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A guy on Instagram wants to be my sugar daddy and send me money through bitcoin. We've only been talking for about a week and he hasn't asked for any of my info. He just asked to sign up for a blockchain wallet. He said I can use the CashApp app and cash out my bitcoin? Is it a scam?

Rodrigo de Azevedo
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Zuri Petteway
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    Someone online wants to just give you money. Yes, it's a scam. – glibdud Apr 22 '20 at 23:16
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    Did he ask you for nudes, sex, or other personal interaction? Traditional "sugar daddy" relationships are essentially prostitution, if you're not being asked for sexual relations then its a scam. If you are being asked for sexual relations it can still be a scam, but it's less likely since there is an exchange of money for services. – Freiheit Apr 23 '20 at 13:32

1 Answers1

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Bitcoin isn't reversible, so it's not possible to pull the usual overpayment scam (they send you money in a reversible manner, ask you to pay it back in an irreversible manner and then reverse the original transfer).

Possible options:

  • They hope to be able to exploit your lack of technical experience with the bitcoin technology to trick you into making a mistake which costs you lots of money and gets them to receive that money.
  • It's a bait-and-switch. They hope to frustrate you with the bitcoin technology until you agree to accept a wire transfer instead, and then they pull the overpayment scam.
  • They want to use you to launder illegally obtained bitcoins in order to make it harder for law enforcement to follow the money. They might ask you to forward bitcoins to other wallets or to sell the bitcoins and then send them money or goods.
Philipp
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  • The worrying part is CashApp. – Rodrigo de Azevedo Apr 23 '20 at 11:45
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    @RodrigodeAzevedo I am not familiar with that app. Can you elaborate? – Philipp Apr 23 '20 at 12:10
  • I am also not familiar, but I assume there is a legal entity associated with it, which means that a sovereign may be able to force the app to reverse transactions. If that is the case, then your first paragraph may not apply. – Rodrigo de Azevedo Apr 23 '20 at 13:26
  • One thing that really concerns me about this situation is that OP was directed to the "blockchain wallet" through this stranger. It's not clear to me if OP really has a bitcoin wallet with any value in the first place. So in that case, it wouldn't really matter if bitcoin itself is reversible, because the "transfer" didn't actually happen, and there's no real need to reverse anything. – JMac Apr 23 '20 at 13:49