Bill Gates.

The project also made lofty claims such as the creation of a trading bot that promises big returns. This tactic has been utilized by multiple scams in the past as well and it is surprising that people still fall for these scams.

According to the scam website:

“These tech geniuses have built multi-billion companies on solving complex issues like online payments, computing, and transportation. Now, they’re tackling the global problem of wealth inequality by letting anyone — no matter how rich or poor they are — make enough money to enjoy a happy and fulfilling life.”

Elon Musk‘s name, on the other hand, has been used by scams for a long time now. The Tesla CEO himself had called out these fraudsters and scam bots on Twitter, urging crypto proponents to remain vigilant.

At the moment, there have been no moves from either Musk or Craig but sources have revealed that the advertisements have been removed from the linked websites.