Bitcoin

Coinjer Scam is Making the Rounds, Here’s What You Need to Know

Christine Vasileva | Dec 09, 2019 | 12:47

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The Coinjer scam is one of the latest cons to hit crypto-related social media recently. The scam primarily operates across Telegram channels and tricks people into coughing up bitcoin in order to receive more. 

The Coinjer Scam Promises BTC Rewards

The Coinjer scam is a relatively small-scale attempt to syphon away Bitcoin (BTC). The scheme offers a BTC reward, but ends up not paying it, a Reddit thread explains.

The messages spreading on Telegram promise that the user has won 0.25 BTC, and that they have to go and claim it. The Coinjer site then asks for registration. However, an actual withdrawal of 0.25 BTC is not allowed, so the user has to supply some more BTC to reach the threshold of 0.3 BTC.

However, Coinjer won’t pay even then. The scheme now requires more verification, including a KYC screening. There is also a cost for that – 0.1 BTC, as another user on Reddit noted. Thus, Coinjer not only steals BTC, but also potentially electronic and real-world identities too.

It seems the scheme has also moved beyond English-speaking social media, and now operates among Asian users too.

coinjerってとこから0.25BTCが当選しました！ってきたけど、まぁSCAMやろな😌

— 🍮おいしいプリン🍮《GPOSI 1280円》 (@cryptoprin2) December 8, 2019

The Coinjer name also spoofs CoinJar, a legitimate crypto-payment service.

Coinjer has been called “the most elaborate crypto scam”, but it actually bears a lot of resemblance to old-fashioned mail-order scams, which required a payment to release the promised price. Even after paying up, the scams would typically continue to withhold the money.

Scams Revived in 2019

Scams and attempts to take crypto coins usually accelerate during boom times, and fold during bear markets. Currently, the so-called Ethereum giveaway scams appear to have diminished from Twitter. At the same time, pyramid-like schemes reappear, usually attempting to contact naive investors directly.

In 2019, the PlusToken scam operated for months in China, taking away more than $3 billion in BTC. Additionally, the HEX scheme is now growing its base, attempting to take ETH tokens, but also potentially BTC.

Telegram has been one of the hotbeds for scam activity, including the spreading of faked ICO deposit addresses, tainted wallets, as well as impersonating ICO leaders. The Coinjer scam is directly asking for bitcoin, instead of attempting to sell another coin or token.

What do you think about the Coinjer scam? Share your thoughts in the comments section below!

Images via Shutterstock, Twitter @cryptoprin2