One of the readers of our blog wrote to us and asked to explain how it happened that he ended up buying a scam token.

In fact, this is not an isolated case, and it happens quite frequently; you just need to be attentive and double-check the information.

In this article, we will tell you about one of the methods of getting scammed into buying a scam token through Telegram channels.

What is a Scam Token

First and foremost, it's a token that is not listed on exchanges, about which there is insider information, and you can buy it but cannot sell it. Typically, such tokens are placed on Pancakeswap because it's easier to implement the scheme we will discuss below. It's possible that other swap platforms may also be used.

History with a Telegram Channel

We will try to briefly recount the story of what happened.

A user found a Telegram channel specializing in cryptocurrency trading. Technical analysis, good results, a large audience – everything seemed right.

P.S. There was no "scam" label from Telegram at the moment the user joined the channel.

Information started surfacing online that the top cryptocurrency exchange Binance was selling its business to a Russian exchange called CommEX. This news marked the beginning of the most interesting part of our story.

Naturally, the administrator of this channel, the main character of our story, had inside information. A series of posts followed in which the scammer explained why the token would rise. Then the channel was labeled as "scam," at which point our hero should have stopped and unsubscribed from the channel.

Admit it, everything was done quite cleverly. Supposedly, Binance Russian contacted them (although such contact most likely doesn't even exist), claiming that the scammer was spreading insider information about the new exchange, which led to a complaint to Telegram support and the "scam" label.

Next come fake announcements on top exchanges, which may lure newcomers. However, if you check the news section, there are no such announcements, which serves as a reminder to always verify information.

Of course, you will be given instructions on how to buy the token because you can't find such a gem just anywhere.

But by checking these boxes, you are sentencing yourself to being able to buy tokens but not being able to sell them, and that's it – you're trapped.

And, of course, there's the profit chart for a day. There will be such growth, as the token cannot be sold, only bought.

Conclusion

In conclusion, let's recap what happened. There was a channel that analyzed the crypto market and provided setups for buying or selling various coins. It's likely that the channel was bought for a significant sum, as it had over 20,000 subscribers, or the channel administrator himself decided to scam his followers – it doesn't matter. Afterward, they seized the opportunity and launched a new exchange, which they could promote as a scam token. They lure you with substantial profits you could earn, announcements on major exchanges, and then you buy it but can't sell it.

So, be vigilant and double-check all information. The problem is that this is just one of the methods, and there are likely many more.

In this article, we have discussed how Telegram channels trick people with scam tokens.

If you have any questions after reading the article, feel free to ask them in the comments!

We hope this article has been helpful to you. Wishing you all successful and profitable investments!