Gairika Mitra
An individual known as @ape_31 on the social media platform X has allegedly swindled more than $650,000 from over 250 users within the past year.
Blockchain investigator ZachXBT posted about this brazen and sophisticated operation on X Monday.
The scammer’s modus operandi involved posting fake profit and loss (PNL) screenshots from a Bybit demo account and leveraging a news account to lure victims into paid services before blocking them once payment was received.
1/ The UK scammer @ape_31 @60711 has stolen more than $650K from 250+ X users in the past year by posting fake PNL screenshots from a Bybit demo account and running a news account to funnel unsuspecting victims into paid services before blocking them upon receiving payment. pic.twitter.com/rWTRPbTiym
— ZachXBT (@zachxbt) September 30, 2024
The scammer, who operated under the handle @ape_31, had been meticulously baiting potential victims with carefully crafted posts featuring demo account screenshots and replies to large accounts to boost engagement. Once hooked, victims were lured into paying between $250 and $500 for copy trading services. The scammer then employed social engineering tactics to persuade individuals to send more funds under the guise of managing their investments.
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One victim reported sending $500 to @ape31 for copy trading. The scammer further asked for $20,000 with claims of having “zero liquidation price.” Another individual shared a similar experience where they were promised risk-free gains and the potential to grow their balance from $10,000 to $100,000 in just a few days. However, after sending funds, the scammer ignored the victim.
Sophisticated Trading Scam Exploits API Keys and Fake Profits
The elaborate scheme also involved providing victims with API keys to supposedly watch trades and showing them fake PNL screenshots to create the illusion of significant profits. The scammer then blackmailed victims into sending more money by asserting that additional funds were needed to claim the alleged profits, ultimately blocking them after payments.
Investigations have uncovered 16 exchange deposit addresses linked to wallets shared by victims, which collectively received $650,000 over the past year from more than 250 individuals. The scammer reportedly frequently changed deposit addresses to evade detection, suggesting that even more funds may have been stolen.
A key piece of evidence included a recorded video call where @ape_31 attempted to defraud another victim using similar tactics.
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“It is sad to watch this scammer take advantage of so many desperate people and newbies looking for a win. Hopefully, this info will assist law enforcement in further identifying the scammer,” said the analyst.
Authorities are urged to investigate these allegations thoroughly to bring the perpetrator to justice and safeguard potential future victims from falling prey to such deceptive practices.
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GAIRIKA
Gairika is a cryptocurrency journalist with a focus on Bitcoin and blockchain technology.
