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[Rafi221]

So, Recently in Telegram, A person messaged me to do a Exchange with him, 250$ Payeer for 270$ BTC. He said he will pay first, So I trusted him and I agreed on that. After that he told me to sent him my address and I did. After that he gave me 270.50$ on my Wallet (Coinbase) and I gave him 250$ on his Payeer Account. . So here is what I did wrong in this. I have never faced anything like this before, So when I saw the payment on my Coinbase wallet, I didn't clicked on view transaction. I always knew that Nobody can actually cancel a transaction on Blockchain, So I didn't checked it.
Here is the SS of the Payment he sent me -
(It's still on pending now)

The Transaction - https://www.blockchain.com/btc/tx/8fc1b19d4f9012173a9d5bd66d8e8c0d2e9aae8f4e5e42dab2dfb7253ee50275

Here is my Payment to him -

(Well he will never use the same account to scam others for sure, But still I will leave it here.)

After sending him 250$ , I clicked on View Transaction to see how much confirmation it got. and I saw this -


After that, I messaged him And he said, It's upto blockchain, He don't know what it is , And I also didn't know what it is. This was the first time I experianced something like this. I told him to sent me a ss which shows the Payment Details and his Wallet and he sent me this -
(It's Electrum BTC Wallet).

After sending the SS , He deleted the full conversation between us. I forgot to take screenshot of the Whole Conversation. I was really upset about it.

Then I messaged payeer support and Blockchain support about this.
Payeer Support said, that they can't refund me the 250$ (It was obivous). Then I asked them to block his account and they asked me for proof of the fraudulent activity which I didn't have. After that, I told them that, I wrote to Telegram Support if they can restore our conversation or not (Idk if it's possible or not). They said, Write to us anytime if you get the Proof.

So, What is the Double Spend Attempt?

Here is what I found from blockchain after sending them a Message -


I hope this information will help you to prevent this kind of scams in Future.

Yes, I did lost 250$ because of this. But hey, In the end, I learned something new.

Thank you for reading,
Have a great day!

 

[Amalive]

Sorry for your loss, it might be an expensive learn for you but as you said at least you learn something new from it.

Anyway to prevent this kind of scam, it's better to wait 1 or more confirmation from the blockchain before sending your items/funds to others in your trade.

 

[Rafi221]

Sorry for your loss, it might be an expensive learn for you but as you said at least you learn something new from it.

Anyway to prevent this kind of scam, it's better to wait 1 or more confirmation from the blockchain before sending your items/funds to others in your trade.

In future, I will definately keep that in mind :)

 

[BullyMaguire]

This is the first time i've seen something like this. Thank you for raising awareness though that this scam exist. I know it's now impossible to recover the same money you've lost but i hope you get more than that in return.

 

[CrazySher]

So, Recently in Telegram, A person messaged me to do a Exchange with him, 250$ Payeer for 270$ BTC. He said he will pay first, So I trusted him and I agreed on that. After that he told me to sent him my address and I did. After that he gave me 270.50$ on my Wallet (Coinbase) and I gave him 250$ on his Payeer Account. . So here is what I did wrong in this. I have never faced anything like this before, So when I saw the payment on my Coinbase wallet, I didn't clicked on view transaction. I always knew that Nobody can actually cancel a transaction on Blockchain, So I didn't checked it.
Here is the SS of the Payment he sent me -
(It's still on pending now)
View attachment 151954
The Transaction - https://www.blockchain.com/btc/tx/8fc1b19d4f9012173a9d5bd66d8e8c0d2e9aae8f4e5e42dab2dfb7253ee50275

Here is my Payment to him -

View attachment 151950 (Well he will never use the same account to scam others for sure, But still I will leave it here.)

After sending him 250$ , I clicked on View Transaction to see how much confirmation it got. and I saw this -
View attachment 151951

After that, I messaged him And he said, It's upto blockchain, He don't know what it is , And I also didn't know what it is. This was the first time I experianced something like this. I told him to sent me a ss which shows the Payment Details and his Wallet and he sent me this -
View attachment 151952(It's Electrum BTC Wallet).

After sending the SS , He deleted the full conversation between us. I forgot to take screenshot of the Whole Conversation. I was really upset about it.

Then I messaged payeer support and Blockchain support about this.
Payeer Support said, that they can't refund me the 250$ (It was obivous). Then I asked them to block his account and they asked me for proof of the fraudulent activity which I didn't have. After that, I told them that, I wrote to Telegram Support if they can restore our conversation or not (Idk if it's possible or not). They said, Write to us anytime if you get the Proof.

So, What is the Double Spend Attempt?

Here is what I found from blockchain after sending them a Message -
View attachment 151953

I hope this information will help you to prevent this kind of scams in Future.

Yes, I did lost 250$ because of this. But hey, In the end, I learned something new.

Thank you for reading,
Have a great day!

Thank you, bro for teaching us something new, for you we will never be trapped in a situation like, this and Also I feel sad for you that you lost your $250.

 

[Rafi221]

This is the first time i've seen something like this. Thank you for raising awareness though that this scam exist. I know it's now impossible to recover the same money you've lost but i hope you get more than that in return.

Thanks for your words, I have already recovered my losses :)

 

[Rafi221]

Thank you, bro for teaching us something new, for you we will never be trapped in a situation like, this and Also I feel sad for you that you lost your $250.

It's okay, I am glad that you have learned something new too :)

 

[Brain]

This can be very painful, $250 gone just like that. Sorry mate about that, we learn everyday albeit through some losses. Just learned something new

 

[microunit]

quite a first for me too to hear about this " double spend" scam , I think the wallet needs improvement on this aspect as as far as I know some wallets have delays or errors when sending so that they can't do this double spend thing

 

[Amalive]

quite a first for me too to hear about this " double spend" scam , I think the wallet needs improvement on this aspect as as far as I know some wallets have delays or errors when sending so that they can't do this double spend thing

What kind of errors did you mean? I don't think it is fully a problem from a wallet side, afaik double-spend is an act that takes advantages of blockchain loopholes.

This is how double-spend works, in example you have 0.1 BTC in your wallet address A then you create a transaction such as below:
1. A send 0.1 BTC to address X with fees 1 sat/byte, it still unconfirmed on the blockchain then you create a new tx
2. A send 0.1 BTC to address Y with fees 100 sat/byte

According to the data above the first tx will be invalid (double-spend) and the tx with higher fees will be confirmed first on the blockchain. It means X will receive nothing and Y will receive all of your BTC, double-spend happen because users can freely custom their fees in their wallet but if a wallet disallowed this feature I doubt people will use it.

That's why to prevent this kind of action some services such as exchanges or casinos need to wait for certain amounts of confirmations from the blockchain before loads the balances in each of your deposits.

 

[sagefave]

Telegram is a great app for organizing your contacts, and clients, but if someone whom you don't know send you a DM advertising something or offering something you should be wary, as scammers and spammers are always seeking new prey and telegram it seems has got a great number of them

 

[microunit]

What kind of errors did you mean? I don't think it is fully a problem from a wallet side, afaik double-spend is an act that takes advantages of blockchain loopholes.

This is how double-spend works, in example you have 0.1 BTC in your wallet address A then you create a transaction such as below:
1. A send 0.1 BTC to address X with fees 1 sat/byte, it still unconfirmed on the blockchain then you create a new tx
2. A send 0.1 BTC to address Y with fees 100 sat/byte

According to the data above the first tx will be invalid (double-spend) and the tx with higher fees will be confirmed first on the blockchain. It means X will receive nothing and Y will receive all of your BTC, double-spend happen because users can freely custom their fees in their wallet but if a wallet disallowed this feature I doubt people will use it.

That's why to prevent this kind of action some services such as exchanges or casinos need to wait for certain amounts of confirmations from the blockchain before loads the balances in each of your deposits.

hmm I see, this is probably why some wallets have a fixed cost of transaction fee so you won't be able to edit it or lower it so that in just a few seconds it will already have atleast 1 confirmation

 

[Rafi221]

Telegram is a great app for organizing your contacts, and clients, but if someone whom you don't know send you a DM advertising something or offering something you should be wary, as scammers and spammers are always seeking new prey and telegram it seems has got a great number of them

I know. Since he said he will pay first, that's why I trusted him. That was my bad.

 

[SCAMEXPOSER]

So, Recently in Telegram, A person messaged me to do a Exchange with him, 250$ Payeer for 270$ BTC. He said he will pay first, So I trusted him and I agreed on that. After that he told me to sent him my address and I did. After that he gave me 270.50$ on my Wallet (Coinbase) and I gave him 250$ on his Payeer Account. . So here is what I did wrong in this. I have never faced anything like this before, So when I saw the payment on my Coinbase wallet, I didn't clicked on view transaction. I always knew that Nobody can actually cancel a transaction on Blockchain, So I didn't checked it.
Here is the SS of the Payment he sent me -
(It's still on pending now)
View attachment 151954
The Transaction - https://www.blockchain.com/btc/tx/8fc1b19d4f9012173a9d5bd66d8e8c0d2e9aae8f4e5e42dab2dfb7253ee50275

Here is my Payment to him -

View attachment 151950 (Well he will never use the same account to scam others for sure, But still I will leave it here.)

After sending him 250$ , I clicked on View Transaction to see how much confirmation it got. and I saw this -
View attachment 151951

After that, I messaged him And he said, It's upto blockchain, He don't know what it is , And I also didn't know what it is. This was the first time I experianced something like this. I told him to sent me a ss which shows the Payment Details and his Wallet and he sent me this -
View attachment 151952(It's Electrum BTC Wallet).

After sending the SS , He deleted the full conversation between us. I forgot to take screenshot of the Whole Conversation. I was really upset about it.

Then I messaged payeer support and Blockchain support about this.
Payeer Support said, that they can't refund me the 250$ (It was obivous). Then I asked them to block his account and they asked me for proof of the fraudulent activity which I didn't have. After that, I told them that, I wrote to Telegram Support if they can restore our conversation or not (Idk if it's possible or not). They said, Write to us anytime if you get the Proof.

So, What is the Double Spend Attempt?

Here is what I found from blockchain after sending them a Message -
View attachment 151953

I hope this information will help you to prevent this kind of scams in Future.

Yes, I did lost 250$ because of this. But hey, In the end, I learned something new.

Thank you for reading,
Have a great day!

I sincerely feel the pain of your losses, I love the fact that you are already living above that . I have learnt a whole lots of lessons from your write up. I wish blockchain could make transactions much faster than it now so that scams like this can be limited.

 

[Rafi221]

I sincerely feel the pain of your losses, I love the fact that you are already living above that . I have learnt a whole lots of lessons from your write up. I wish blockchain could make transactions much faster than it now so that scams like this can be limited.

I am very glad to know that you have learned lots of lesson from my situation <3 , That's enough to cover this loss for me :)

 

[Niftyicon]

Sorry for your loss mate. I must confess that your post is a big Eye-opener. I am hearing of Double-spend for the very first time and it is quite unbelievable that these scammers found this method to cheat the system . thanks for enlightening us all.

 

[Japhnet]

Sorry for your loss. It has made you more smart and wiser on the bright side. Thanks for sharing this information. The amount pf scammers on telegram are on the rise.

 

[Niftyicon]

Sorry for your loss. It has made you more smart and wiser on the bright side. Thanks for sharing this information. The amount pf scammers on telegram are on the rise.

Telegram is the worst. It has become a playground for scams and it is quite unfortunate that there is hardly anything that can be done to curb the rise of this menace. I have come to believe that anything genuine wouldn't have Telegram as its only or major social media platform.

 

[SpenserReed]

I always knew that Nobody can actually cancel a transaction on Blockchain, So I didn't checked it.

So now we know that it can't be canceled, but can be rejected...
Sorry to hear that

 

[Sinn_Sunthorn]

Sorry for your loss, it might be an expensive learn for you but as you said at least you learn something new from it.

Anyway to prevent this kind of scam, it's better to wait 1 or more confirmation from the blockchain before sending your items/funds to others in your trade.

thank you, Amalive and Rafi! Lessons everywhere.
sorry to hear you been fraud