A recent scam has been reported involving fraudulent investment schemes promoted on Facebook, leading victims to transfer funds via Cash App to the Bitcoin wallet address

. The scam has resulted in significant financial losses, with victims misled by fake promises of high returns on their investments.

How the Scam Operated:

• Fake Investment Offers: Scammers approached victims through Facebook, advertising a “guaranteed” high-return investment opportunity, often using fake profiles or groups tocreate an illusion of legitimacy.
• Use of Cash App for Payments: Victims were instructed to send Bitcoin via Cash App to the specified wallet address, exploiting the app’s simplicity and speed for transactions.
• Funds Irretrievably Lost: After the payments were made, the scammers disappeared, leaving victims without any returns or means to recover their funds

Common Tactics Used in the Scam:

• Emotional Manipulation: Scammers often pressure victims with time-sensitive offers or exclusive opportunities to gain trust and rush decisions.
• Professional Appearance: Fake testimonials, fabricated screenshots of “profits,” and other tactics were used to make the scam seem credible.
• Social Media Targeting: Facebook’s large user base was exploited to reach potential victims, especially those less familiar with cryptocurrency risks.