I don't think there is any trick to it, it could just be luck, when you start looking for tricks to make profit, you can then easily fall into the hands of scammers who will take advantage of you. You could buy a coin really early and it ends soon enough and your money is gone.

Absolutely right, due diligence is of utmost importance.

I would like to share my experience. Admin please advise if this needs to be posted in any other section or please pin this for the information of new users.

I am an experienced trader since many years. Being a part of many telegram groups of tokens/exchanges is common for us.

I was contacted by a random user on Telegram claiming his BTC is frozen and  withdrawal is not allowed in his country (Algeria) and he needs my help to recover it for him. He offered me 10% commission for this task.

I knew it was a fraud instantly but I wanted to understand what exactly they do, so that I could educate others. I played along.

He told me of this exchange : ECHOTIXBET

I made an account and logged into this exchange, it looks very much authentic, a perfect copy of some good running exchange.

After that he asked for my user ID for an user-user internal transfer and instantly my account reflected BTC worth $14580

I knew that this was just a fake number and there is no point trying, I still tried to withdraw it to see what would happen and was greeted by a standard fraud notice that your account is locked and to withdraw this sum you need to deposit some X amount of Crypto

I told him about this on Telegram and he replied, oh! even you cant withdraw it! Damn!.
Just send the BTC back to me I will see some other user to do this.

By then I had clearly understood their business model and I no longer needed this scammer to bore me more. I blocked him on Telegram, he instantly messaged me from another ID swearing at me and calling me a cheater who robbed his BTC

I blocked him again and after that there was no sight of him. This was my experience which I wanted to share with the crypto tribe, as all users may not be aware and get caught in such tangles.

It makes me remember of another fraud exchange some 5-6 years ago (was even listed on CMC) "Fedelio" or something similar.

This exchange used to have prices more than market rates and that's how I got hooked to it seeing XMR prices almost 10% more. I saw a quick arbitrage opportunity and jumped on only to loose my investment. they took deposits and never let anyone withdraw, they kept asking more funds or their fake agents would contact you to help you resolve it by contacting hackers etc. etc.

Bitter lesson learnt.

Hope more users who have faced something similar share their experience on this.

Thanks

PS: Not your keys, not your coins. Always store crypto on self custody wallets.

As a trader, I have been following the market trends and the US election voting updates, and my observation for the past two days, has been Wonderful, the crypto market, especially Bitcoin has been reacting to the news, both negative or positive for Donald Trump and Kalama Harris performance. I must say that it was a keenly contest elections which has effected the market price to the up trends  movements especially when Donald Trump took earlier lead. Some times within this two days, the market goes down signaling a Kalama Harris's close points. It became obvious that trader are actually trading with Election results updates, and now, do you think Donald success in the election will increase adoptions, awareness, and growth now and the next four years?

I feel there is a lot of enthusiasm in the crypto industry considering the fact the Donald Trump is going to be POTUS again, we are seeing a natural and healthy correction. Once Trump take charge we will see a major bull run taking BTC into uncharted territories.



Public Notice: Remember, you only own your crypto if you have your keys. Not your keys, not your coins. Store crypto on self custody wallets.

SUI should be a token to watch out right now.

it has been making good progress in the past two months.

however do not keep all your eggs in one basket.


PS: Not your keys, not your coins. Remember to store your crypto on cold wallets.