Coinjer scam: Telegram becomes host to notorious fraud scheme

Coinjer scam is one of the latest social media-based scams to surface recently. Operating on Telegram the scam is trying to make unsuspecting investors invest their Bitcoin in hopes of receiving more. 

Coinjer scam

Coinjer scam is a small-scale attempt at making investors lose their Bitcoin. The platform promises BTC rewards but never pays it. The platform advertises by sending messages on Telegram telling their targets that they have won 0.25 Bitcoins. However, it states that the least withdrawal amount if 0.3 Bitcoins and users have to deposit 0.5 BTC to withdraw the total amount.

However, despite making the payments and increasing their account holdings to 0.30 Bitcoins the platform would refuse to pay their rewards. The scheme would then ask users to register through KYC verification that has a cost of 0.1 Bitcoins. The scheme has affected people beyond the English-speaking countries and seems to have hit non-English platforms as well.

Coinjer scam is comparable to usual reward scams but with the crypto assets involved. The scheme’s name closely resembles legit payment service CoinJar.

The year has seen its shares of Bitcoin bulls as well as a share of scams and swindles. Previously, the year saw PlusToken scam a crypto pyramid scheme netting over 3 billion dollars. Additionally, it is suspected that the scam also influenced Bitcoin’s price and caused the bears from 13,000 dollars level.

Telegram has become the nesting ground of many fake ICOs, and other such schemes. While many such schemes involve the sale of a digital asset that does not really exist, Coinjer is directly asking for Bitcoins. This makes it much more obvious that the scheme has something wrong about it.