Crypto Investor: I Was Ripped Off Over USD 2000 In 7 Days

Unfortunately I'm new to the crypto world and did not do any proper preparation to avoid this scam! I've learned this hard lesson.

I got very very very stupidly scammed by Skyline Trades. I want to warn others to be very careful for this very convincing crypto scammer!!

In the beginning, I contacted the hosting provider, I was redirected to send an email to webmaster@skylinestrades.us. Then communications was via Telegram. A person named Sarah Pearson talked to me. She was an elderly reliable looking American woman with fake photo. She was very convincing. There was nothing to be found about on the internet so thats why I wanted to give it a try.

Scammers website

I invested with a starting amount USD 2000 for 7 days and then I saw the huge profit on this professional looking website.

My huge profit on this website

Sarah kept convincing me to invest more. She insisted that the signals were very good that week and/or it was once in a lifetime opportunity to get huge profits. But when I requested a withdrawal, I never got this to my bank. The website is now dead as in “Account Suspended, contact your hosting provider”.

Common Crypto Scams You Should Watch Out For

If you are new to cryptocurrency, some ill-intentioned users may try to take advantage of you, just as they do with other kinds of investments. These are some of the most common types:

1. Identity Fraud

Also known as triangulation fraud, it's a scam where your trading counterparty uses a third-partys payment account for transactions. He or she pays you with the other's account before you release the crypto. Some may send you new payment account information through chat messages and ask you to transfer the money to that account. After you transfer the money, they will claim they do not receive the money and thus not sending you the crypto.

The best way to avoid this situation is to verify the user's identity. Before you start the transaction, make sure that the payment account details correspond to the person's identity. DO NOT transfer the money or release the crypto if the payment account is not the buyers‘ or sellers’.

2. Reversible Payment

Another common scam is the reversible payment. In such cases, a buyer first transfers the money to your bank account to make you release the crypto. Within 72 hours, the buyer calls the bank and tells them that he has not made the purchase, so the bank will cancel the payment, causing you a loss in crypto.

An easy way to protect yourself against reversible payment is to ask the buyer to send you a photo of the transfer record as proof of his or her purchase before releasing crypto. The user cannot claim that he or she did not make the payment.

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