A scammer made a critical mistake when he tried to scam someone out of thousands of dollars worth of bitcoin, according to CBC News.
As someone who also works in the cryptocurrency industry, Perrin is no stranger to hopeful scammers.
But when one fraudster tried to scam him via his Instagram inbox, Perrin decided to have a little fun.
You can see all the screenshots of the conversation between Perrin and the scammer in our gallery above or by clicking here.
Perrin told CBC News:
I've come across a lot of these people before, they make ridiculous claims. In this case, every 24 hours, they guaranteed me a doubling of my bitcoin, and said that if I would just send them some bitcoin I could start seeing returns. So, I played along and pretended to be a newcomer to bitcoin, not understanding what was going on.
Here's how Perrin was eventually able to scam $50 out of the person trying to scam him out of thousands of dollars worth of bitcoin.
Perrin first faked a bitcoin wallet statement, telling the scammer he had been contacted by someone else with a better offer.
Then Perrin made his move saying:
I said that I would gladly invest $20,000 with them if they would simply send me $100 back, I could then return it to them, just to ensure that everything was legit.
After negotiation, the scammer sent Perrin $50, then Perrin dropped his act.
Perrin posted about the incident on his blog saying:
This morning I awoke on a beautiful holiday Monday in Canada to a message from a clear scammer, promising me untold fortunes if I just bestow some of my Bitcoin upon them. Rather than tell this individual to go pound sand, I opted [to] enlist a mix of photoshop, strategically finding random transactions on a block explorer, and social engineering to teach a lesson on behalf of a good cause. What follows are the screenshots of our conversation.