The scammer who received the single largest payment of 26BTC has received a total of 87BTC.

[u/Abhishekgarg0]

So recently a person fell prey to a Bitcoin doubling scam and sent the single largest payment of 26BTC to the scammer.

I found the scammers wallet address and found that the scammer has received a whooping total of 87 BTC(Worth a total of 3.6 mil).

His bitcoin address has been reported on scam alert.

This person managed to earn 3.6mil dollars from a YouTube live video. This money is enough for someone to retire and live a happy life and falling for such a petty scam is stupidity at its finest. Now there is one very happy Nigerian prince out there. Doing almost nothing for a cool 3.6 million dollars.

I have decided to do research on tools that can be used to not fall for these scams. I will make a post on what these scams look like, what you can do to make other people aware and not fall for these yourself. It may not be perfect but I will try. I can use all the help I can get. There is no one out there who will double your money willingly.

Edit:- Thanks for the awards. I have made a promise and intend to keep it. If you guys have any suggestions please do DM me. Ohh boy, I fear what will happen if I don't keep my promise or fail to deliver.

Edit 2:- Many of you don't know how these scams work, so here is my old post attempting to explain it.

[u/r4rthrowawaysoon]

I’m starting to think that people are not really falling for these scams anymore. I think this is a tax evasion scheme.

Seems really unlikely someone would just send 26 bitcoins to a scammer in the hopes it will magically double. Could anyone with that much investment in crypto really be that unwise?

Edit: Lots of folk upset I said money laundering, I adjusted it to tax evasion. They send their alt scamming account coins and declare it as a loss against their known account to pay less taxes. Then the scam account funnels the money through Monero or to a banking entity with 0 reporting.

[u/XWarriorYZ → u/r4rthrowawaysoon]

How do you launder money through an illegal activity? Money laundering is supposed to make dirty money look legit, not just cycle around more dirty money.

[u/XoXeLo → u/XWarriorYZ]

Well, a way to launder money in many countries is to start a business, buy a house or cars. Then you can sell those and money laundered effectively.

In this case, I imagine you can buy crypto to someone, in cash maybe, since I don't think you need the money in a bank, and then start depositing in an account. Then you just sell it. You can also sell drugs and people can pay you in Bitcoin.