12/14/2025
SELLERS BEWARE
I had a horse buyer contact me from a phone number 5 # #- # # #-0762. They stated they are out of the country and wanted to pay a deposit via crypto currency to hold the horse. I do not work with crypto currency and know nothing about it. I'm not sure how someone could scam a seller with crypto currency, but I'm sure it's possible. Please discuss all the ways in the comments.
A quick Google search revealed:
Here are the main ways a scam might occur:
Payment for Canceled/Expired Orders: In peer-to-peer (P2P) transactions, a buyer might stall the process until the order on the platform expires or is canceled. They then pressure the seller to send the goods, promising they have already paid or that the order will be reactivated, sometimes providing fake payment screenshots. The seller sends the item, but because the official order is no longer active, the buyer receives the goods and the seller gets nothing.
Use of Stolen Credit Cards/Fiat Chargebacks: A buyer might purchase cryptocurrency on an exchange using a stolen credit card or a traditional bank transfer. They quickly transfer the crypto to their private wallet and then file a chargeback with their bank, claiming the initial fiat transaction was unauthorized. The bank reverses the fiat payment, but the crypto is already gone and cannot be clawed back from the scammer's private wallet, leaving the exchange (or in some cases, the individual seller if processed through a less formal method) to absorb the loss.
Fake Payment Platforms/Spoofing: Scammers may direct sellers to fake websites that mimic legitimate crypto exchanges or payment platforms. The seller sees a screen that appears to confirm payment has been received, but the funds never actually reached their wallet. The seller, believing the transaction is complete, releases the goods, only realizing the deception later.
Cash Clearing Scam (P2P): A scammer might meet a seller at a crypto ATM and claim to have a large amount of cash they need to convert. They offer a premium and have the seller use the machine to transfer the crypto to the scammer's wallet. The cash the scammer provides may be counterfeit or stolen, leaving the seller with worthless bills and no recourse to reverse the crypto transfer.
Impersonation Scams: The scammer might pose as a legitimate entity (e.g., a high-profile business, a government agency, or a customer service representative) and trick the seller into sending cryptocurrency for a fake fee, tax, or investment opportunity related to the sale.
Key Precautions for Sellers:
Verify Transactions On-Chain: Always confirm that the funds have been fully received and confirmed in your own secure, private wallet or a reputable, regulated exchange account before releasing any goods or services. Do not rely on screenshots or "payment pending" messages.
Use Escrow Services: For high-value transactions, use reputable escrow services or P2P platforms with built-in arbitration/escrow systems that hold the funds until both parties confirm their end of the deal.
Communicate on Platform: If using an online marketplace, keep all communication on the platform's official channels. Scammers often try to move the conversation to external messaging apps (WhatsApp, Telegram, etc.) where they can use social engineering tactics more freely.
Be Skeptical of Urgency: Scammers frequently create a false sense of urgency to pressure you into making quick decisions. Take your time to verify everything.
Only Accept Irreversible Payments: Ensure the buyer is paying with actual cryptocurrency directly to your wallet, not using a traditional, reversible payment method (like a credit card) to buy crypto on their end and then trying a chargeback scheme.
