Ayodeji samuel akinrinlola

It sounds like you’ve encountered a classic crypto arbitrage scam, a type of fraud that has been increasingly common in online groups, especially on platforms like Telegram. In cases like these, the setup is often the same: scammers create groups promising high returns on crypto arbitrage (taking advantage of price differences in various crypto markets). They lure in unsuspecting investors with promises of step-by-step guidance and assured profits.

Here’s a breakdown of what typically happens in these scams and how you can respond if you've been targeted:

1. Initial Request for Payment: Scammers usually ask for an initial "wallet funding" fee. This is presented as a necessary deposit to start trading. Once you send the payment, excuses follow to delay or request even more funds. This "bait and bleed" approach aims to get as much as possible from victims before they realize it’s a scam.
2. Additional Payment Requests: After the initial deposit, scammers will often invent reasons to request additional funds. In your case, you were asked to top up your wallet, which is a common tactic to gauge how much you’re willing to invest (or lose) before realizing the scam. They may claim the need for more funds to access a higher-tier trading strategy or to cover sudden “transaction fees.”
3. Social Proof & Background Check: It's wise that you checked Nairaland, as it’s a good reminder that researching potential business partners or admins in trading groups is essential. Seeing multiple scam reports tied to the admin confirmed your suspicions, proving that online reviews and community forums can reveal red flags.

Crypto arbitrage scams thrive on trust and urgency. The best protection is a healthy dose of skepticism, especially on platforms known for anonymity, like Telegram. Take a step back to evaluate any high-stakes offer, especially when it involves financial transactions with unknown parties. Research thoroughly, and when in doubt, lean on trusted sources or financial advisors.

Steps to Take Now

• Stop Payments Immediately: If you’ve stopped making payments, you’re on the right track. Scammers will often disappear when the money flow stops, but some may continue to try and coerce you with threats or empty promises.
• Report the Incident: Report the Telegram group, admin account, and any other profiles linked to this scam. You can report them directly within the Telegram app, as well as on scam reporting platforms and communities such as ScamCheckup. Reporting helps to prevent others from falling into the same trap.
• Preserve Evidence: Save all chats, payment confirmations, and screenshots. This evidence can be useful if you decide to pursue legal action or file a report with local law enforcement or cybersecurity agencies.
• Avoid Similar Offers: Scammers often switch profiles and start fresh groups, targeting new users. Be cautious of any offer that sounds too good to be true, especially if it’s an unsolicited invitation to a trading group. Legitimate crypto arbitrage opportunities usually require significant knowledge and resources, and they never involve initial fees sent to unknown third parties.