How to Recognize Fake Customer Support and Prevent OTC Transaction Fraud

Recently, we have received reports that there have been scammers faking their identity as customer support to defraud users via OTC transactions.

Here is how a common scam happens:

1. A fraudster signs up for a Huobi account and offers high prices to buy assets in OTC.

2. The victim agrees to sell crypto assets to this fraudster.

3. The fraudster contacts the victim (the seller) claiming that they have already made payments (but in fact, they have not) and asking the victim for contact information.

4. After the payment window expires, a self-claimed customer support staff would contact the victim user (via the contact information provided by this victim) and offer to assist with processing this order by guiding the victim to withdraw assets to an unknown address. Some fraudsters also send emails to the victims and induce them to withdraw assets to the so-called "custody address." The fraudulent customer support and sender email usually fake the Huobi logo and provide basic details of the OTC order in question, which can look very convincing.

5. Fraudsters disappear after victim users transfer assets to a non-Huobi address.


Here are screenshots of a fraudster cheating a victim:


How to prevent scams from fraudsters faking customer support?

1. Be alert to messages from non-Huobi chat tools and emails with questionable content: Huobi never contacts users via unofficial chat tools, nor would it guide users to withdraw assets to the so-called "custody addresses". Stay vigilant and don't trust any such messages or emails if you have received any, and always seek official customer support via official channels for confirmation.

2. It is highly risky to conduct private transactions. Huobi doesn't recommend users perform private transactions outside the platform. We regret to announce that we are unable to offer solutions to help recover losses caused by such frauds.

3. Be aware of high-price orders in OTC trades. Offers with excessively high/low prices and unjustifiable deviation from the real value are against the market law and are often a scam in disguise.


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Huobi reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice. The above is for information purposes only and Huobi makes no recommendations or guarantees in respect of any virtual asset, product, or promotion on Huobi. Prices of virtual assets are highly volatile and trading virtual assets involves risk. Please read our Risk Reminder text here.