PJ Jenkins was an ex-cop who fell into the scam rabbit hole due to personal feelings. The ex-cop had an eagle eye for illegal procedures and scams as he had a fair share of exposure to scammers and thieves while working as a casino guard. However, his life took a sudden turn when he met a beautiful woman; in order to be with her, Jenkin found his hard-earned money in the crypto scam hole. The amount he lost was about $15000 USD. As a 57-year-old man, that money was all he had. The tragic yet ironic thing was that he could literally see his money rotating in the crypto market and still could not legally claim it. Even after being under the radar of scamming, PJ Jenkins did not lose hope and tried to get his money back with the help of governmental legal services.
The main thing that hosted the main hurdles for Jenkins was the lack of resources and help. Jenkins tried all the legal help centers, from scam help companies and police to the FBI. However, he could never get through the system or get any help. This is not one case that has been reported regarding the crypto scams, as experts argue that scams are fast-growing in the completely unregulated crypto sector, with each inflated stash and vanished dollar demonstrating how widespread the larceny has grown. Crypto frauds cost Americans $750 million on the current record, according to the U.S. Securities and exchange commission, and the amount might climb this year.
The response from law enforcement has been delayed. The Justice Dept just launched a new working group dedicated to digital money and its trade, but it really is in the beginning graph, and it’s unclear which quantity of fraudsters it will be able to verify, much less even jail. As these scams are a widely spread issue, everyone must know how and what are the reasons and red flags, so they can be safe in the world with their savings and investments. Follow along and learn about crypto scams through this case study.
The Dangers That Surround Crypto Currency Scams
Cryptocurrency scams are fraudulent activities that involve cryptocurrencies. These scams can include Ponzi schemes, phishing attacks, and malware. In simple words, a cryptocurrency scam is when someone tries to steal your cryptocurrencies by fraudulent means. They may try to steal your login information or your cryptocurrencies themselves. Be sure to keep your login information safe and never give it out to anyone you don’t trust. Also, make sure to only invest in cryptocurrencies that you believe in and that have a solid track record. On the other hand, a cryptocurrency scam can also be an activity that entices investors with the promise of high returns in a short period of time. Unscrupulous operators often use flyers, online advertisements, or social media to lure potential victims.
Cryptocurrency scams work by convincing people to invest in a cryptocurrency that will supposedly make them a lot of money. They may promise high returns or claim to be a sure thing. However, the cryptocurrency is fake and will not produce any profits. People who invest in it will likely lose all their money. Cryptocurrency scams target everyone, but some people are more common victims than others. For example, people who are new to cryptocurrency are often scammed because they don’t know how it works, and scammers take advantage of that. Additionally, people who are desperate for money may also be more likely to fall for a scam. So if you’re looking to invest in cryptocurrency, make sure you do your research and only invest what you can afford to lose.
Jenkins Became A Victim of A Coinbase App
Jenkins was duped by a fraud that took place mostly on the Coinbase app, a stock trade-off. It appeared as a method of “bait broiler,” in which the target’s account was beefed prior to the slaughtering, and it featured a specialized crypto field described as “liquidity mining.” Despite the fact that a Washington Post study of the blockchain data accessible shows the fraud that took Jenkins’s money is actually massive — with potentially about five thousand people as targets in different states and $75.6 million taken since August – no single agency appears to have picked up on it. A formal response from the FBI was not returned.
At first, Jenkins believed that he only needed to purchase a “miner license” for twenty-six dollars, which was no great issue, according to Alice. Then he could start putting money in encryption methods to gain revenue, a fairly constant stream of money similar to what financial institution fixed deposits used to pay generations earlier. Jenkins should use a Coinbase Bank account, an app created by one of the top virtual currency marketplaces in the United States, according to Alice. She also directed him to “CB-ETH.cc,” a domain that appeared to be linked with Coinbase and was emblazoned with the company’s distinctive blue. The mining of liquidity would be handled by that page.
CB-ETH.cc is a website that deals with the trading of cryptocurrencies through the use of fake miners’ licenses. The site was bogus and was made to scam people through the means of fake licenses and mining setups. The companys’ setup worked with the help of fake licenses, emotional manipulations, and coinbase wallet scamming.
Details Regarding The Scam Case
Cryptocurrency scams are nothing new. They’ve been around for years, and there’s no indication that they’ll stop anytime soon. In fact, they seem to be becoming more and more common. Cryptocurrency scams rates are high because they are easy to commit and offer high returns. Scammers can quickly create a fake cryptocurrency and promote it to potential investors. Once people invest, the scammer can quickly disappear with their money. Additionally, many people are not familiar with cryptocurrency and may not recognize a scam when they see one.
So if you’re thinking about investing in cryptocurrencies, be sure to do your research and watch out for scams. This is how Jenkins got into the scam:
The Initial Stage of Discomfort
Jenkins believed that he was intelligent and had enough knowledge regarding the whole investment setup and would be efficient enough to leverage his digital currencies to complement his social security income. Jenkins was duped by a fraud that took place on the Coinbase app, a bitcoin exchange. Jenkins resides in Absecon, New Jersey. After Jenkins encountered Alice on the online match-making site Hinge in September, crypto investment never came into his thoughts.
Alice, who was a pleasant-looking and emphatic sounding thirty-seven-year-old woman, became a friendly audience to Jenkins and his issues. Jenkins was given a nickname by her, and she appeared excited to get around his life and routine. Alice resumed suggesting crypto investing after plenty of days, namely stuff like liquidity mining. She, later on, tried to convince him that he should really look into the suggestion as it would help him gain a bit more well-needed financial assistance. She also hinted that if he himself is not interested, he can just lend the digital money that was not in his usage at the moment.
In a communication conversation, Jenkins shared other secure platforms that could benefit him and how they had secured past users and clients. However, Alice stated, “my lovely blueberry, you really have no idea how much profit you can gain on this setup .” later, she proceeded to tell Jenkins that he should use Coinbase Wallet, an application created by the top virtual currency platforms in the U.s, according to Alice. Jenkins was dubious. Jenkins acquired around $3000 in trust, such a cryptocurrency exchange based on cryptocurrency that is meant to be worth roughly $1, towards the end of September.
Beginning of the Self Sabotage
Jenkins reportedly put $15,000 into the alleged mining enterprise after a few weeks. Jenkins regularly used to review his account on that CB-ETH financing site, and the “earnings” or “revenue” would progressively increase as days went by. Jenkins claimed not to have done so but then proceeded to examine his money. It was all a ruse designed to persuade Jenkins to press a button. Alice really had Jenkins implement a shared ledger when she directed him to acquire a certificate. Jenkins apparently submitted his own consent paper to be scammed, though he didn’t understand everything at that moment. This was where he thought about checking what felt fishy in the situation. Jenkins wanted to be aware of where his money was going and was it even secure or not. He had his speculation in the beginning; however, with Alice in the picture, he thought he did not need to look into the system that deeply, but as time passed, he thought to take matters into his own hands.
The Late Enlightenment
Jenkins contacted Coinbase in a panic, but the company told them it was not able to assist him. Once he realized Jenkins’ “multiple parts restoration catchphrase” had been revealed, according to the report. He also sent an email to Tether, which replied that it couldn’t assist. Jenkins argued to CB-online ETH’s agents that the $15,000 was removed without authorization. When asked about the frauds by The Washington Post, Coinbase patrol officer Phillip Martins claimed he was stunned and did not know how to react. They didn’t say anything about Jenkins’s issue. Whilst Jenkins began chatting with CB-ETH, the administration responded with a notice that read, “User evaluated our client quality as terrible.” Jenkins laughed bitterly at it. Jenkins, who always claimed to have a penchant for something like the dramatic and did some scene speaking while he resided in Southern California years ago, added, “I fell into a scam.” Jenkins believes his example teaches a larger societal message.
The Search Operation and The Result
Jenkins could really see Alice’s funds in their account, but he has no means of knowing her true identity, personal details, as well as her credentials, or location. The woman claimed that the whole investment was lost after his initial five thousand dollars investment vanished in October. However, it guaranteed him a $3,000 return if he increased his true commitment to $10,000. That cash vanished as well. One of the distinguishing characteristics of cryptocurrency frauds is how similar they are to traditional investments. CSITech, a New York City-based investigation agency, and its latest book, “Investigating Cryptocurrencies,” says that It has the potential to be a viable source of income. Jenkins enlisted the help of his nephews, who each contributed $6,000 to the cause.
Dan Finlay, the owner of MetaMask, a rival of the Coinbase Ledger software, concedes that ensuring the economy is secure for ordinary Americans is a difficult task. Jenkins purchased the “mining license” by clicking a button within the Coinbase Payment gateway that never adequately disclosed that he was handing over complete control of his funds. Several companies are better forthcoming about such demands, and Coinbase has been chastised for it. Jenkins has now become acutely aware of his vulnerability. Strangely, he wishes to maintain participating in cryptocurrency. Jenkins still continues to invest his money online but makes sure to check validities before diving in.
“I simply think there are numerous easy, secure, and better ways to generate wealth,” Jenkins claims.
This article tells the story of an ex-cop who fell for a cryptocurrency scam and thousands of dollars. It serves as a warning to all crypto investors to be careful and beware of scams. He learned a valuable lesson and now earns securely on the crypto investment platforms. If you have lost money in a crypto scam, please reach out to us for help recovering your funds. We are the best in the business and will find rapid solutions and ways to get your money back from a scam. We help you recover your funds and stop scammers in their tracks. With our innovative technology and global community, we’re making it easier than ever to fight fraud and get your money back.