Bitcoin has become a global trend and people from each walk of life irrespective of their gender, age, religion, or nationality have heard of Bitcoin. Further, there is no doubt that it has proved to be one of the fastest-growing investment vehicles to accumulate wealth quickly. However, the anonymous nature of the cryptocurrency, lack of regulations, and volatility of the crypto markets have been prime reasons for the major attraction of scammers and fraudsters.    As per the report from the Federal Trade Commission, the loss of $80 million was reported by 7,000 people during the period from October 2020 to March 2021. These scammers and fraudsters have used an encrypted messaging app like Telegram to target innocent users with limited knowledge of crypto-related aspects. Further, these scammers win the confidence of the users by the fake endorsement of celebrities. This increases an element of trust in the fake schemes.  Let’s discuss how scams are conducted on the Telegram.  

Bitcoin Scams on Telegram

So what actually happened with Telegram users? The scammers advertised crypto with the name “WBS finance”, and invited Telegram users to subscribe for the pre-sale of the fake cryptocurrency. The subscription of the “WBF finance” was promised against Binance and Ethereum. These scammers collected thousands of the coins and came back with the message that there is some problem with the bot responsible for the exchange of the coins, then again scammers excused the provision of the coins by saying invest more if you want to save your current investment. Finally, they withdrew all the coins that were collected from the Telegram users and sent the message “buying Lambo now.” This made the people lose millions of dollars earned with hardships and greater struggle.   Similarly, there was a global trading bot that claimed to make profits for the investor on the basis of arbitrage, which means buying cryptocurrency from one country with a lower price and selling it in another country of the world to make a profit for you. It’s the same concept of arbitrage that is applicable in the traditional stock market for the shares. Further, these bots also require users to send them some coins to be invested for a few months. In the meantime, you can check the status of the mining through the Telegram bot that provides a record of the growth. However, at the end of 2017, the Global Trading Bot stopped to reply and there was a message on the bot’s social media page that “the project is over now as the bot ran out of funds” So, there are several other ways on Telegram designed to scam the investors with money but limited knowledge of the market.  

Are Telegram Bots Legit?

The latest trend in the world of Bitcoin is “Mining of the Bitcoin via Mining bots”. The users of Telegram often come across an advertisement that promotes the mining of the Bitcoin programs. The question arises if someone is really able to earn Bitcoin with the mining on Telegram. The simple answer to the question is “NO”. You cannot mine Bitcoin using the Telegram bot. So, whenever you see some ads on Telegram to invest in a mining bot, just run away! It’s because when you make the first payment to enter in the process of mining, more tricks will follow later. Especially, at the time of payout, you’ll be asked to do some insane work like sending links to ten different people and providing a screenshot that you’ve met the criteria. Wait, you’ll now be asked to send them a transaction fee to enable them to initiate your payout. So, one after another they’ll keep asking you to complete the tasks and the final result will be the same as “buying Lambo”. So, it’s better to find some suitable investment strategy to ensure the security and protection of your hard-earned funds.

Is Telegram Bitcoin Bot Real?

Bitcoin bots are real but they make money only for the people who have created them. They make money by showing some ads and even some of the bots have been designed for phishing and get your coins in their wallet. For instance, the bot might give you a message that you will be given certain coins for free under some promotion after you confirm your wallet address. In this particular scenario, they’ll ask you to send some specific amount in their wallet just to confirm the address. However, once you’ve sent coins you’ll get nothing in return but promise to get coins and clicks to see ads.   So, there should be no doubt in stating that Bitcoin bots on Telegram are fake and scams and there is a need to remain safe. Bitcoin has gained massive value over the last few years and people are dying to get some value from this goldmine. As it’s a trending phenomenon, some criminals have created some fake programs where they use the name of Bitcoin to attract and dupe innocent people. Even social media platforms are not safe from these people and Telegram is one of the examples. There are so many scams on Telegram that present their mining program to be much more attractive and subject to a higher return. But, what an investor gets in these traps, in the end, is nothing but a wastage of money and resources. Please keep in mind there is no such thing as mining on Telegram and all these investment programs are nothing but a scam.