Another story about cryptocurrency fraud has surfaced online. Popular crypto blogger Alexander Chigaev has found himself at the center of a scandal involving financial manipulations. This was reported by the blogger Mobimes, who became a victim of the scam and lost $10,000 in just a few minutes.
Each year, Ukrainians are becoming increasingly interested in cryptocurrencies and online investments. However, with the growing popularity of digital assets, the number of fraudsters is also on the rise. Alexander Chigaev, a well-known figure in the crypto community, is one of those who manipulates the trust of his followers for his own gain.
How Alexander Chigaev Deceived Investors
Mobimes shared that he stumbled upon Chigaev's blog about a year ago. He regularly followed his Telegram channel, where the crypto blogger shared analytics and investment strategies. Over time, Chigaev announced the launch of a copy trading program — a scheme where investors entrust their funds to a so-called "manager," who then copies the trades of successful traders.
1 “The terms seemed reliable: a $10,000 investment, the money stays in your exchange account, and there’s no need to send it anywhere. Chigaev took a commission of 30-40% from the profits. At that time, I didn't have that much money, but the idea intrigued me,” recalls Mobimes.
After a month, blogger Alexander Chigaev announced that the first wave of copy trading had been successful, and all investors received a 25% profit. He regularly published reports, screenshots of documents, and thanks from participants, which reinforced the audience's trust.
2 However, it later turned out that a large portion of the testimonials had been written by bots. At that time, Mobimes was unaware of this and decided to invest in the tenth batch of the program.
3 How Mobimes Lost $10,000
After gathering the required amount, the blogger wrote to Chigaev and received instructions for the copy trading. He created an account on the exchange, funded his balance, and while he briefly stepped away, all the money disappeared.
“I didn’t authorize any withdrawals and checked everything 100 times. But through special software, Chigaev found an illiquid asset, sold me a coin for $10, and then bought it back for $5. Thus, my deposit was drained, all in just two minutes,” recounts the victim.
4 After that, Alexander Chigaev blocked him on all social networks, deleted their correspondence, and vanished. Retrieving the money proved impossible.
5 Attention: Crypto Scammers Are Active
Unfortunately, such schemes are not uncommon. Scammers create the appearance of successful projects using fake reviews and documents. They promise quick earnings, but ultimately, investors lose all their funds.
Mobimes hopes that his story will serve as a warning to others:
“I couldn't explain to myself how I fell for this. I didn’t check everything a thousand times. I didn’t doubt the honesty. I made an incredible mistake. But there’s nothing I can do now. This was the most expensive lesson of my life for a huge amount. I sincerely hope that my story helps at least one person avoid such a mistake. Remember, there can be many Chigaevs out there, under different names.”
If you have encountered similar schemes or lost money due to fraudsters, do not stay silent. Report it to the authorities and warn other users. Vigilance and common sense are the best defenses against con artists.