The Scam operates through a deceptive method wherein scammers create a fraudulent Telegram group, posing as a legitimate community. They entice users to join this fake group, which is populated with numerous active fake accounts. These accounts claim to have made substantial profits, creating the illusion of a highly lucrative venture. After a few days in the group, users are persuaded to participate and deposit a small amount of ETH to the "contract address."
Initially, the first two scammers might actually return some income to the user, giving an impression of legitimacy. However, subsequent attempts to receive returns will result in nothing being received. When users seek assistance from the "customer service" in the group, they are typically instructed to recharge an equivalent amount of ETH to the contract address. Once this is done and further queries are raised, the scammers evade responses and eventually block the user.
To protect oneself from falling victim to such scams, consider the following anti-fraud points:
Avoid engaging in any smart contract arbitrage projects that claim to offer high-yield returns on Telegram. While you may focus on potential income, fraudsters are primarily interested in exploiting your initial investment.
Refrain from being enticed by offers that seem too good to be true. Avoid greed and instead seek to gain more knowledge and understanding to make informed decisions. Being vigilant and well-informed can safeguard you against fraudulent schemes.