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- Bitcoin scams are in the air once again as a Medium article has been circulating the internet.
- Medium account @Bitcoin_SV published the scam article on 7 February, writing about the “Genesis” hard fork of Bitcoin v1.0.0.
- Victims would then be asked to send their BSV holdings, BCH holdings, or their wallet seed phrases to an online wallet creator called “mybsvwallet”.
Bitcoin scams are in the air once again as a Medium article has been circulating the internet, tricking viewers into sharing their Bitcoin Cash (BCH) wallet seed phrases and investing money into a fake coin called Bitcoin Genesis.
The scam appears to be quite obvious at first, but clearly, their numerous people who get affected by such schemes which need to be protected on the internet.
Medium account @Bitcoin_SV published the scam article on 7 February, writing about the “Genesis” hard fork of Bitcoin v1.0.0. The publishing date is also strategically timed a few days after the actual hard fork giving readers the perception of it being an actual new coverage.
The article asks users to split their Bitcoin Cash (BCH), and Bitcoin SV (BSV) holdings to receive their initial investment funds back. And also receive a new coin for doing so, called Bitcoin Genesis (BSG), that was generated during the hard fork.
Victims would then be asked to send their BSV holdings, BCH holdings, or their wallet seed phrases to an online wallet creator called “mybsvwallet”. Once the coins are sent to the wallet, the funds have been lost to the scammer.
Even though the article has a lot of points like the lack of proper grammar and spellings, that gives away its lack of authenticity, it is to be noted that you should never send your coins to an unknown wallet or send away your wallet seed phrases under any circumstances.
Scams like these simply use social engineering to get information out of the victims, and the mistake often lies on the part of the victim for not having investigated more into where they were sending their coins into.
Bitcoin Genesis is a completely fake coin that was made up for this scam article. The hard fork on Bitcoin SV didn’t result in the coin forking and forming a new currency. The wallet address mentioned in the article has checked, and as of press time, it has not yet received any coins. The post is nearly more than a month old at this point, there doesn’t seem to have people who’ve actually fallen for this scheme.
But this is one amongst many scams that are prevalent in the current cryptocurrency world. Such articles are normally backed by even more fake sources like social media accounts that fake authenticity and endorse the scams, resulting in victims feeling more assured that they’re making a thought out decision.
As a note to all holders of any form of cryptocurrency: Please always do your own detailed research before making any form of investment, and know that no form of investment will ever require you to send your wallet or exchange information.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
