Social Media Sites Become A Hub For Bitcoin Scams: Shares Preventive Measures


Cybercrime Specialist

Cybercrime Specialist

Scammers impersonate Instagram users to push bitcoin scams. They create fake accounts using stolen photos and launch fraudulent business investment schemes.

Stolen images are more than just copyright infringement. Hidden behind images, scammers push fake trading investment scams with the intention of stealing thousands of dollars from potential victims.

—Timothy Benson

SOFIA, BULGARIA, Feb. 25, 2022 / — Key findings from leading fraud prevention companies indicate Instagram users lost over $80 million. This is the result of a bitcoin investment scam the scammers successfully carried out between October 2020 and March 2021. And the new wave of this digital theft continues to deceive millions of users., an industry leader in cybercrime services for online scam victims, reveals, “Scammers rely on social media to steal photos and videos to create fake profiles and… ‘lure victims by promising huge returns on bitcoin investment’. But it’s just a trick to steal money.

Earlier this month, Instagram user Jason Sallman, who describes himself as a “bitcoin evangelist”, discovered that his profile was being used by more than a dozen imposters to push bitcoin scams. Sallman believes that “there is a little feature inside Instagram where the account can be reported. And sometimes it can take them as little as two hours to respond, sometimes they never respond.”

Chief Analyst Timothy Benson of explains, “Stolen images are more than just copyright infringement. Hidden behind images, scammers are pushing bogus trading investment scams with the intent to steal thousands of dollars from potential victims.” And while Instagram and other channels may take late action, users can take preventative action before it’s too late.

What is the problem users are facing?
With bitcoin now becoming a legitimate bitcoin exchange channel, it’s no wonder that social networking sites are particularly ripe targets. To add to this misery, the lack of Instagram support makes it difficult to recover bitcoin funds.

Individuals should keep up to date with how these bitcoin trading investment programs work.

How Do Instagram Bitcoin Scams Work?
A scammer hacks a celebrity’s social media account with a blue verified checkmark, then alters the photo to convince unsuspecting followers to send bitcoins to a specific account.

Earlier in January, hackers duplicated Elon Musk’s Twitter account and posted a link directing his followers to a supposed bitcoin wallet. The scammers offered to double the bitcoin deposit and send it to the wallet without realizing that it was a scammer.

A victim named Sebastian said he suffered the greatest financial loss of his life. He held a press conference to say he had lost over half a million dollars in bitcoins. Today, millions of victims are forced to make videos of themselves where they were tricked into participating in similar scams to make money.

How to avoid becoming a victim of a bitcoin investment scam on Instagram?
In most cases, scammers don’t need to use creative impersonation techniques to trick people. All they need is computer malware to gain access to an individual’s crypto-wallet. Therefore, a few legitimate ways to avoid falling victim to Bitcoin scams or even people claiming to help with Bitcoin fund recovery are:

Install anti-virus and anti-malware detection software: Users can protect their information such as social media accounts from attacks by installing anti-malware detection software. Always secure crypto wallets with an extra layer of protection.
Investigate the profile: Always make sure to thoroughly investigate the profile of the offeror before investing in Bitcoin systems.
Be aware of bitcoin terminology: scammers use fancy terms such as “private key” or “seed phrase” to trick people into providing access to their crypto funds.
Only click on the right links: Always connect the right links by visiting trusted websites like CoinGecko or CoinmarketCap to check if the connection is genuine.

As bitcoin tracking technology is still under development, cryptocurrency is a volatile area. Thus, it becomes difficult to navigate through the complexities.

And since bitcoin transactions are irreversible, victims are left with little or no way to recover their money. But fund recovery companies offer a ray of hope for recovering money lost in bitcoin investment scams.

What if the scam has already happened?
A crucial step to take is to file a report with cybercrime investigation experts such as These teams of experts act as a wall between the bank and the scam victims and help the victims get their money back.

Money recovery specialists say victims are unlikely to get their money back in most cases. But a strategic action plan can help investigators ensure that victims of online scams get the best possible outcome.
Cease further communication with the scammer: Cybercriminals may threaten scam victims to make more payments and retarget them. Therefore, block all communication channels with them.
Gather evidence: write down all transaction IDs, details of the amount sent, etc., made with the scammer.
Secure social media accounts immediately: Be sure to change social media passwords. In many cases, scammers target victims through their social media accounts.
Mention how the scam took place: a clear and concise account can help cyber specialists track the flow of funds.
Contact payment provider: Immediately contact the banking institution involved in the transaction.
Contact Law Enforcement: To minimize or repair damage, contact the appropriate authorities. Legal agencies will consider several factors such as the amount lost, the obfuscation techniques used by the scammers, and whether the funds were transferred to a regulated exchange.

Why is it ideal to seek professional help with cryptocurrency scams?
Following a strategic plan can be difficult to implement after being scammed. Losing money to a cryptocurrency scam or any online scam can have serious mental health consequences.

Thus, financial advisors are best equipped to provide legal instruction. Depending on the amount of loss, professional services such as increase the chances of getting a refund.

About is committed to providing the most accurate tracing service for victims of online scams. enables and simplifies the process of tracking down cybercriminals and helps recover funds and create an atmosphere conducive to a negotiated settlement. For more information, please visit

Peter Thompson
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