Without further ado, let's get straight to the point!
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1. Common methods of USDT trading scams
1️⃣ Fake trading platform scams
Method:
- Scammers set up a 'fake exchange' (such as a fake Binance, Huobi, etc.) to lure users into registering and depositing USDT.
- Initially allow small withdrawals to gain trust, then suddenly freeze the account, demanding a 'deposit' or 'unfreeze fee'.
- Once the user makes a payment, the scammer immediately disappears, and the platform becomes inaccessible.
Case study:
In 2024, an investor deposited 100,000 USDT into 'a certain international exchange' and was told to pay 20% 'personal income tax' when withdrawing, after which the platform directly ran away.
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2️⃣ Over-the-counter (OTC) scams
Method:
- Scammers post information on platforms like 'WeChat groups, QQ groups, Telegram', claiming 'high price buys USDT' or 'low price sells USDT'.
- During the transaction, scammers forge bank transfer screenshots, causing victims to mistakenly believe they have received fiat currency, while the actual funds have not arrived.
- After the victim releases USDT, they find that the bank account never received the funds, and the scammer has blocked them and disappeared.
Case study:
In 2023, a user encountered an 'OTC USDT trader' on Telegram, who presented fake bank transfer records and scammed 50,000 USDT.
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3️⃣ Impersonating 'official customer service' scams
Method:
- Scammers contact users through phishing emails, impersonated customer service hotlines, claiming there is a 'security risk' with their account.
- Require users to provide private keys, verification codes, or log into a 'security verification website' (which is actually a phishing site).
- Once the user inputs information, the USDT is immediately transferred away.
Case study:
In 2024, an investor received an email from 'Binance Customer Service', clicked the link, and entered their wallet mnemonic, resulting in the theft of assets worth 500,000 USDT.
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4️⃣ Fund schemes + USDT staking scams
Method:
- Scammers package themselves as 'high-yield investment projects', promising daily interest rates of 1%-5%, attracting users to stake USDT.
- Initially provide timely returns to attract more deposits, then suddenly shut down the platform and run away with the funds.
Case study:
In 2023, 'a certain USDT investment platform' promised a monthly return of 30%, attracting a large number of investors, but disappeared 3 months later, with over 100 million USDT involved.
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5️⃣ Fake wallet app scams
Method:
- Scammers develop counterfeit wallet apps (such as fake TokenPocket, MetaMask) to lure users into downloading them.
- After the user imports the private key or mnemonic, the funds are immediately stolen.
Case study:
In 2024, a user downloaded a 'well-known wallet app' from an unofficial channel, and after entering the mnemonic, 200,000 USDT was transferred away from the wallet.