Avoiding Crypto Scams and Being Hacked

Even though the number of cryptocurrency frauds is growing, there are things you can do to protect yourself. A few precautions may be taken to avoid falling victim to a bitcoin scam: For Information About Ethereum

Be Informed

It’s tempting to listen to the recommendations of internet moguls and celebrities when it comes to spending your hard-earned cash, but you should always perform your due diligence.

Don’t believe everything you read online. Generally speaking, if a financial opportunity seems too good to be true, it generally is.

Not all people are worth trusting

Be particularly suspicious of anyone who comes to you directly asking for payment in bitcoin or offering you an investment opportunity related to cryptocurrency.

Any email that looks to have originated from a government official or a well-known public figure should be viewed with skepticism if it seeks payment in bitcoin, regardless of who the sender claims to be.

Keep your cryptocurrency wallet safe

You presumably know of at least a few people who have lost a small number of Bitcoins because they misplaced or somehow lost control of their electronic wallets.

Buying, storing, and trading cryptocurrencies like Bitcoin necessitates the use of a digital wallet as well as the private keys necessary to access the wallet.

You should avoid any website or business that requests your private keys under any circumstances, as this is almost always a fraud. 

Adopt the use of MFA

Utilize a process known as two-factor authentication to bolster the safety of your bitcoin wallet. As we saw with the Coinbase hack, this is foolproof.

Go to the website

Pay close attention to the addresses of any crypto-related websites you visit. Many phishers just clone the URL of a reputable site, changing a few letters or digits. 

To decline fee offers

There might be cryptocurrency deals that ask for payment beforehand. Do not consider any of them, especially any “offers” that ask for a bitcoin transaction fee.

Sadly, many cryptocurrency “investment offers” are nothing more than frauds. Cons are always developing new methods of stealing bitcoin. 

Recognize fraud in the crypto space

Scammers are employing some old standbys, but now they’re asking for bitcoin instead of the usual fiat cash.

Con artists will often utilize investment programs to trick their victims into buying cryptocurrencies, which the con artists will then use to launder money after they have stolen it.

Scammers, however, are using more sophisticated methods, such as pretending to be legitimate firms, government institutions, or even a romantic interest.

Professional, governmental, and employment impostors

In a company, government, or job impersonation scam, the con artist poses as a legitimate official or colleague to trick their victims into transferring their money in the form of bitcoin.

Scammers pose as either up-and-coming or well-established companies to sell fake cryptocurrency coins or tokens.

The announcement will state that the corporation is launching its cryptocurrency or token. They could back it up with social media advertisements, news articles, or a professionally designed website to convince consumers to make a purchase.

However, the crypto coins and tokens sold today are nothing more than a Ponzi scheme that ultimately leaves its buyers out of pocket.

Find out if a certain corporation has produced coins or tokens by doing some digging online. If it’s real, it will be all over the mainstream media.

As such, it is important to be aware of the following to protect oneself against impostors in the business, government, and employment sectors:

  • Never give out personal or financial information through email, text, or social media unless you have verified it with the sender first. 
  • Never open a link in unsolicited communication, whether by text, email, or social media, especially if the sender appears to be a trusted organization.
  • Avoid giving cryptocurrencies to strangers who call you out of the blue and demand money.
  • If work requires payment, don’t pay it. A job offer that requires payment in advance or that requires you to purchase cryptocurrencies as part of the position is likely fraudulent.

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Conclusion

Cryptocurrency has been a boon to many, but it has also attracted con artists. Pay close attention to the website and do some digging into the background of the company’s creator to prevent getting suckered into a crypto scam. Seek third-party verification of the firm whenever possible.

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