peertopear

. Off-Exchange P2P Scams #PeerToPeer
Scams where criminals convince victims to trade digital assets directly outside of P2P exchange platforms can come in many forms, yet they often share some similar elements.
Initial Contact: The scammer initiates contact with the victim through messaging platforms like Telegram, WhatsApp, or local community groups. Scammers may also advertise on social media, posing as legitimate traders or companies offering attractive P2P rates and claiming a history of numerous successful transactions.
Building Trust: The scammer spends time building rapport with the victim, often sharing fake testimonials, transaction histories, or even fabricated documents to appear legitimate. There are also instances where the scammer conducts several successful transactions with the victim first to gain their trust before they engage in larger trades.
Initiating a move off the platform: Scammers can also make initial contact with their targets on a P2P platform, later suggesting to perform the transaction outside of it. They can use platform downtime as an excuse for that or impersonate the platform’s representatives to convince the seller to release crypto directly. When you trade on Binance P2P, a counterparty suggesting to move off the platform is almost always a sign of fraud. #PeerstoPeers
Pulling off the scam: Once trust is established, the scammer proposes a transaction at a favorable exchange rate. The victim is persuaded to transfer their cryptocurrency to the scammer's wallet. After the transaction is finalized, the scammer becomes uncontactable. Attempts by the victim to reach the counterparty are unsuccessful, leaving them without their cryptocurrency and no way to recover it.
Real-Life Examples #PeerToPeerFinance
Example 1: John gets a good price
John is browsing his social media feed when he sees a self-proclaimed expert P2P trader boasting about their record of successful transactions and numerous satisfied customers who appreciated the prices they offered. Intrigued, John reaches out to the trader via WhatsApp and negotiates a good price that the trader agrees to. Trusting the agreement, John transfers his cryptocurrency to the trader. However, once the transfer is complete, the trader becomes unresponsive, leaving John with no way to recover his cryptocurrency.#PEERTOPEAR
This example highlights the risks of trading with unknown counterparties outside of exchanges where it is nearly impossible to verify the claims that people make about their identity, trading experience, and reliability.
Example 2: Taking business off the exchange
Dennis meets a trader named Lynn on a reputable P2P exchange and, in an effort to save on fees, they agree to conduct their trades outside the platform. Over the next few weeks, Dennis completes several successful transactions with Lynn, which leads him to trust her more with each trade. The trades gradually increase in size, and confident in their relationship, Dennis decides to proceed with a significant transaction, exchanging around 56,000 USDT. However, after Dennis transfers the cryptocurrency, Lynn fails to send the agreed payment and becomes unreachable
This example underscores that even if there have been successful trades in the past, conducting transactions outside of an exchange carries the risk of the other party not fulfilling their obligations. #PeerToPeerElectronicCash