If you’re in crypto, and you’re a C-level executive, this article is for you. This is the information that could keep you from walking straight into a carefully created trap set by a scam network impersonating major crypto VC funds we all know and trust. Honestly, I probably wouldn’t be writing this if I hadn’t gone through it myself.
Our company has worked with startup accelerators before, and I’ve been invited as a strategic advisor to multiple blockchain, gaming and AI startups. That’s a part of my job, that’s what I do. That’s routine for me. So when I received another invitation from a major VC, asking me to advise one of their new portfolio companies, it didn’t raise any red flags… until my crypto wallets were nearly drained after our first call. Usually, our partners connect me with startups in private Telegram chats. Sometimes, startups reach out to me through private networking chats for crypto executives. Less often, but it happens, I’m contacted directly on LinkedIn - and that’s exactly how this story began.
On LinkedIn, I was contacted by someone claiming to be a Senior Product Manager at Animoca Brands. His profile looked legitimate. We had many mutual LinkedIn connections. His current role mentioned Animoca Brands as his employer.
That person shared what sounded like an interesting opportunity - a gaming project from their portfolio was looking for a strategic marketing advisor, and based on my background, he thought I could be the right fit. He said he would connect me with the founding team, and they would take it from there.
I shared my Calendly link so they could book a call with me. He insisted that I use his Calendly link to book a call instead. That was pretty weird, but not suspicious enough to make me worried. I clicked on that link and booked the call.
A few days later, we had a video meeting where the “startup representative” briefly introduced their project. Even during his presentation, I felt that something was off. I couldn’t tell what exactly, but I just had a bad gut feeling.
The 1st red flag
A few times, he asked me if I use crypto and what experience I have in the space. That was the first major red flag for me. Inviting a potential advisor to an intro call without researching their background? Big mistake. A small joke, but had he researched my background properly, he probably wouldn’t have come to that call after all, considering a big media network our PR agency works with.
The 2nd red flag
Then he asked me to download the product demo files he had sent me in the Google Meet chat and launch them on my laptop using Node.js. I thought, “Since when does a marketing advisor need to run a code on their laptop to review the product?”
I told him I didn’t work with the code and asked him to explain the product in a few words instead. He pretended not to understand the problem and insisted that running that code on my laptop was a necessary step. Without it, he said, we couldn’t move forward.
That was the second red flag. I politely wrapped up the call, saying that the file didn’t seem to work on my laptop and suggested rescheduling a demo.
One step away from a trap
Immediately after, I contacted our company’s tech partner, who scanned my laptop for malware. And, OMG, we found plenty. Multiple trackers, screen and audio recorders (Chrome extensions) installed on my laptop without my knowledge, different kinds of data-stealing programs, etc. I never opened the “product demo” files he sent me. Probably, those programs got instantly installed when I clicked on his Calendly link to schedule the call, I don’t know. And I don’t even want to think what kind of malware he was trying to install on my laptop by getting me to run that code.
We acted fast and cleaned everything up. But there is a bigger picture. This wasn’t the first time for me.
The bigger industry picture - organised scam networks
It was the third attempt in my career where scammers impersonated well-known VCs or accelerators to target me. The first time, they posed as a fintech accelerator. The second time, they claimed to represent Pantera Capital. The most recent situation involved scammers who impersonated Animoca Brands.
In between those situations, I’ve worked as a strategic advisor with multiple legitimate startups, accelerators and VC funds. But those accidents with scammers taught me to pay attention to all the red flags you see.
I'm not the first person this has happened to and I probably won't be the last. The first time I experienced it was with a so-called fintech accelerator. Shortly after, directors from major crypto companies reached out to me asking if I had noticed any red flags about that "accelerator." Because they did. Impersonators sent them a list of strategic advisors allegedly involved in the project to make it look credible, and my name was on it. That's how those executives found and contacted me, as well as a few other people on that list. At the time, we chose just to cancel the collaboration with that “accelerator” and move on. But when something like this happens to you for the third time, you can't ignore it, because it’s already a pattern, and the community should be informed about it.
I am confident that these respected VCs have no idea that their names and employees’ titles are being used to target crypto executives.
I’ve written this article to warn fellow executives about how sophisticated these scams have become — and to encourage VC firms to take steps to prevent this.
Probably, VC funds could publicly warn their communities on social media that their brand and job titles may be misused by scammers who are now actively targeting crypto executives.
The more informed we are, the harder it becomes for scammers to operate.
If anyone from these VCs is reading this article, you can find these impersonators on LinkedIn. You can go to your company page, open the “People” section and review business profiles of people who mentioned your organisation as their workplace. If there is someone you don’t know, but their job titles mention your company - that’s likely an impersonator.
Those scammers are specifically targeting crypto executives who look like a “high-value victim” for these attacks.
On top of that, in crypto executive circles, rumours fly that these scam operations aren’t executed by a few folks working in the basement, but by an organised network backed by pretty famous people who build the reputation of honest entrepreneurs, speakers and charismatic thought leaders. And yet, the industry seems to have quickly forgotten that once, some of them were tied to major scandals and large-scale scams targeting the communities of their previous companies.