Just like various crypto scams happen around the world, one of the popular one that's spreading exponentially is social media scams. Amidst the crypto surge, another round of social media scams related to crypto tax is happening. Let's see the highlights!

Step 1: Scammers initiate contact on social media with a deceptive, friendly façade. Step 2: Building trust through extended conversations to establish a false sense of security. Step 3: Introducing victims to enticing crypto trading opportunities, laying the groundwork for exploitation.

THE SETUP

Step 4: Scammers persuade victims to download a trading app & invest a nominal sum, building trust with positive initial returns. Step 5: Initial investments turn into substantial profits, enhancing victims' trust & bolstering the scheme's perceived credibility.

THE INVESTMENT TRAP

Step 6: Victims, attempting to withdraw profits, face a crucial point where fake 'customer support' demands taxes for withdrawal processing. Step 7: The cycle persists as victims face relentless demands for additional taxes, leading to financial drainage and severe consequences.

THE TAX HOOK

Scammers aim to leave victims in financial ruin, causing severe crises due to the loss of substantial funds.

THE ENDGAME

CAUTION

Never pay taxes directly to crypto platforms; legitimate payments go to government entities, not websites, exchanges, or crypto tax companies.

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