12/09/2023
With the news coming about the collapse of the EBay platform and the almost !!!!!! 1 million fijian dollars !!!!!!! that have been scammed out of the country, it is high time that people become educated about the presence of crypto scams.
What just occurred is called a Rug Pull. A rug pull is an all to common scam, whereby people are conned into investing money into projects by scammers who promise victims high returns but once they have acquired enough capital run off with the money, thus the term rug pull (pulling the rug from underneath their investors).
It was clear from the beginning that this platform was a classic scam. The use of interactive features through their website and app, the promise of high yields and the almost text book pyramid scheme setup of the entire scam gave off a stench of SCAM that so many ignored because they could only see the money at the end if the tunnel.
This isn't the first and it isn't the last scam that will occur in this country. EBay will be replaced with another scam and again people will run towards it. Remember the pyramid scheme during COVID, where you invested $10 and had to recruit 3 people into the scheme who had to recruit 3 creating a cycle by which even you would have to scam friends, coworkers and family members to get back your money.. And again there will be more.
So it is high time that authorities invest in educating the public about these schemes before Fiji becomes a hotspot for would-be scammers to set up base. Expect a video soon on how this scam was setup and how they successfully scammed thousands.
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