Robert Browning is an expert in hunting down cryptocurrency fraudsters.
In a recent interview with Bloomberg, the 52-year-old man from southern Indiana, USA shared how he transformed from a scam victim to a fraud hunter.
Specifically, Browning became a victim of a scam on July 11 of this year when he invested in a cryptocurrency project called Altex. However, the price of this altcoin plummeted nearly 100 times, reducing his investment of $8,200 to just $86.
At that moment, he felt he “couldn’t swallow” this disappointment.
The unexpected incident prompted him to establish and lead a group focused on hunting down cryptocurrencies that show signs of fraud. The group, named RugSeekers, consists of individuals who specialize in uncovering scam coins through group chats on platforms like Telegram and various social media.
RugSeekers did not immediately respond to requests for comment. However, on their website, the group allows people to submit requests to investigate a cryptocurrency they suspect might be suspicious.
“We are a professional, diligent, and experienced team committed to helping eliminate fraud and corruption from the cryptocurrency space,” the group stated on their website. “RugSeeker was born from our own experiences with losses and is dedicated to helping investors eliminate that.”
One cryptocurrency that Browning has pursued is called “We Save Moon.” He searched for and joined the Telegram group of this community, trying to question the moderators but was ultimately removed from the group. He later posted a warning on Twitter, which received about 4,000 views, but that was still not enough to alert others.
Browning stated that he is currently dedicating most of his time to searching for fraudulent schemes. Additionally, he has invested in several cryptocurrencies with solid foundations and estimates he has earned about $80,000 this year. However, he does not make money from his work hunting down fraudsters, although RugSeekers has launched its own token in an effort to raise support.
In fact, regulators in the U.S. have also issued warnings about the lack of oversight and regulation of crimes in the cryptocurrency field. In August, Gary Gensler, the head of the U.S. Securities and Exchange Commission, stated that the cryptocurrency world is “fraught with fraud and scams.”
“Right now, we do not have enough investor protection in cryptocurrency,” Gensler said in a congressional hearing. “To be honest, at this point, it resembles the Wild West more.”
Information about cryptocurrencies, often referred to as “virtual currency,” is not legally recognized in Vietnam. The information in this article is for reference only and does not constitute investment advice.
Source: BI