It seems like nothing is out of reach for crypto scammers. After phishing attacks, rug pulls, fake giveaways and several other elaborate schemes, cybercriminals are now turning to LinkedIn to defraud crypto investors.
In an interview with CNBC on June 17, 2022, FBI special agent Sean Ragan revealed that the networking platform had become a hotbed for illicit activities. He said that these crypto scams pose a “significant threat” to LinkedIn and its community members.
How do these frauds work?
Ragan explained that scammers create professional-looking fake profiles and strike-up conversations with hand-picked users via the in-built messaging feature.
The scammers initially direct victims to legitimate investment platforms in order win their trust. They build a relationship with the victim over several months before convincing them to move the money to a different platform, which is anything but legitimate and is usually operated by the scammer himself. Therefore, the money is lost as soon as it leaves the victim’s wallet.
“This type of fraudulent activity is significant, and there are many potential victims. There are many past and current victims as well,” Ragan said. A group of victims who came forward as part of the interview with CNBC disclosed that the amounts siphoned off ranged from $200,000 to $1.6 million.
Since LinkedIn is a trusted platform for business networking, victims tend to take messages from strangers a bit more seriously. After all, it is a platform for…
