Coinjer Scam Emerges On The Markets: Tips To Protect Yourself

coinjer scam

The Coinjer scam is one of the newest scams that happened in crypto-related social media. The con mainly works from Telegram channels and cons people into “investing” Bitcoin in order to earn more and we are reading more about it in today’s crypto news.

The Coinjer scam is a relatively speaking a small attempt to siphon away Bitcoin (BTC). The con claims that it will give BTC reward but does not pay it, a Reddit thread explains on the subject.

The messages circulating on Telegram proclaim that the user won 0.25 Bitcoin (BTC), just they have to claim the prize. The Coinjer site then asks the “happy winner” to register on the site. But an actual withdrawal of 0.25 Bitcoin (BTC) is not permitted and the user must supply some more Bitcoin (BTC) in order to reach the threshold of 0.3 Bitcoin (BTC). Even then Coinjer will not pay its user. Now the con asks for even more verification including a KYC screening, that costs 0.1 Bitcoin (BTC), as noted by another Reddit user. In this way, Coinjer beside the Bitcoin (BTC) is probably stealing electronic and real-world identities too.

It looks like the con expanded from the Anglosphere social media to include Asian users. The name Coinjer is a parodical version of CoinJar, a legitimate crypto-payment service. What is now called “the most elaborate crypto scam” resemble a lot to old-fashioned mail-order scams, that had requirements of payment to give the promised prize. And in the end, the scams would not pay the said prize.

Usually, scams are more present during growth times, and their presence falls in the duration of bear markets. For now, it seems that the so-called Ethereum giveaway scams have shrunk from Twitter. Pyramid-like scams reappear typically trying to contact investors directly appealing their naivety.

This year, PlusToken scam was operating in China for months, stealing away more than $3 billion in Bitcoin (BTC). The HEX scam is also growing its base, trying to take Ethereum (ETH) and possibly Bitcoin (BTC). Telegram in recent times is one of the nest for scam activity, including the spreading of false ICO deposit addresses, tainted wallets, and impersonating ICO leaders. The Coinjer scam is not trying to “sell” another cryptocurrency but directly asks for Bitcoin (BTC).

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