If you ever wonder how to hackers and scammers defraud p2p traders on crypto exchanges making millions then this article will put you through step by step and in full guide of how this operation works.
Before we proceed on how to hackers defraud p2p traders you should go and learn how P2P trading works first, when you finish this learning how P2P trading works then get back to this article but if you already know how P2P trading works then let’s move forward;
There’s a technology hackers use to carryout this cyber crime, they use it to pay crypto traders on P2P platforms without actually paying and the P2P trader will get the notification and check their balance then will release the crypto to the the hacker,
What Is The Technology Hackers Use To Do Inauthentic Payment?
Hackers/scammers use a technology by which has a process and the process is called “Flash Payment” or Flash Funds” and this can only be executed using a specific software engineered to do the flash payment or flash funds task, with this software the hackers can pay individuals and businesses temporary payments and get away with whatever goods or services rendered without them being suspected or caught.
What Is Flash Funds?
Flash Funds or Flash Payment as commonly referred to is a technology or method cybercriminals use to manipulate bank account available balance and to deceive bank account holder’s thinking they actually paid but it’s only a matter of time for the inflow of payment to fail; in summary, Flash Payment commonly flash funds is method used to carryout illegitimate temporary bank payment that fails after designated time to delay payment legitimacy verification by banking servers, this is categorised as bank fraud and it is carried out by cybercriminals using a specific software technology.
What Software Does Hackers Use To Do Inauthentic or Illegitimate Bank Payment (Flash Funds / Flash Payment)
I can’t be specific because there are several softwares hackers use to carry out flash funds commonly flash payment but the following are couple of list to note;
How Does Hackers Pay Crypto Traders On P2P Platforms Without Actually Paying?
The following steps will detail the process cybercriminals use to carryout this dubious act;
- The hacker’s first step is to get an account on any crypto currency exchange that is verified and has no limit (account that can allow them post buy ads in P2P)
- The hacker’s second step is to prepare an decentralised wallet such as exodus wallet, blockchain wallet or Inflowbit wallet
- The hacker’s third step is to login the exchange and post (BUY) ads with good rate in the crypto exchange p2p then wait for who wants to sell their crypto currency, as soon as the seller open the advert and proceeds with selling their crypto currency the hacker will then copy the seller’s bank account details and flash the exact amount of money into their bank account available balance using SQR400 software
- The fourth step is to click the (I HAVE PAID) button and wait for the seller to confirm payment, the seller will see notification of payment and will see it reflects on their banking app as well their bank account available balance, after confirmation the seller will release the crypto order to the buyer (THE HACKER) and immediately this happens the hacker will quickly withdraw the crypto to exodus wallet therefore even if seller has issue with their bank and decides to report the crypto P2P transaction on the crypto exchange only the account will be blocked or closed and the hacker won’t be traced. The funds is lost forever and hacker can withdraw it to anywhere they decide to sell it off to cash.
When crypto BUY order is released to you make sure to move the crypto to an entirely different crypto wallet that is not a centralised exchange platform and sell the crypto off bit by bit until it’s finished without anyone tracing you.
How Does The Payment Reflects On Bank Account Available Balance Of Beneficiary?
Note that the hacker didn’t really pay P2P trader but they’ll get this payment credit notification that is same amount and it updated to their bank account available balance followed by a glitch that will occur preventing the banking system from verifying authenticity of payment for some time, after the designated time the bank will try to process and verify this payment but won’t be able to because it’s inauthentic payment and the beneficiary’s bank account will be flagged for fraudulent transaction or illegitimate inflow of payment.
HOW SAFE IS THIS?
There’s no traces that will be traced back to you, for you to maintain this streak you will be ready to always be getting verified accounts on different crypto exchange platforms you will use to execute this act.
WARNING ⚠️
make sure to not use your personal crypto exchange account you used your info to verify for this act, also make sure nothing links back to you such as (phone number, IP address, email and more!).