Myanmar syndicate fingered in gold coin investment scam
The post Myanmar syndicate fingered in gold coin investment scam appeared on BitcoinEthereumNews.com.
A cybercrime syndicate in Myanmar has been accused of launching and pushing the gold coin cryptocurrency investment scam. According to two of their victims based in Telangana, India, the syndicate ran a large-scale cryptocurrency scam, majorly targeting United States citizens. The Myanmar syndicate allegedly deceived unsuspecting individuals by promoting a fraudulent investment while using price manipulation and fake online identities to lure victims. According to reports, the crypto investments were said to be backed by gold, giving victims the confidence to go ahead with their investment in the platform. According to reports, the victims were recruited as part of the scam and forced to participate in several illegal activities. They have now come forward to give information that will blow open the sophisticated cryptocurrency scam. They have also revealed the extent of the deception and exploitation. Myanmar syndicate victims reveal modus operandi One of the victims, 23-year-old Indian national Katam Venu, mentioned that the criminals assigned him to the Shanshub Company located at KK4 Park. He was given a fake identity, E8, and was instructed to interact with potential United States investors as a woman. Katam was instructed to use WhatsApp and Facebook as the main messaging apps to lure unsuspecting investors into the scheme. He mentioned that his job was to build trust with investors with the end goal of convincing them to purchase the gold coins’ digital assets through the platform, which was controlled by Chinese operators. The scammers manipulated the price graph of the token, showing a low rate to make the investment appear as an opening for profits to the investors. This way, after they purchase the token, they just have to wait for it to undergo the promised rise, raking in profits. Katam said that he spent weeks chatting with potential investors, gradually leaving an…
Filed under: News - @ March 22, 2025 6:14 pm