Scammer Poses as US President in Attempted Bitcoin Theft

• Financial

A scammer impersonating US President Joe Biden found himself ensnared in a web of chaos while attempting to pilfer $450,000 worth of bitcoins from a streamer. This audacious scam was thwarted thanks to a groundbreaking strategy devised by American cryptocurrency exchange Kraken, which involved the creation of a decoy crypto account to ensnare fraudsters.

The mesmerizing tale unfolded when Kitboga, a renowned streamer who specializes in exposing crypto scammers, took to Twitter to reveal the extraordinary measures employed by Kraken. It turns out that they had fashioned a "custom environment" exclusively for him, empowering him to frustrate a con artist masquerading as President Joe Biden.

Interestingly, Kitboga had previously encountered this swindler, Kiboga, about a year ago. Accompanied by an enthralling video, Kitboga can be observed manipulating the fake crypto account provided by Kraken, brimming with approximately $450,000 worth of bitcoin.

The scammer, who managed to trick Kitboga into downloading video screen sharing software, promptly laid eyes upon the substantial sum and could barely contain his excitement over the potential monetary windfall.

HUGE update on the "Crow Pro Joe" Saga.@krakenfx built a custom environment for me to fight against scammers...

so Joe thought I had $455K.
We might have made him angry 😅#krakenpartner pic.twitter.com/Dc7MqvOtbu — Kitboga (@Kitboga) May 9, 2023

The Dramatic Unraveling: Foiling the Crypto Scammer

However, the climax of this captivating saga occurred when Kitboga, portraying an elderly woman in the video, inadvertently entered an incorrect wallet address, leading to the erroneous transfer of all the funds.

This blunder incited an eruption of anger from the trickster, who proceeded to hurl insults at Kitboga. Remarkably, it was the scammer's provision of a BTC wallet address hosted by Kraken that ultimately facilitated his identification and flagged his nefarious activities.

This impressive collaboration between Kitboga and Kraken's Chief Security Officer, Nick Percoc, enabled the duo to expose and counter the fraudulent practices plaguing the crypto realm. Kitboga, a luminary in the streaming community, boasts an impressive fan base with 1.2 million followers on Twitch and 3 million followers on YouTube.

Notably, he has also been successful in dismantling suspicious scammer websites by reporting them to the hosting companies responsible for their operation. Describing his mission, Kitboga's YouTube profile proclaims, "Every day, there are scammers taking advantage of people.

I call them to waste their time, walk people through their 'script' and lies, report info when I can, and otherwise make light of a dark situation."

Rising Threat: The BTC-Related "Social Security Scam"

In a video published on May 1, Kitboga shed light on a novel "social security scam" associated with BTC that preys upon unsuspecting victims through emails or text messages.

The messages falsely claim unusual purchases from the victims' bank accounts, prompting them to contact the provided numbers for assistance. However, the scammers then deceive the victims by asserting that their identities have been compromised, urging them to withdraw their funds, purchase BTC, and transfer the money to a so-called "secure government wallet." Delighting in the elaborate ruse, Kitboga skillfully impersonated a concerned individual enlisting the help of his "grandson" to buy 10,000 BTC, deliberately sending the funds to an incorrect address, thus confounding the scammers and exposing their fraudulent scheme.

With the unwavering dedication of individuals like Kitboga and the innovative approaches employed by platforms like Kraken, there is hope for countering the relentless assault of crypto scammers and protecting the unsuspecting public from their malevolent designs.