The promise of huge profits has again lured an unsuspecting crypto investor into a scam which has cost them in excess of $5,000.
Using the name LNO Platform / GPG Group (UK) the scammers contacted the victim via Telegram, claiming that a relatively small investment could net them huge profits in a short space of time.
The victim initially ‘invested’ $1,000 on the platform, only to see his account balance rocket to $12,500 in a short space of time.
When he went to withdraw his funds he was told he needed to pay $3,000 in tax and commission before they would be released to him.
Unfortunately, he sent the money. Soon after the scammers closed their telegraph account, cut off all communication with him and vanished.
However, it doesn’t end there. The victim found a number connected with the platform which presented itself as the platform’s UK ‘head office’.
He dialled the number and the person who answered told him that if he paid a $1,200 handling fee he’d get all his money within 10 minutes.
Sadly, he paid the additional sum. But no funds were transferred, and the person stopped responding to calls and messages.
The LNO Platform scam follows a depressingly similar pattern to several other scams I’ve written about recently, including the OGC Wallet / XHO Investment Group scam and the Gmgroup Pro scam.
What makes LNO Platform a scam?
The first, and probably most significant red flag is the completely unrealistic profits.
Remember the old adage ‘if it sounds too good to be true, it probably is’? Following this is a good way to spot a crypto scam as this is a common hook used to snare investors.
The second thing that should send you running for the hills is the demand for ‘tax’ or ‘commission’.
Holding your funds ransom and demanding these extra payments is not how legitimate financial institutions work.
Never send these payments. It’s just a ruse to squeeze more money out of you which you’ll never get back.
Can I get my money back from the LNO Platform crypto scam?
The answer unfortunately is ‘no’. There is no legal redress against these scammers as the world of cryptocurrency is still largely unregulated.
The best thing you can do is break all contact with the scammers and block them from your social media accounts, phone and email.
Sometimes the scammers will claim that if you don’t pay the fees they’ll report you for ‘tax evasion’ or similar rule breaches but it’s all nonsense.
Just as you have no power to pursue them through the authorities, they have no power to take any action against you.
Additionally, it’s highly unlikely that the crooks involved in these scams would deliberately expose themselves to the scrutiny of the authorities, especially as they’re trying to steal money from you.
Ignore them and eventually they’ll go away, unfortunately with any money you’ve sent them.
Is LNO Platform a scam?
This is definitely a fake platform. You should not send any money to the scammers as you will never see it again.
Ignore any messages from the scammers and block any channels they use to communicated with you.
How can I avoid crypto scams?
The number one thing to look out for is the promise of unrealistic profits, as I’ve already mentioned.
Secondly, do your research. If you can’t find anything about a company online that’s a huge warning sign.
If you’re going to engage with anyone financially you should always thoroughly check out the company, read reviews and establish that it’s legitimate before parting with your cash.
I’ve written about how to spot crypto scams in more detail here. If you’ve be scammed by a fake crypto platform, or suspect that a site is being operated by scammers, get in touch and I’ll take a look.
Using the name LNO Platform / GPG Group (UK) the scammers contacted the victim via Telegram, claiming that a relatively small investment could net them huge profits in a short space of time.
The victim initially ‘invested’ $1,000 on the platform, only to see his account balance rocket to $12,500 in a short space of time.
When he went to withdraw his funds he was told he needed to pay $3,000 in tax and commission before they would be released to him.
Unfortunately, he sent the money. Soon after the scammers closed their telegraph account, cut off all communication with him and vanished.
However, it doesn’t end there. The victim found a number connected with the platform which presented itself as the platform’s UK ‘head office’.
He dialled the number and the person who answered told him that if he paid a $1,200 handling fee he’d get all his money within 10 minutes.
Sadly, he paid the additional sum. But no funds were transferred, and the person stopped responding to calls and messages.
The LNO Platform scam follows a depressingly similar pattern to several other scams I’ve written about recently, including the OGC Wallet / XHO Investment Group scam and the Gmgroup Pro scam.
What makes LNO Platform a scam?
The first, and probably most significant red flag is the completely unrealistic profits.
Remember the old adage ‘if it sounds too good to be true, it probably is’? Following this is a good way to spot a crypto scam as this is a common hook used to snare investors.
The second thing that should send you running for the hills is the demand for ‘tax’ or ‘commission’.
Holding your funds ransom and demanding these extra payments is not how legitimate financial institutions work.
Never send these payments. It’s just a ruse to squeeze more money out of you which you’ll never get back.
Can I get my money back from the LNO Platform crypto scam?
The answer unfortunately is ‘no’. There is no legal redress against these scammers as the world of cryptocurrency is still largely unregulated.
The best thing you can do is break all contact with the scammers and block them from your social media accounts, phone and email.
Sometimes the scammers will claim that if you don’t pay the fees they’ll report you for ‘tax evasion’ or similar rule breaches but it’s all nonsense.
Just as you have no power to pursue them through the authorities, they have no power to take any action against you.
Additionally, it’s highly unlikely that the crooks involved in these scams would deliberately expose themselves to the scrutiny of the authorities, especially as they’re trying to steal money from you.
Ignore them and eventually they’ll go away, unfortunately with any money you’ve sent them.
Is LNO Platform a scam?
This is definitely a fake platform. You should not send any money to the scammers as you will never see it again.
Ignore any messages from the scammers and block any channels they use to communicated with you.
How can I avoid crypto scams?
The number one thing to look out for is the promise of unrealistic profits, as I’ve already mentioned.
Secondly, do your research. If you can’t find anything about a company online that’s a huge warning sign.
If you’re going to engage with anyone financially you should always thoroughly check out the company, read reviews and establish that it’s legitimate before parting with your cash.
I’ve written about how to spot crypto scams in more detail here. If you’ve be scammed by a fake crypto platform, or suspect that a site is being operated by scammers, get in touch and I’ll take a look.