Man-in-the-middle attack in Bitcoin trading

This post is to prevent man-in-the-middle attack in Bitcoin trading. Please read carefully before you make a deposit.

The attack is usually done in this way:
1. A scammer contacts you on a trading website (say LocalBitcoins.com), and wants to sell you some bitcoins;
2. After you initialize the trade with him, the scammer contacts me to buy the same amount of bitcoins;
3. I give the scammer my bank account as a normal trade procedure, and then the scammer gives that bank account to you;
4. You make a deposit/transfer to my bank account;
5. I receive the money, and release bitcoins;
6. The scammer gets bitcoins for free and then disappears;
7. You loose money. I loose reputation and probably get investigated by police. Or, I return your money, and loose bitcoins, since bitcoin transaction is not reversible.

If you are asked to make a deposit/transfer to a bank account with holder name "Shuhai Shen", please make sure you put the following link in the transaction message (e.g., "Reason for payment" field):

http://mv2.it/mitm

In this way I know that you have read this document, and you intentionally transfer the money to me.

If you didn't do that, I am holding to right to do an ID check, or simply return your funds and close the trade.


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