Bitrace Discloses Crypto Fraud Cases to Assist Law Enforcement Organizations

Bitrace has recently uncovered the “fake BNB interest-bearing fraud case” and “fake HT brick moving arbitrage case” both to assist law enforcement organizations. The company stated that several projects are just a fraud and pretend to offer high-return investments. As per the company, these projects chiefly focus on huge illegitimate crypto operations.

Bitrace Reveals Crypto Scam Cases to Spread Awareness

The platform also provided a real example in this respect. It mentioned that a victim was deceived by such scams 4 times. While disclosing this, the firm also mentioned that ordinary investors should be more careful keeping such things in view. While moving on, the platform discussed the types of such scams. One of them is Fake investment operation. In this category, the platform named “brick arbitrage” as the most frequently utilized scam activity.

It mentioned that some assets can have different price levels at different decentralized exchanges (DEXs) or trading companies. In line with this, the investors generate by purchasing crypto and trading it at elevated prices on some other entity. Hence some fraudsters assert that they have created a smart contract. The respective smart contract can automatically detect and capture the spread of income within the market.

In this way, investors just require offering a specific sum of principal for the generation of stable income. On the other hand, the respective arbitrage is not real while the principal is real. Therefore, the platform cautioned the investors to be careful to review the aforementioned cases before making any move.

In addition to this, Bitrace also discussed fake exchange consumer services with which investors were exploited. In one case, “Huobi Customer Service” sent a private message to a victim in the formal group on Telegram. It stated that the platform recently initiated a consumer feedback operation.

Platform Says Investors Should Be Cautious While Taking Part in Trading Activities

Additionally, it persuaded the victim to deposit ETH to a smart contract address for a 110% profit in HT tokens. Contrarily, the respective protocol is fake while several others like it are also operating within the market. It also disclosed the fake lawyers and fake wallet consumer services that take away the hard-earned funds of unsuspecting investors. By explaining all this, the platform advised the consumers to be cautious while taking part in trading operations.

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