Sunday, June 23, 2024
27 C
Brunei Town

Watch out for cryptocurrency scam

I would like to bring attention to a cryptocurrency scam, which is currently running in Brunei Darussalam and nearby countries.

A relative of mine was introduced to a cryptocurrency trading platform by a friend. They claimed to trade with the stock ticker, ‘FSEX’, which does not exist at all.

The platform requires users to download an application that is not available on either Apple App Store or Google Play Store, and requests for ‘Know Your Customer’ details for the purpose of facilitating withdrawals. It raises significant concerns about the potential for identity theft.

The modus operandi involves adding new users to a WhatsApp group, where they receive trading signals and instructions regarding when and where to execute trades. The individuals presenting themselves as “traders” in the group claim to employ scalping methods for Bitcoin trading.

Additionally, group members frequently share their earnings to entice others to join and emulate their success. However, it is highly likely that these earnings are fabricated, and the balances displayed in user accounts are not accurate reflections of reality.


It is concerning to note that due to restrictions on sending funds directly through cryptocurrency wallets to this platform, my relative resorted to sending the money to the group’s leader via PayPal. Later, an admin, who resides in Brunei, offered to transfer my relative’s funds to the platform via their own crypto wallet. This would involve my relative meeting up with the admin to pass the money. Or alternatively, use bank transfer. The process raises further red flags.

Once the funds are deposited on the platform, users can see their balances increase within hours, which create an illusion of legitimacy. But in reality, these are just fake numbers, as the platform is controlled by the scammer. To bolster the perception, multi admins of the group would also provide testimonials of successful winnings and fund withdrawals, thereby convincing others that it is a secure investment/trading opportunity.

The scam’s perpetrators have employed tactics that make their operation appear above board, making me fear that the general public may unwittingly fall victim to it without a clear understanding of the risks involved.

These scams are increasingly prevalent worldwide, and are rinsed and repeated over and over again. Scammers would simply take down the website and app, and make new ones.

Numerous online articles and forums discuss this recurring scam strategy.

Now that it has made its way to Brunei, having an awareness of this scam is of utmost importance, or it would affect the well-being of the general public.