Recently, an investor in FxGecko's exchange group asked if anyone knew about the black USDT transactions on Telegram.

According to the information provided by the investor, these USDT were obtained illegally, and the scammers claimed that buying 1000u would return 1600u.

But after the group member's kind reminder, we learned that this black USDT trading is a suspected money laundering scam! As soon as the black money flows through your bank account, your account will be frozen first, and then you will wait to be subpoenaed and investigated.

About Black USDT Trading

Typically, black USDT trading refers to social media platforms such as Telegram, Facebook, etc. where certain people or organizations claim to be able to sell USDT (Tether) cryptocurrency for less than the market price.

However, these transactions are often risky and potentially fraudulent, as black market USDT trading often involves fake or invalid USDT obtained from illegal or unauthorized sources.

The following are the types of scams that may exist with black USDT transactions:

1. Fakes and scams

Some scammers will pose as credible individuals or organizations, claiming to be able to sell USDT at a discounted price and encouraging you to make a purchase through a private transaction. However, these scammers may disappear or offer invalid and unusable USDT after receiving payment.

2. Identity Theft

Black USDT transactions may also involve the theft of customers' personal identification information. Scammers may ask you for personal information, account credentials or other sensitive data in order to make a transaction. This puts you at risk for identity theft and other forms of fraud.

3. Illegally sourced USDT

Black market USDT often comes from illegal or unauthorized sources, and this USDT may have been obtained through fraud, theft or other illegal means. By participating in black USDT transactions, you may be involved in illegal transactions and thus face legal risks.

Some advice

In order to avoid getting caught in a black USDT trading scam, we recommend that you: 

1. Try to avoid private transactions with strangers, especially on social media platforms.

2. Carefully verify the identity and background information of the other party to the transaction. Make sure they are legally authorized brokers or platforms.

3. Try to use well-known, regulatory-compliant trading platforms for trading and follow the appropriate rules and procedures.

4. Take care to protect personal information and do not freely provide sensitive data to untrustworthy individuals or platforms.

5. Remain vigilant, watch for any suspicious violations and report them to the appropriate regulators or law enforcement agencies at all times.

Reminder: Don't trust individuals or organisations who claim to be able to get your money back - they may be selling hope and scamming you again. This is especially true if they ask you to pay in advance, which is a "recovery scam".

You can check the regulatory licenses, security scores, customer complaints and other information about global trading platforms at FxGecko to avoid any potential scams.

Click here to recognize common investment trading scams to avoid being scammed.

Click here to see how to check if a broker is safe and what to do if you encounter a scam broker.