Crypto novice - am i being scammed?

2 Posts

in Cutting tax
HI All
I'm looking for some help and advice as i'm very new to the world of crypto and in all honesty i dont really fully understand it. My situation is this - i invested a small amount of money about 3 months ago, in response to a social media advert. The amount was small and i thought it was worth a try.
So over the course of the following months, the amount has increased substantially.... what i would call "too good to be true!" and i am always wary that if something appears to be too good, it usually is.
Long story short, the platform i used was Terra-markets.com who have recently changed to Terra-markets.net...... i've felt at various times that things weren't quite right. However after a month of requesting a withdrawal of funds, I was told they were sending the funds to blockchain and i would receive an invoice from blockchain. Today an invoice arrived via email stating that there is an amount of £10,000 to pay in capital gains tax because this is 21% of the profit. Firstly, there is no reference to my own personal tax situation and no mention of my CGT Allowance (i have no other gains) so not sure if this is correct? Does HMRC talk to Blockchain or other exchanges?
Secondly, the invoice is stating that i need to pay the amount requested first before they then release the funds, rather than it being deducted from the funds and them sending the difference - does anyone have any experience of this? If its a scam i dont want to lose £10,000!
Lastly, on the invoice it states this: "All funds are stored cold wallet, under the conditions of a smart contract. Smart contracts are programs stored on a blockchain
I'm looking for some help and advice as i'm very new to the world of crypto and in all honesty i dont really fully understand it. My situation is this - i invested a small amount of money about 3 months ago, in response to a social media advert. The amount was small and i thought it was worth a try.
So over the course of the following months, the amount has increased substantially.... what i would call "too good to be true!" and i am always wary that if something appears to be too good, it usually is.
Long story short, the platform i used was Terra-markets.com who have recently changed to Terra-markets.net...... i've felt at various times that things weren't quite right. However after a month of requesting a withdrawal of funds, I was told they were sending the funds to blockchain and i would receive an invoice from blockchain. Today an invoice arrived via email stating that there is an amount of £10,000 to pay in capital gains tax because this is 21% of the profit. Firstly, there is no reference to my own personal tax situation and no mention of my CGT Allowance (i have no other gains) so not sure if this is correct? Does HMRC talk to Blockchain or other exchanges?
Secondly, the invoice is stating that i need to pay the amount requested first before they then release the funds, rather than it being deducted from the funds and them sending the difference - does anyone have any experience of this? If its a scam i dont want to lose £10,000!
Lastly, on the invoice it states this: "All funds are stored cold wallet, under the conditions of a smart contract. Smart contracts are programs stored on a blockchain
that run when predetermined conditions are met. The smart contract is used to automate the execution of this agreement, so
that all participants can be immediately certain of the outcome, without any intermediary involvement or delay. Your
payment will be confirmed after 3 confirmations on the Blockchain network, and you will be invoiced for your payment."
This sounds like extra protection but as i dont currently have an account with blockchain i'm concerned any monies paid to this wallet will just disappear never to be seen again.
Any advice or relevant experience in this field would be greatly appreciated!
Thank you!
This sounds like extra protection but as i dont currently have an account with blockchain i'm concerned any monies paid to this wallet will just disappear never to be seen again.
Any advice or relevant experience in this field would be greatly appreciated!
Thank you!
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https://uk.trustpilot.com/review/terra-markets.com
(Ha sido divertido)
They may get information from them but it's upto you to declare and pay any CGT due. Direct to HMRC.
You have no doubt lost your original "investment", don't throw good money after bad.
you’ve lost your original investment, please don’t chase it with more money.
Never invest in things you don't understand, never invest in things on the back of social media advertising. Never send money to people who promise to give you more in return.
I'm afraid this is just a prime example of what NOT to do.
You could report this to the police (probably through action fraud?) but honestly I'm not sure the success rate of these investigations is high at all. I'd probably just count myself lucky I didn't send them another £10k.