Charm, Deception and Fraud: Inside a Web3 Scam Artist’s Scheme
In the world of Web3, where innovation and technology are advancing at an incredible pace, it’s unfortunately not uncommon to encounter cases where those who seemed like trustworthy and authoritative players turn out to be ordinary fraudsters. In reality, many projects and individuals who presented themselves as serious entrepreneurs were involved in scams, leaving behind shattered hopes and financial losses. Today, we want to share one such case, which reminds us of the importance of staying vigilant in this space.
In today’s article, Coinmooner decided to shed light on a story that became a striking example of fraud in the Web3 industry. It involves a project launched in 2022 by a certain Malov, who, along with accomplices, created a group in a messenger dedicated to NFT investments. Malov presented himself as a successful cryptocurrency businessman and investor, actively attending business events where he met potential victims. He lured people into his project using his charm and confidence, promising them high returns and bright prospects.
NFTs, Lies, and Luxury Cars: The Web3 Scam That Shocked Investors
According to the prosecutor's office, Malov convinced his victims that he was raising funds for a promising NFT project. He claimed that his acquaintance—a well-known artist—was creating unique digital artworks that would later be listed on various platforms. He argued that the value of these NFT artworks would significantly increase over time, allowing investors to earn substantial profits. However, as it later turned out, this was all part of a carefully planned scam.
When a potential victim showed interest in the offer, Malov added them to a special chat, where he continued to persuade them to transfer funds to his accounts. After receiving the cryptocurrency, he disappeared, cutting off all communication. According to the investigation, Malov’s victims included five people, and the stolen funds exceeded 70 million rubles. With this money, the 35-year-old "businessman" purchased luxury real estate worth 30 million rubles and a Lamborghini worth 27 million rubles. The court found him guilty of fraud and money laundering, sentencing him to six years in a general regime prison.
Coinmooner wants to remind its readers that in the Web3 industry, where opportunities for earning and investing seem limitless, it’s crucial to remain highly cautious. Advanced security measures like two-factor authentication, checking the reputation of projects and their founders, and continuously improving your financial literacy will help you minimize risks and protect your assets from fraudulent schemes. Stay vigilant and remember that even the most tempting offers can hide a trap.
