- A Reddit post exposes a recent crypto scam where victims are enticed into using the fraudulent exchange Metapro-fx, which refuses to release their earnings.
- Victims, lured by romance scam tactics on social media, initially invest money and are promised significant returns.
- However, when they attempt to withdraw, they are asked for a substantial upfront fee, leaving victims desperate to recoup their supposed earnings.
A Reddit post has revealed a recent crypto scam that suckers victims into using a fraudulent crypto exchange that refuses to release the funds they have supposedly earned. Victims are lured to Metapro-fx thanks to approaches on social media that echo a typical romance scam, something that is becoming more and more common. Victims are told that they have made huge returns but are then advised that they need to provide additional funding up-front in order to withdraw, with the individual referenced in the Reddit post asked to hand over a further £5,000 ($6,000) on top of the £15,000 ($18,200) he has already sent to the platform, a huge red flag when it comes to crypto investment platforms.
Scam Started When Perpetrator Reached Out
The Reddit post from the victim’s friend explains how a female Facebook user reached out to the victim, leading to the pair engaging in dialogue for several days, during which she advised him to start crypto trading, claiming that she had a decade of experience as a trader. This included past employment with renowned financial institutions, with the individual promising high returns if the victim followed her trading advice.
The victim was convinced enough to send over £3,000 ($3,645) to trading platform Metapro-fx, where his income rocketed to £20,000 ($24,300) within three days. The victim did not question this incredible success and sent a further £12,000 from his savings, taking the alleged earnings past £100,000 ($121,500) in profit within a week.
However, when the victim wanted to cash out they were told there was a problem: the withdrawal fee was a staggering £5,000 ($6,000) up front, representing 5% of the total funds. This, of course, is not the way that crypto exchanges operate, taking their fee from the funds, but the situation has left the victim desperately casting around for another five grand that he believes will secure the return of his £100,000.
Typical Investment Scam Red Flags
This case is another example of a crypto investment scam, with the method of approach, the incredible gains, and the up-front withdrawal fee proving beyond a doubt that this individual has been scammed. What’s worse is that, according to the post, the victim still believes that the money will come back to him if he can only find the withdrawal fee.
This is typical with those who have made huge investments into scams; the ‘sunk cost fallacy’ doesn’t let them believe that the money has been wasted, leaving them clinging onto the faintest hopes in the face of all the evidence.
