A slightly unusual scam to look out for is one which utilises CoinMarketCap’s portfolio tracker facility.
CoinMarketCap is a completely genuine crypto site which offers a range of services, such as current crypto prices and contract information, together with the tracker.
Scammers are taking advantage of this free service by setting up accounts for victims, getting them to transfer sums of crypto to a wallet controlled by them then replicating that sum in the tracker to give the impression that it’s in an account controlled by the victim.
CoinMarketCap is not a crypto exchange
CoinMarketCap doesn’t offer any exchange or trading functionality so it’s important to understand that balances shown in the portfolio tracker can be inputted by anyone with access to the account and do not necessarily represent crypto that exists.
The person who contacted PawProfitForum Team about this scam had been contacted by a ‘friend’ on LinkedIn who forwarded and advert for a high return crypto investment scheme.
They were direct to WhatsApp where an ‘investment agent’ contacted her to discuss the scheme and arrange for her to buy and transfer over crypto to get started.
Bitcoin was transferred directly to a wallet
There was no DApp or platform involved – the victim simply agreed to open an account on a legitimate crypto exchange, transfer fiat money to it and by Bitcoin before moving it to a wallet address given to her by the agent.
They were then able to login in to CoinMarketCap and access the portfolio tracker facility where their Bitcoin appeared to reside, convincing them the investment was genuine to start with.
Bitcoin had been stolen and moved
However, the funds had actually been stolen by the scammers who had immediately moved them from the original deposit address to a new wallet.
They even attempted to convince the victim that the investment was doing well and that they should send more funds to a new wallet address, but fortunately they became suspicious and did not follow through with these instructions.
If you’re approached by anyone claiming to offer investments or trading with CoinMarketCap be aware that this will be a scam as these facilities are not offer by this platform.
I’ve lost money to CoinMarketCap portfolio tracker scam – can I get it back?
There’s no denying that it’s difficult to get lost crypto back, but there are certain things you can try as detailed in our resources section.
There are also private companies that might be able to help which I’ve written about here.
Have you had any experience with this platform? Kindly share your thoughts in the comment section to help others stay informed and safe.