The Central Bank of Russia has issued a warning about a crypto scam that is spreading across the country. The scam is based on a popular TV show called The Boy’s Word.

The Central Bank of Russia Issues Warning About Crypto Scam Based on 'The Boys Words Blood on the Asphalt' Drama Series

Last updated: January 17, 2024 22:52 EST | 2 min read

Source: May Thawtar/Adobe

🚨BREAKING NEWS!🚨 Russia’s Central Bank has issued a warning to its citizens about a crypto “scam” project that’s capitalizing on the success of the hit drama series The Boy’s Word: Blood on the Asphalt. 🧟‍♀️

According to the Russian media outlet VN.RU, the project, which calls itself “The Boy’s Word,” is being labeled as a “pyramid scheme” by the Central Bank. The bank emphasizes that the project has no official association with the show and warns citizens to stay away.🚫

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So, what is this pyramid scheme all about? Apparently, the masterminds behind the project are asking unsuspecting “investors” to pay the equivalent of $10 in exchange for tokens that are supposedly the project’s own cryptocurrency. 💰💎

But here’s the catch: the project promises buyers that the tokens will constantly increase in price, with a guaranteed daily income of up to 25%. Sounds too good to be true, right? 🤔✨

Well, as our good friend Oleg Dubrovsky, from the Central Bank’s Siberian Main Directorate, pointed out, there’s nothing but smooth talk and empty promises here. Advertisements for the project are circulating on social media sites and chat apps, featuring music and images from the series, and even stolen pictures from legitimate cryptoasset providers’ sites. 🎥📱

Dubrovsky warns that a rug-pull is imminent, and as soon as the project organizers collect enough funds, they’ll vanish into thin air with the money. 💨💸

Unfortunately, this pseudo-investment project has no contact details listed on its site, and it has no proper license to operate in the financial market. Only financial organizations with Central Bank-issued permits are authorized to solicit public investment. 📜🏦

To safeguard the public, the Central Bank has added this project to its list of “probable financial pyramid schemes.” So, heed their warning and keep your hard-earned cash out of this scam project. ❌💰🚫

Now, you might be wondering why scammers are using The Boy’s Word to lure victims. Well, the show has become an absolute sensation in Russia and has gained popularity in other Russian-speaking nations as well. In fact, according to Verstka, Yandex data shows that in 2023, more Russians performed searches related to The Boy’s Word than searches related to “war in Ukraine” and “special military operation.” 😮🔍💥

The drama series depicts the story of high schoolers in the Soviet Era who join a violent gang in Kazan, the capital of Tatarstan. It’s gripping, intense, and clearly capturing the attention of the masses. But scammers exploiting this popularity is a reminder that we need to be cautious and stay informed. 📺🔒

Stay vigilant, folks! And remember, if it sounds too good to be true, it probably is. Let’s keep our eyes open for other fraudulent schemes and protect ourselves and our hard-earned money. 💪🛡️

Q&A

Q: What is a pyramid scheme? A: A pyramid scheme is a fraudulent investment scheme that promises high returns to participants by recruiting new members. The scheme relies on an ever-increasing number of participants and their investments to sustain the profits of earlier investors. Ultimately, when new recruits stop joining, the scheme collapses, and most participants lose their money.

Q: How can I identify a pyramid scheme? A: Pyramid schemes often promise extraordinarily high returns with minimal effort or risk. They rely heavily on recruiting new members and may not have a legitimate product or service to offer. Be cautious of any investment opportunity that focuses solely on recruitment and doesn’t provide a clear explanation of how profits are generated.

Q: Are all cryptocurrencies scams? A: No, not all cryptocurrencies are scams. While the crypto space has had its fair share of fraudulent projects and scams, there are many legitimate cryptocurrencies with real-world applications and sustainable value. It’s essential to conduct thorough research and due diligence before investing in any cryptocurrency to identify the reputable ones.

Q: How can I protect myself from crypto scams? A: To protect yourself from crypto scams, it’s crucial to follow these steps: 1. Educate yourself about cryptocurrencies and blockchain technology. 2. Be wary of investment opportunities that promise extraordinary returns with little to no risk. 3. Research the project and its team thoroughly. Look for a solid whitepaper, a transparent roadmap, and a strong community. 4. Only invest in cryptocurrencies that are listed on reputable exchanges. 5. Use hardware wallets or trusted software wallets to secure your crypto assets. 6. Be cautious of unsolicited offers and phishing attempts. 7. If something seems too good to be true, it probably is. Trust your instincts and exercise caution.

Q: What should I do if I suspect a crypto scam? A: If you come across a suspected crypto scam or fraudulent project, report it to your local authorities or financial regulatory bodies. Additionally, you can inform online platforms and communities where the scam is being promoted to help protect others from falling victim to it.

References: 1. Russia to Begin Collecting Taxes in Digital Rubles by 2025 2. The Boy’s Word: Blood on the Asphalt 3. Understanding Pyramid Schemes 4. How to Spot a Pyramid Scheme 5. What Is a Cryptocurrency Scam and How to Avoid It

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