A Vietnamese investor lost 8 billion VND because of falling into the virtual currency trap.

Bitcoin virtual currency

According to CNBC, a shocking scam has just occurred in the digital currency market. And the amount of money worth about more than 2.4 million USD of more than 2,100 Ethereum (ETH) was stolen by the scammer after successfully raising capital for ICO under the guise of a company named Giza.

The crook "pulled the net", was cheated out of 8 billion VND

Giza was billed as a high-security cryptocurrency storage startup that raised funds through an initial coin offering (ICO). As of early February, Giza had raised and held more than 2,100 ethereum, worth about $2.4 million at the time. However, most of the 2,100 ETH raised was taken shortly after the fundraising ended.

According to security company CyRadar, in Vietnam at the end of February, there was a case of an investor in digital currency being scammed out of up to 350,000 USD, equivalent to 8 billion VND.

Specifically, the victim initially received a fake email from CoinDesk. When clicking to read more information, the victim was redirected to a fraudulent link namedcoindẹsk.com(e with heavy accent), is a Unicode domain name to register for the real address xn--coindek-873c.com.

Here, the site offers attractive, high-yield investment offers. The victim is then lured into accessing a fake MyEtherWallet address, providing security information, allowing the scammer to gain full control of the victim's cryptocurrency wallet. When the victim transfers money to buy coins and stores them in this wallet, the scammer just waits for the right moment to "pull the net".

These are further examples of the huge risks to ICO fundraising activities in particular and the digital currency market in general.

Not only is the cryptocurrency market at risk due to security concerns, it has also recently faced a series of shocks as "cryptocurrency paradises" such as the US and Japan are also considering tightening management of this market.

For example, recently, Japan's financial regulator officially requested two cryptocurrency exchanges, Bitstation and FSHO, to cease operations within a month and asked five other exchanges to strengthen internal controls.

The US Securities and Exchange Commission (SEC) has said it may tighten its control over cryptocurrency exchanges and may even shut down some if they fail to comply with current regulations.

After Bitcoin's price plunged below $7,000 last month, Google searches for the keyword "Bitcoin" have been declining.

Anxious

Since mid-December last year, when Bitcoin price hit a record high of $20,000/BTC, investors have lost about $11,000/BTC, equivalent to about 250 million VND.

Even those who entered the market later and successfully “flooded” it cannot rest assured. Because in the past 2 months, the cryptocurrency market has continuously received a series of “storms” that caused the BTC price to drop to the bottom around 6,200 USD/BTC.

For example, with the current price fluctuating at 9,200 USD/BTC, in just the past week, the price of each bitcoin has "evaporated" about 2,000 USD, which means a decrease of about 46 million VND.

Mr. Thanh Hai, a cryptocurrency investor, said: “Recently, many investors have been “devastated” because of surfing the cryptocurrency wave. No one can tell which wave is which and which is the peak, and no one could have imagined that in the past few months, the cryptocurrency market has received so much “bad news”.

Everyone expected that after the super strong “storm” such as the closure of the Bitcoinnect exchange, which caused about 50,000 Vietnamese investors to lose everything, followed by the attack that took away virtual money worth 533 million USD on the Coincheck exchange in Tokyo… the prices of potential coins such as ABT, CMT, IOTA, BNB… would “fly to the moon”.

But no one can "guess" the bottom to buy in to maximize profits, because it is unpredictable whether there will be more storms that will suddenly come.