Overview
The victim expects to profit from loaning their high-limit cryptocurrency account to someone they met online (the scammer), with the promise that they will be given a cut of the cryptocurrency purchased through the account.
How It Works
In this scam, the scammer approaches a potential victim online asking to use or borrow the victim's high limit cryptocurrency account.
As in other advance-fee scams, the victim is promised a cut of the profits from the deal.
The scammer then uses the victim's high limit account to purchase cryptocurrency with stolen or laundered funds.
The victim takes the fall when the funds are traced.
The scammer may not pay the victim, but the victim has no recourse.
Also called a "load-up" scam or a "loader" scam.
Related Articles
Anatomy of a Telegram Scam, Coinbase - covers a number of scams including the 1.3.5 Cryptocurrency Account Usage Scam
Loader or Load Up Scams, WireXApp
Related Crime Schemes
A particular instance of this scam may embed one or more of these related schemes.
Money Laundering: Any scam of fraud where the victim is asked to move money from one account to another for the scammer as part of the scam.
Victim Targeting Context
The scammer may use one or more of the following techniques to reach the victim.
Targeted Conversational Approach: Victims may be targeted due to statements they have made on social media that the scammer thinks make the victim a good target, or through communities they frequent including investment forums.
Social Engineering: Psychological Manipulations
The scammer may use one or more of these psychological techniques to accomplish the scam.
Easy Money: The scammer promises easy money or makes appeals designed to leverage victim's greed.
Guilt: The scammer tries to make victim feel guilt or pity toward scammer or others.
Nice Guy: The scammer takes advantage of the victim's generosity or attempt to be "a nice guy".
Social Engineering: Impersonation Techniques
The scammer may impersonate one or more of the following groups as part of the scam.
Catfishing: The scammer creates a fictitious online profile or persona.