Lloyds Bank is warning its customers about increasing cases of cryptocurrency fraud. The bank recently issued a warning stating that 66% of investment scams occur on social media, particularly Facebook and Instagram. Scammers lure their victims through direct messaging, fake celebrity endorsements and fake ads. While we were talking about this, it turned out that a Turkish crypto phenomenon was also a victim of fraud. The phenomenon, who uses the nickname ‘Coin Engineer’ on social media, claims that approximately 1 million dollars were stolen.
Turkish cryptocurrency phenomenon: They stole all my money!
cryptokoin.comAs you follow from , hacking and fraud are quite common occurrences in the crypto world. However, situations where the event is more specific attract attention. In a recent development, a social media phenomenon known by the nickname ‘Coin Engineer’ in the Turkish crypto world claimed that he was robbed by hackers. Fenomen shared the situation on his X account and requested help from those concerned. In this context, Coin Engineer made the following statement:
My Türk Telekom Sim card was stolen. My money is being withdrawn from all exchanges. I’m not even receiving calls on my phone. All my emails were stolen and the password was changed. They withdrew all the money I earned from the stock markets. I’m in a very difficult situation. Please help me! My emails have changed. SMS is not coming anyway. What was stolen? I can’t even go into my e-mail anymore. I don’t understand how they can change my SIM card!
Turkish crypto exchanges started to take urgent measures
Meanwhile, some of the relevant cryptocurrency exchanges announced that they blocked the accounts of the phenomenon as a precaution. One of them, Bitget Türkiye, made the following statement:
We blocked the accounts of our dear friends about 25 minutes ago. We hope everything will be compensated. Get well soon!
Another cryptocurrency exchange, KuCoin, also shared that it has taken precautions regarding the situation. Borsa said, “We are in communication with the dear Coin Engineer team through private channels. In addition, the submitted KuCoin accounts are closed for buying, selling and withdrawal transactions. “We will continue to provide the necessary support and guidance until the issue is completely resolved.” said.
Bitci, one of Turkey’s leading crypto exchanges, also announced that it has taken action. Ahmet Onur Yeygün, CEO of the exchange, stated that they locked the relevant accounts securely.
Lloyds reveals disturbing rise of crypto scams
According to Lloyds Bank, the number of cryptocurrency scams reported by victims increased by 23% between January and September 2023 compared to the previous year. Losses associated with these scams average £10,741. That’s up from £7,010 last year. This type of consumer fraud has surpassed other fraudulent activities such as purchase and romance fraud. Lloyds Bank Fraud Prevention Director Liz Ziegler underlines the following in her statement:
Investing can be a great way to make money. However, you need to make sure that your money is going to a reliable, real company. Crypto is a very risky asset class. It is also largely unregulated. This makes it an attractive area for fraudsters to exploit. If something goes wrong, you’re unlikely to get your money back. Predictably, social media platforms are the main breeding ground for such scams.
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