5 common cryptocurrency scams you need to avoid

crypto scam and hacking prevention

The cryptocurrency is growing by leaps and bounds day by day. Many continue to jump on the bandwagon of this unregulated industry.

One of the challenges it faces is that of hacking. To make matters worse, one can be hacked for their assets. The hacker is a lot of times not tracked down because they accept anonymity. This has therefore encouraged crime.

This development has led to being concerned about the influx of into society. It is gradually becoming part of life as it continues to compete with currency FIAT.

and are the top cryptocurrencies currently being traded and their continues to rise, making them a target for hackers. This has made transacting with cryptocurrencies a bit scary for newbies.

Recent happenings in the industry have shown that some cryptocurrency are simple and obvious, while others are more complex and sometimes difficult to avoid.

Cryptocurrency have evolved to a point where they have become more elaborate and ambitious in scope. As exchangers are news means of securing their wallets or their respective customers, bad actors continue to improve their techniques to trick innocent users into falling for these scams.

Therefore, I will highlight some of the most common cryptocurrency that you should avoid. The article will also mention some valuable to ensure proper cyber hygiene and keep scammers at bay.

Telegram

Social media, Telegram, has become the breeding ground for scammers. Here, the scammers have tried to promote almost all types of scams. The range from to giveaways. In this way, they contact their victims directly and discreetly.

Technical support is one of the most popular Telegram that target crypto users. The scammers do this by posing as major such as Liquid, Coinabse, eToro, etc. and offering to help users fix account or improve their account security. Once the user reveals their account credentials or transfers to a wallet address for “payment”, they delete the person’s account.

For this reason, you must never give your credentials to anyone. If you have any with your account, email your exchange’s support center.

Impersonation

This is the second type of that is gradually on the rise. Scammers accomplish their goal by approaching less tech-savvy individuals interested in cryptocurrency with an offer to help open an account.

The scammers set out to obtain KYC documents from their victims to complete account verification. After opening the account, victims immediately deposit their money into it, believing they already have a investment.

Since these scammers have retained full access to their victims’ accounts, they can use the KYC documents to regain access. Therefore, it is easy for them to go ahead and drain the funds from the victims’ accounts. They then them for cryptocurrencies like to transfer to their wallets.

Giveaway

Are you a fan of giveaways? Then this is just the thing for you. You must know that nothing is free in Freetown. Here, the scammer usually promises free as part of a supposed giveaway. Once a user signals interest, the scammer asks the user to verify their wallet address by sending some cryptocurrency to a wallet address they provide.

and Twitter are home to giveaway scams. They spread like wildfire on these social channels.

To start their bad move, scammers with fake accounts pose as the Twitter and other social handles of celebrities, prominent personalities, or popular companies. They go even further and use fake accounts to comment on the official Twitter and pages of companies and personalities to reach their followers. In this way, they avoid suspicion.

If they are successful, they even hack into legitimate social accounts to perpetrate the giveaway scams.

Earlier this year, a hacker managed to hack into the Twitter accounts of Joe Biden, Elon Musk, Kim Kardashian and many other prominent personalities and companies. After the hack, the scammer compromised Twitter handles and tweeted the to the wallet used for the giveaway scam, eventually collecting at least $110,000 worth of before the tweets were removed.

Despite the crackdown on posts and fake accounts from social companies, scammers have continued to develop new techniques to promote their giveaways.

Employment

Scammers are using this to pose as recruiters and executives with fake job postings for companies. In for the job position that never exists, the scammers then demand cryptocurrencies from eager job seekers in exchange for training or work-related materials.

They have even used this means of using job seekers as a conduit for assets. These are arrangements that may be designed to facilitate illegal money laundering.

Phishing

Scammers use techniques to access people’s online bank accounts, email accounts, and other password-protected accounts.

That’s why it’s important to use different passwords for all your accounts. If they have access to your account, the goal is to get sensitive data and destroy your assets.

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Nothing on Cryptinus constitutes professional and/or financial advice. Always think for yourself and make sound decisions when investing. Never money that you can’t afford to lose.