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The Trezor Trust crypto investment scam is a sophisticated scheme whereby victims are tricked into investing increasing sums of money before paying exorbitant – and completely fictitious – additional fees.
In 2022, fraudsters used two versions of the Trezor Trust website, one that was shut down earlier this year and one that is still running.
Victims of the Trezor trust investment scam are said to be able to make huge gains on their investment by sending money to a crypto exchange through their bank before sending the funds via cryptocurrency to the fraudsters’ account.
Trezor Trust fraud victim loses over £250,000
The person I spoke to about this scam lost more than £250,000 ($300,000). They were in regular contact with several members of the fraud team, each of whom played different roles as the fraud progressed.
At first they only invested a small amount, but they quickly increased their investment in the fraudulent investment scheme to £100,000 ($120,000), which was made up of ‘profits’ appearing in their accounts.
However, as is often the case with these types of scams, things started to go wrong when they tried to withdraw money from their account, which by then had ballooned to around £400,000 ($500,000).
Fraudsters demand brokerage fees and capital gains tax
Fraudsters take advantage of the person’s desperation and demand that the broker’s fee be paid before their funds are released. This initial sum was in the region of £60,000 ($72,500).
Unsurprisingly, their funds have not been returned to them at this point. The scammers said the person had to make a payment Capital Gains Tax (CGT) Charged over £50,000 ($60,000), which they duly did.
It is important to point out here that CGT in the UK is always paid directly to HMRC. It is never given to private companies or anyone else.
Later, the fraudsters demanded ‘gas fees’ for fake Bitcoin (PTC) transactions that they claimed would return the person’s money. The gas bill is paid on the Ethereum blockchain, not Bitcoin, and even though it’s an Ether (ETH) transaction, it’s nowhere near what the scammers claim.
The scammers demanded additional sums of up to tens of thousands of pounds, which the man also paid.
They never received a penny of their funds and were drained of all their savings by the scammers, who at one point asked a family member to re-mortgage their home to pay the extra fees.
During the entire process, the fraudsters used several fictitious company names and addresses along with landline and mobile phone numbers. They also said that they have many offices all over the world.
Is Trezor Trust a Scam?
Yes. Trezor Trust is an elaborate crypto scam designed to steal more money from unsuspecting investors who don’t fully understand how cryptocurrency or investing works.
Here are some ways you can tell Trezor Trust is a scam:
- The domain name is fairly new, and the registrant’s details have been deliberately obscured.
- Trezor Trust claims to have physical addresses around the world, although a PO Box in the UK has no company there.
- Although there is a company name linked to the fraudsters in the Companies House register, the details are clearly bogus. The UK government is planning to crack down on registered bogus companies, which anyone can do for a small fee with very few checks.
- The whole site is grammatically bad. Additionally, many links lead to random posts on sites like Wikipedia and YouTube.
- No legitimate company shall charge the fees of the concerned broker or demand them as additional fees.
- As I’ve already said, capital gains tax is paid directly to HMRC, the UK government’s tax office, if the taxable gain exceeds your annual personal allowance (currently £12,300).
- I mentioned this too, but you don’t pay a ‘gas fee’ for a bitcoin transaction. You will pay the miner’s fees and they will be nowhere near the tens of thousands of pounds the scammers are demanding.
- There are many reports online that Trezor Foundation is a scam. It is important in all circumstances to properly research a company before doing business with it.
- Trezor is the name of a Legitimate cryptocurrency wallet maker. Fraudsters play on the brand’s high profile to trick victims into believing they are legitimate.
- Fraudsters supply the victim with a Bitcoin wallet by claiming to be on a legitimate platform. 12 word recovery phrase. Everything about this is false, and the rescue phrase should not be released to anyone, as this will give them access to your coins. In this case, not even a wallet.
Can I get my money back from Trezor Trust crypto scam?
Recovering your crypto or money from scammers can be very difficult. Anti-Money Laundering InformationPassport etc. of driving license should be used.
There are Bitcoin and Crypto Fraud Recovery Companies and Experts It works to help people find their stolen coins, but they often only work with victims who have lost significant amounts of money.
You should always report a scam to the authorities in your country and use online forums to let others know about what happened to avoid being victimized.
Check out the links below for more information on what to do if you’ve been caught by a cryptocurrency or bitcoin scam, and some companies working in the industry that can help you.
If you suspect a site is fake, Stay in touch And I see.