Facebook-based Bitcoin scam targets Zimbabwe residents with trading scheme

Residents in Zimbabwe have lost funds to a fraudulent trading platform that advertises crypto investment opportunities on Facebook. According to reports, the investment platform masquerades as InnBucks Investment, luring innocent people into depositing their funds using Ecocash, which is moved to the fake trading platform.

According to local reports, the platform promises residents in Zimbabwe the opportunity to make profits from Bitcoin trading, agreeing to trade the asset on their behalf. They are asked to register accounts on the Amexcyp Market platform using their specialized link.

“Here is an opportunity to make x3 of your investment without any hidden fees or withdrawal fees 100% safe and secure. And also have access to your trading account. Send us a message now to start,” one of their advertisement posts reads.

Zimbabwe residents lose funds to bogus investment platform

According to reports, the platform has other types of advertisements spread across Facebook, targeting unsuspecting residents of the country. “Other platforms may falter, but we remain the best place for safe and secure coins trading in Zimbabwe. Trade on InnBucks investment today!” another post read.

However, it was discovered that the platform had no connections to InnBucks, with the platform releasing a post on its Facebook page warning its users. “Stay vigilant, stay safe. Never share your InnBucks PIN, OTP, or ID number with anyone. InnBucks does not carry out Investment schemes, always verify the authenticity of pages through our official channels—call us on 569 or message us on our official social media platforms. Be on the lookout for fake pages and scammers like the ones below,” InnBucks posted, attaching some of the fake platform’s posts.

According to investigations carried out by Bulawayo24, the fake trading platform’s posts have a WhatsApp number attached, with the number belonging to an agent called Michelle Chiunda, claiming she is from InnBucks Investment on Facebook. The attached number only connects through WhatsApp and a call is always received by a party that is oblivious to either the trading investment platform or its WhatsApp account.

Upon enquiry, “Chiunda” mentioned that the WhatsApp number was registered in her sister’s name, claiming the name, Katanda, which was attached to the number, is also her surname. Meanwhile, upon calling the number, it was answered by a woman who seemed unaware that her number was being used to lure people into InnBucks Investment on Facebook, pointing to the fact that the number might have been hacked.

Fake investment officer reveals operations

Confirming the advertisement made on Facebook, Chiunda mentioned that if a client in Zimbabwe invests $100 on the platform, the company will take charge of the trading on their behalf using their auto-electronic mining machine. This machine is 100% guaranteed for locking all incoming profit, it also keeps the trade signal stable to prevent any negative effect from MARKET-CAP,” she said.

She added that the trade takes 24 hours to complete, and once it is done, the user is guaranteed X10 of their investment, while the company keeps the remaining X3 part of the profit. Chiunda said that users in Zimbabwe can receive their profit from any account, highlighting that they pay to Ecocash, Innbucks, or Mukuru. She mentioned that as soon as a user signifies their intention to invest, a link is sent to them where they can register.

For a user in Zimbabwe to register on the trading platform, they must send their details to Chiunda to help them register or click on the amexcypmarket link that she sends to them. After registration, the user is expected to send a screenshot of the interface to her before they proceed with their initial investment starting from $50.

She also claimed that the platform is in association with InnBucks, a party that has already distanced itself from the scam, and indicated that the authorities have been alerted.

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