Crypto Scam Targets Community Connections for High-Return Pitches

A crypto scheme operating as BG Wealth and DSJEX has been linked to over $1.1 million in reported losses since January, according to the Better Business Bureau's Scam Tracker.

The scam targets people through personal connections, often from within a community or church group, with promises of high returns on investment.

Victims are told to open an account and deposit money into a crypto-linked wallet, then enter trading codes shared by 'Professor Stephen Beard' and his assistant 'Elena' twice a day. The scam claims to offer 2-5% returns per trade, with the option to recruit friends and family for even higher earnings.

However, when investors try to withdraw their money, they are met with delays, freezes, or blocks on their accounts, often requiring them to pay a 12% 'tax' out of pocket. For many, this tax is more than the initial investment amount.