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Two BTC will roughly be about 9. He received a trade request from a buyer Shoibsheikh The user has now been suspended. Arun was sceptical to trade with the buyer as the buyer was new and had no feedback score.

However, as a limitation on LBC, once a buyer opens a trade request, the seller cannot cancel the trade. So Arun was stuck. Seller Verifies Details Arun, in his personal capacity asked for valid proofs from the buyer.

The signature of the passport holder was in Hindi. Coin Crunch has received the copy of the passport uploaded on LocalBitcoins.

“Very, very dull”: What happened to India’s white-hot cryptocurrency market?

But, despite knowing all of these, you cannot cancel the trade, because those are the rules of Localbitcoins. Some Indian P2P exchanges allow you to cancel trade requests. The buyer says he already transferred the money and sends a screenshot. Since Arun did not receive the money, he did not confirm receiving it on LocalBitcoins, which gave an opportunity to both Buyer and Seller bitcoin all time growth chart raise a dispute.

During the dispute, an admin from LBC will connect with both parties, verify the proofs and make a decision on who gets the BTC. So, what happened when an admin joined the conversation of Arun and the scammer?

local bitcoin what happened

We will find out. Arun would have saved a lot of time if he knew this and acted on it.

WHAT JUST HAPPENED TO BITCOIN????!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

But you guys can learn from here. Now, the real game of the scammer began. The scammer narrated a fake story of an Over-The-Counter deal made by Suman the name of the bank account holder and him over text messages where Suman gave the above referenced Axis bank account number to transfer the money and asked scammer to create a LocalBitcoins account to complete the trade.

To substantiate the story, he shared SMS conversation records. He shared a video of those SMS on local bitcoin what happened phone. Read on to know the twist in the story. Here, have a look. This can be achieved by a widely used scamming technique called Spoofing. But he did make a small mistake, we will get to that in a minute.

In India, it is illegal to use spoofing and there are strict measures taken to block access local bitcoin what happened spoofing service providers.

I Bought Bitcoin In Person And Here’s What Happened

But it does not stop scammers, tele marketeers and some enthusiastic students from using the craft. Indeed, the student sent me SMS from random numbers to prove spoofing works in India.

local bitcoin what happened

Safety Tip: We tend to leave our numbers on LocalBitcoins to make it easy for the traders to contact us and quickly complete the deal. However, it is very risky as you can see now. You are likely to receive a lot of messages on Whatsapp to negotiate a deal on BTC offline.

  1. Trading 20 per week
  2. But such meetings can bring serious risks of their own.
  3. Guy almost loses Two Bitcoins to Scammer on LocalBitcoins - Here's How!
  4. I Bought Bitcoin In Person And Here's What Happened - ReadWrite
  5. Посмотри.

Do not engage in such deals. Arun was definitely losing the battle here. Scammer shared a video and boasted that while screenshots can be faked, a video cannot.

How this guy Almost lost 2 BTC to a Sophisticated Scam on LocalBitcoins

Arun asked for more time from admin. He asked the scammer to send statements. Meanwhile Arun removed his phone number from the LocalBitcoins profile as the cause of all the problems was that his phone number was exposed. The case got murkier.

This was enough time for Arun to collect evidence and prove the scammer wrong. Coin Crunch has received the records of this conversation. But in reality, there was 1 digit incorrect in it. Arun reported this to the LBC admin and confronted the scammer. The scammer cancelled the trading request and apologised to Arun. The scammer then revealed that he can spoof him with any number, even his own. The scammer purposely changed one digit of the phone number and hoped that people will fall for his scam.

Fortunately for Arun, he noticed it in time.

local bitcoin what happened

You must be vigilant about it too. Cryptocurrency is a largely unregulated market and scammers are trying to take advantage of innocent traders everywhere. It comes down on you to keep your money safe.