Remember this: Crypto transactions are never reversible. You need to keep your investments safe.
When your stock is actually a scam
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I don’t mean to be a downer, but I need to warn you that tens of thousands of Americans, folks just like you, are getting duped into buying worthless Chinese stocks.
The Wall Street Journal (paywall link) found even seasoned investors are falling for this scam, losing big bucks in the blink of an eye.
How the scam goes down
Fraudsters hype obscure Chinese companies using flashy but totally fake online marketing. We’re talking bogus financial reports, glowing endorsements from so-called “experts,” and completely made-up news stories claiming revolutionary breakthroughs.
It’s like the Netflix Original version of Wall Street. Investors think they’ve discovered the next Tesla or Amazon. Fraudsters generate online buzz like it’s a Marvel premiere.
You’ll see anonymous Reddit accounts praising a “groundbreaking diagnostic technology” that cured their dog’s cousin’s gluten allergy. Influencers squeeze out TikToks looking like TED Talks, promising, “You’ll 10X in 3 days or I’ll eat this protein bar on camera.”
Then the scammers quietly cash out, the stocks crash, and everyday people are left holding worthless paper.
- Mike from Texas dropped over $40,000 after he followed advice from an online forum screaming success about a so-called groundbreaking Chinese biotech company.
- Emily, a teacher from Florida, poured her entire retirement savings into a Chinese company promoted by a convincing finance influencer. Turns out, the company didn’t even exist. Her retirement vanished almost overnight.
- Jim from Illinois? Fell for sleek emails teasing “exclusive tips.” The only thing exclusive about it was how fast his kids’ college fund evaporated chasing a Chinese electric vehicle startup that disappeared overnight.
So, what do you do?
Be smarter. Please.
- Steer clear of “secret tips”: If someone promises huge returns on a secret investment, walk away. It’s all smoke and mirrors.
- Do your homework with trusted sources: Cross-check on Bloomberg, Yahoo Finance or the SEC. Can’t find details? Run. If you’re sourcing from a comment section, stop.
- Watch out for social media buzz: Hype on Reddit, Twitter and Discord is a huge red flag. Influencer-driven frenzy rarely points to solid investments.
Don’t let scammers ride off into the sunset with your life savings while you’re left in an empty Reddit asking, “Wait, did anyone else lose everything?”
This new Elon Musk Twitter scam is raking in millions
© Benjawan Sittidech | Dreamstime.com
Scams come in many forms, and criminals seemingly have no shame in spreading them. The most common is through social media or phishing attacks, but sometimes they rope in the help of well-known personalities.
Elon Musk and Twitter’s founder Jack Dorsey are the latest examples of familiar faces promoting cryptocurrency investments. But this is, of course, without their authorization and the promotion is fake.
🚁 Bezos wedding floods Venice: Jeff Bezos and Lauren Sánchez just kicked off their three-day, $56M wedding party in Venice, complete with 90 private jets, island takeovers and blackout tarps for privacy. The AP is bravely snapping pics you can see here. Bezos did donate €3M (about $3.2M) to soften the blow on the locals, but that’s still far less than he makes during a yacht nap. I heard Bezos makes $1 million a minute between Amazon and investments, really.
$492,561.56
What you would have if you’d invested $1,000 in Netflix 20 years ago. That’s based on the stock’s current price of $925.03. The streaming giant outperformed the market by 28.06% with an annual return of 36.49% over two decades. Does anyone have a time machine?
💸 Not a bad side hustle: Twentysomethings are making up to $36,000 a year by renting their everyday items like T-shirts, speakers and lawn mowers. On the clothing app Pickle, for example, a Cult Gaia dress that normally costs $898 can be yours temporarily for $100 (paywall link). Dang, my garage full of “investments” could be a passive income gold mine.
Scammers use your videos for deepfakes
Plus, an interview with a a guy who lost big money to fake investments — and he’s smart, folks! It could happen to anyone.
Scammers can use YOUR videos for deepfakes
Plus, an interview with a guy who lost big money to fake investments — and he’s smart, folks. It can happen to anyone!