$300 million encryption eyewash shocks the US-Mexico! Fake USDC investment platform destroys the assets of 1,200 people.

A cryptocurrency fraud case involving the fake USDC investment platform Terablock has left over 1,200 investors in the United States and Mexico with devastating losses, amounting to as much as $300 million. The platform attracted investors with high returns of 7–15% per month since 2019, suddenly shut down in 2021, and went offline, leaving thousands of victims and broken families.

Terablock Scam Overview: The Trap Under High Return Temptations

Terablock started operations in 2019, claiming to provide investors with monthly returns of 7-15% by investing in the stablecoin USDC and utilizing "algorithmic trading."

Investment Entry: Users can download the application from the Apple App Store and Google Play to view the so-called "earnings."

Operating model: Withdrawals are only allowed on specific dates, and high fees are charged for exchanging crypto assets for USD or pesos.

Key Turning Point: In August 2021, the platform suddenly ceased operations, citing "technical suspension" as the reason, and subsequently the founder and core team disappeared.

Cross-border investigation and arrest operation

After a massive protest erupted outside the Baja California Attorney General's Office in Mexico, the police arrested a woman named Monica N in La Paz, accusing her of being a co-conspirator in a fraud case.

At the same time, authorities from the United States and Mexico are working together to investigate another key suspect, Javier Elaines, and his accomplices, and are attempting to trace the flow of funds that have been transferred.

Experts warn that even with international cooperation, it may take years to recover lost funds.

The Painful Price of Victims

Multiple victims shared their painful experiences with the media:

Some people have lost their life savings and were forced to mortgage their properties.

Some people go bankrupt due to financial collapse.

Some even choose to end their lives out of despair.

A victim stated: "We thought this was a safe opportunity for stablecoin investment, but it turned out to be a destructive trap."

Why do these scams repeatedly succeed?

High Return Temptation: Promises of fixed returns significantly above the market average, attracting investors lacking risk awareness.

Legal Appearance: Creating a formal image through the application store listing and professional website packaging.

Social infiltration: Using acquaintances' recommendations and community dissemination to lower victims' guard.

How to Avoid Becoming the Next Victim

Financial regulators and cybersecurity experts provide the following recommendations:

Thoroughly investigate the platform background: verify its legal registration information, management team, and media reports.

Beware of high return promises: especially claims of fixed income and "guaranteed profits."

Avoid time-limited investment pressure: Scams often use "limited-time offers" to create a sense of urgency.

Protect private keys and account security: Do not give control of the wallet to third parties.

Suspicion means stopping: Once you notice something unusual, immediately cease investment and preserve evidence to report to the police.

Conclusion

The Terablock case reminds us once again that while the cryptocurrency market is full of opportunities, it also harbors risks. When facing any investment opportunity, it is essential to stay vigilant, conduct thorough due diligence, and adhere to the principle that "high returns must be accompanied by high risks." For those who have already been victimized, international cooperation brings hope, but the road to recovering funds will still be long. For more information on encryption security and market dynamics, please follow the official Gate platform.