Bitcoin fraud: The scary reality of crypto scams on Instagram

By Mehab Qureshi

Twenty-five-year-old Preksha Kasbe, a student based in Pune, woke up to a DM (direct message) on Instagram from her friend Sonali who she knew from school. Excited, she responded to her message chatting about life in general as friends do. “But then Sonali switched the conversation to crypto investments and how it changed her life completely,” Kasbe said.

Intrigued by the investment advice, and the eagerness to earn quick money led Kasbe to enquire about the lucrative deal. “She (Sonali) said it is pretty simple. You just have to change your email address that is linked to your Instagram to an email address that she (Sonali) sent,” she recounted.

Things took a u-turn as soon as the email address was changed. Kasbe’s account was hacked and started posting fake screenshots on her profile on how she (Kasbe) became wealthy after getting investment advice from Anna (the alleged crypto scammer). The hacker even started posting her photos with fake bank account statements duping her followers to invest their money in a scam token. Upon calling Sonali, Kasbe understood that her friend’s account was also hacked. “This seems like a chain reaction of scams,” Kasbe added.

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Vivan D’Souza, 27, a Jaipur-based stock market trader had a different story to tell. Like Kasbe, he too received a message on Instagram, but from a self-proclaimed crypto trading expert,…

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