Robert Browning is a dedicated hunter of crypto scammers.
In a recent interview with Bloomberg, the 52-year-old from southern Indiana, USA, shared how he went from being a scam victim to a fraud hunter.
Specifically, Browning fell victim to a scam on July 11 this year when he invested in a crypto project called Altex. The value of this altcoin then plummeted nearly 100 times, turning his $8,200 investment into just $86.
At that moment, he said he “couldn’t swallow the anger.”
The sudden loss pushed him to form and lead a group focused on tracking suspicious cryptocurrencies. The group, called RugSeekers, consists of people who search for scam coins through group chats on platforms like Telegram and social media.
RugSeekers didn’t respond immediately to comment requests. However, their website allows anyone to submit a request to investigate a cryptocurrency they suspect might be a scam.
“We are a professional, hardworking, and experienced team committed to rooting out fraud and corruption from the crypto space,” the group states on their site. “RugSeekers was born from our own losses and is dedicated to helping investors avoid the same fate.”
One coin Browning targeted was called “We Save Moon.” He joined the community’s Telegram group, tried asking moderators questions, and was eventually kicked out. He then posted a warning on Twitter that got about 4,000 views, but it wasn’t enough to alert everyone.
Browning says he now spends most of his time hunting scams. He also invests in some solid cryptocurrencies and estimates he’s made around $80,000 this year. However, he doesn’t make money from hunting scammers, even though RugSeekers launched their own token to help fund their efforts.
In fact, US regulators have issued warnings about the lack of oversight and crime in the crypto world. In August, Gary Gensler, chair of the US Securities and Exchange Commission, said the crypto space is “rife with fraud and scams.”
“Right now, we don’t have enough investor protections in crypto,” Gensler said in a congressional speech. “Honestly, at this point, it’s more like the Wild West.”
Cryptocurrency remains unregulated and unrecognized by law in Vietnam. The information in this article is for reference only and is not investment advice.
Source: Bloomberg
