Hello Hivians on this great platform, I welcome you all once again to my blog and today we would be looking at crypto scams and how to avoid them as well. We shall also look at some of the forms of crypto scams that these people use. Stay tuned as we explore on this topic today.
Crypto hackers and fraudsters are everywhere. They want to make a quick buck, and they'll do anything to get it.
The best way to protect yourself from crypto hackers is to always be aware of the risks involved with digital currencies like Bitcoin, Ethereum, and Litecoin. If care is not taken, you can lose all your assets just at a spot.
Hackers and fraudsters are the new wave of online criminals. They're preying on people's fears and ignorance, and taking advantage of their lack of knowledge about cryptocurrency. The result is a lot of confusion and fear: who to trust? What's real? And how do you protect yourself from these attacks?
The crypto industry is a fast-paced, exciting place. The possibilities are endless. But with that comes opportunity for scammers and fraudsters to take advantage of new trends and technologies. Crypto scams have become more sophisticated and more frequent in recent years, so it's important to stay on top of your security when trading or investing in cryptocurrency.
Crypto scams are getting more sophisticated by the day. You may have heard about some of the big crypto hacks so far in 2018, like the $50 million hack on Japanese exchange Coincheck or the $1 billion theft from Bitfinex. But there are plenty of smaller, less well-known scams happening every day.
Now let's look at what all this hacking of crypto assets is about.
Crypto Currency Fraud and Hacks
Cryptocurrency is a digital currency that uses encryption to secure transactions, making them nearly impossible to trace. But there are people who want to make money by using your crypto money for their own means.
The most common type of fraudulent crypto activity is hacking, when someone takes control of someone else's account and attempts to steal funds from it. If you suspect that your account has been hacked, immediately contact the exchange's security department or report it to the police. There are many resources online that can help you recover from this kind of hack or hack-like activity.
Crypto hackers and fraudsters are constantly changing their tactics to stay one step ahead of the law and investors. They can be very slick, too: one scam we saw involved a fake news website that resembled the real deal.
What is a Crypto Hack?
Crypto hacks are a type of fraud that involves stealing crypto through phishing scams, malware attacks, or hacking into cryptocurrency exchanges.
Crypto fraud is a problem that's only getting worse. Cryptocurrencies are becoming more and more mainstream, but they're also being used by hackers to steal money from innocent investors. The cryptocurrency market is full of scams and fraudsters who want to get your money, and they're not afraid to use violence or even death threats to get what they want.
List of the top crypto scams in order to help you stay safe from these dangers.
Fake News Sites & Social Media Accounts
The easiest way for scammers to get your attention is by creating fake news websites or social media accounts that look like they're from reputable sources (like Reuters or The New York Times). These websites and accounts may even have real logos on them!. They'll post articles about cryptocurrency being "the next big thing," but they won't tell you what's actually happening with the market right now they'll just make you believe it's true!
Phishing Scams
Phishing scams involve sending emails that appear legitimate but are actually designed to steal your personal information. The hacker will then use that information to log into your account and steal your crypto assets.
Ponzi Scheme
A scheme where the scammer promises high returns on investment, but instead pays out returns to earlier investors. This can happen by running a website that looks like it's being run by someone reputable, but isn't actually being run by them at all. The scammer will take money from newcomers who want in on the scheme, promising huge returns on their investments, only to pay those returns out to earlier investors who had been there longer.
Smart Contracts
This is a also a form of crypto scams where hackers deceive users to agree in terms with them to have access to their assets in order to use in mining other tokens which would be generating them with profits daily. After having assets to your account balance, in order to earn your trust, they would be rewarding you for about a week and then what you realize later is that all your assets would be gone in a twinkle of an eye.
I’ve got some tips for you to help you avoid falling victim to crypto fraudsters:
Don’t invest more than you can afford to lose! There are many people who put all their savings into cryptos only to lose everything when their investments don’t go as planned. It’s not worth the risk!
Don’t buy into any ICOs that seem too good to be true. If someone promises you a free ticket or an early access to a new product or service then it probably means there’s something fishy going on behind the scenes that you don’t know about yet.
If someone asks you for your password or private key then it could be a scammer trying to steal your crypto coins from your account, don't give it out.
Conclusion
Before investing into cryptocurrencies, first of all know that there are risks aside the benefits that one get. Also, beware of scammers and hackers as they are everywhere on the platform hoping from one place to another just to find way to get access to your crypto assets.
You should also make sure to make a deep research on about cryptocurrencies especially the one that you want to invest into before attempting to do so. As the saying goes "experience is the best teacher", yes indeed it is, I have been scammed from a lot of these scammers and would use that opportunity to advice myself and everyone reading this article to also be wary of hackers and scammers in the crypto markets. These people are working tirelessly to do anything that they can in order to phish your account and withdraw all your assets.
I hope that you learn something little from this piece that I have written. I would like to end by leaving you with this last words "invest what you can afford of losing". Thank you all for your time and attention.
