Witty-Season-3914 Double Scam Recovery: Difference between revisions
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== Immediate Reactions == | == Immediate Reactions == | ||
Witty-Season-3914 reports immediately realizing their failure and contacting | Witty-Season-3914 reports immediately realizing their failure and contacting Crypto.com to retrieve their funds<ref name=":0" /><ref name=":1" />.<blockquote>"Sent 7000 ADA to a sketch address that said they would double it… once i sent it i knew I [mess]ed up." | ||
"it was a sick feeling." | "it was a sick feeling." | ||
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There is nothing remaining to be concluded on this case. | There is nothing remaining to be concluded on this case. | ||
== Individual Prevention Policies == | == Individual Prevention Policies == | ||
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{{Prevention:Individual:Question Unrealistic Profit}} | |||
{{Prevention:Individuals:End}} | {{Prevention:Individuals:End}} | ||
Revision as of 13:37, 17 March 2023
Notice: This page is a new case study and some aspects have not been fully researched. Some sections may be incomplete or reflect inaccuracies present in initial sources. Please check the References at the bottom for further information and perform your own additional assessment. Please feel free to contribute by adding any missing information or sources you come across. If you are new here, please read General Tutorial on Wikis or Anatomy of a Case Study for help getting started.
This is a global/international case not involving a specific country.
About Witty-Season-3914
Witty-Season-3914 is a working mother with two children[1][2] from Fort Collins, Colorado[1][3]. She has a strong financial education background[4] and has run a franchised brick-and-mortar business for 2 years[2][3][5].
About Crypto.com
Crypto.com was founded in 2016[6]. As of November 23rd, 2021, the platform served over 10 million customers worldwide[6][7].
"CRYPTO.COM EXCHANGE. Trade with confidence on the world’s fastest and most secure crypto exchange." "The World’s Fastest Growing Crypto App" "Buy crypto at true cost. Buy and sell 250+ cryptocurrencies with 20+ fiat currencies using bank transfers or your credit/debit card." "Join 10m+ users buying and selling 250+ cryptocurrencies at true cost. Spend with the Crypto.com Visa Card and get up to 8% back. Grow your portfolio by receiving rewards up to 14.5% on your crypto assets."
Crypto.com shares a strong brand vision for their platform[8].
"Powered by cryptocurrency, the future of the internet: Web3 will be more fair and equitable, owned by the builders, creators and users. You." "We believe it is your basic right to control your money, data and identity."
Like most platforms, they have a full page on their security policies and procedures[9].
"Security First. Always." "Our commitment to our customers is built on trust. We believe that security and data privacy are the foundations of achieving mainstream cryptocurrency adoption."
Crypto.com had recently been pushing hard into the US market with viral advertising stunts including actor Matt Damon, and a $700 million purchase of the naming rights to the Los Angeles Lakers and Clippers Arena[10][11]. On November 23rd, 2021, Crypto.com announced their SOC 2 compliance. Jason Lau, Chief Information Security Officer of Crypto.com, made a statement at the time[6].
“Crypto.com is a leader in security and compliance, including our recent SOC 2 announcement, Crypto.com [recently became] the First Cryptocurrency Platform to Achieve SOC 2 Compliance, ISO27001, ISO27701, PCI:DSS 3.2.1 (Level 1), and Highest “Adaptive” maturity levels for the NIST Cybersecurity Framework and NIST Privacy Framework." Crypto.com "successfully completed the Service Organization Control (SOC) 2 Audit, conducted by globally recognized audit and consulting firm Deloitte, which affirms that Crypto.com’s information security practices, policies, procedures, and operations meet the SOC 2 standards for security, availability, confidentiality and privacy."
The Reality
There is no service presently known to double invested funds from users.
What Happened
Witty-Season-3914 reports that they initiated a transaction for 7,000 ADA to a scam address, and immediately noticed their mistake. They were able to contact the support on their Crypto.com exchange and get back their funds within 45 minutes.
| Date | Event | Description |
|---|---|---|
| January 11th, 2022 5:56:59 AM MST | Incident Posted On Reddit | Witty-Season-3914 reports on their situation that they fell for the doubling scam. "I am only posting it because I hope to get roasted, and because smart people are dumb too."[12] |
| January 11th, 2022 4:12:54 PM MST | Update Posted On Reddit | Witty-Season-3914 provides an updates post on Reddit, including confirmation that they successfully recovered their funds. "from the time i sent it, to the time i got it back was about 45 minutes."[13] |
Total Amount Lost
The total amount lost was reported as 7,000 ADA[12].
The closing market price for cardano on January 11th, 2022 was $1.19 USD[14].
Based on this information, the loss has been estimated at $8,330 USD.
Immediate Reactions
Witty-Season-3914 reports immediately realizing their failure and contacting Crypto.com to retrieve their funds[12][13].
"Sent 7000 ADA to a sketch address that said they would double it… once i sent it i knew I [mess]ed up."
"it was a sick feeling."
"i tried calling and it referred me to the app chat."
Based on the analysis of the situation, it seems most likely that the payment had either been flagged by Crypto.com's security, or that there was simply a delay on all outgoing withdrawals.
Ultimate Outcome
Witty-Season-3914 reports a successful recovery of all funds within 45 minutes of their original payment[13].
"i don’t know how they got it back, i tried calling and it referred me to the app chat. i was able to get ahold of someone and within 10 minutes it was back in my account. from the time i sent it, to the time i got it back was about 45 minutes."
Total Amount Recovered
All funds were reportedly recovered within 45 minutes[13].
The total amount recovered has been estimated at $8,330 USD.
Ongoing Developments
There is nothing remaining to be concluded on this case.
Individual Prevention Policies
Every approval on Web3 is an opportunity to lose all of the funds present in your wallet. Take the time to review the transaction in full. Fully check over the balance, permissions, and entire address which you are interacting with. Do not trust that your clipboard or any website front-end is guaranteed to provide an accurate address or transaction status. Always perform a test transaction prior to the first high-value transaction in any session.
Any time that you are promised any profit or benefit in exchange for an initial payment, smart contract approval, or deposit, pay special care as to whether the entity making that offer is trustworthy, actually who they say they are, and has the means to fulfill what they're promising. There are no magic algorithms providing guaranteed returns from trading or mining. Trading on average will lose money. Mining is expensive and complex. No one is going to immediately send back more than you sent them. NFT projects will rarely announce a surprise mint in only a single location. Are you fully prepared for the event your money is kept and nothing is delivered in return?
For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.
Platform Prevention Policies
Policies for platforms to take to prevent this situation have not yet been selected in this case.
For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.
Regulatory Prevention Policies
No specific regulatory policies have yet been identified in this case.
For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.
References
- ↑ 1.0 1.1 Witty-Season-3914 - "Family of 4 had 2 entrees, 2 pizzas, 2 cokes, bottle of wine" - Reddit"(Mar 10, 2023)
- ↑ 2.0 2.1 Witty-Season-3914 - "Own a franchised business that requires 10-20hrs per week" - Reddit (Mar 10, 2023)
- ↑ 3.0 3.1 Witty-Season-3914 - "I live in Foco. It is a franchised business, actual brick and mortar business." - Reddit (Mar 10, 2023)
- ↑ Witty-Season-3914 - "I found this by seeking out financial mentors in my early 20’s" - Reddit (Mar 10, 2023)
- ↑ Witty-Season-3914 - "Looking to sell our franchised Business. 2 years in operation" - Reddit (Mar 10, 2023)
- ↑ 6.0 6.1 6.2 Crypto.com The Most Secure Crypto Platform Worldwide Adds SOC 2 Compliance (Jan 23, 2022)
- ↑ Crypto.com Homepage (Jan 22, 2022)
- ↑ Crypto.com About Page (Jan 22, 2022)
- ↑ Security - Industry-Leading Security Infrastructure | Crypto.com (Mar 13, 2023)
- ↑ Crypto.com CEO admits hundreds of customer accounts were hacked - TechCrunch
- ↑ Formula 1 announce Crypto.com as inaugural global partner of the F1 Sprint series | Formula 1 (Jan 22, 2022)
- ↑ 12.0 12.1 12.2 Witty-Season-3914 - "I am only posting it because I hope to get roasted, and because smart people are dumb too." - Reddit (Mar 10, 2023)
- ↑ 13.0 13.1 13.2 13.3 Witty-Season-3914 - "from the time i sent it, to the time i got it back was about 45 minutes." - Reddit (Mar 10, 2023)
- ↑ Cardano Historic Market Price - CoinMarketCap (Mar 10, 2023)