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INTRODUCTION

1.What Are Crypto Scams?

Some Crypto Scam That Exists

Imposter Website

Someone may be mentored by a person who has a lot of experience in the world of crypto and yet falls victim to scams. Several websites have been set up by scammers to work like the original. The original site, close to the URL is a single lock icon that denotes security.

Fake Mobile App

Scammers also develop fake mobile apps to be downloaded in the Google play store. Most times, the apps are identified and deleted but they still find their way back, and before it will be deleted people would have downloaded it thereby entering the risk of losing the money in their wallets.

Bad tweets and other social media updates

Some scammers mutate some celebrities and use their imagination to sap money from people. The same applies to the cryptocurrency market. It is not advisable to take to heart offers that from the social media handle most especially if their offer is high. It's important to be very careful.

Scamming emails

When you receive an email on an offer it's very important to make a proper study of such emails. Conduct verification. You need to conduct some investigation so as not to be a victim of circumstance.

Crypto Ponzi Scheme

A lot of schemes exited that up to promise its subscribers a heavy return that looks so mouth-watering, they collect money from new subscribers to settle the old ones, they come to a point that they cannot manage it, by then so many have been fooled.

Exit Scam or Initial Coin Offering(ICO)

In this the scammers maker victims believe that they have created a new coin that offers higher peace than the regular old ones we know, the victims invest into the coins and then they walk away

How to Avoid Crypto Scam

• Protect your wallet
  Your wallet keys should not be stored on a site that is not trusted. Always do a proper inquiry before venturing into any coin business.
• When the offer looks too high is only a bad signal already.
• Investigate any coin you want to venture into properly
• Do not give your personal information like email and password on an unknown site
• Always try as much as possible to avoid social media advert as some of them use the image of celebrities to carry out their evil work.

2.Make your research on any Cryptocurrency scam. (Attach a few references to the news surrounding that scam crypto project)

How it works

They required the user to log in and submit details with a minimum offer of $5,000. So a link was created and when it was opened it had space for members to receive $1000 in BTC if they submit their 12 passphrases from the privthe ate wallet. And when the phrases were submitted, a notification that $12,000 BTC was moved to a wallet.
Another is a website http//:Xblockchain.com asking members to submit a form of when you fill the form, all your data including mail and password will be collected.

The Rise of Elon musk Bitcoin scam

• The first of this scam was reported in June 2018 to bitcoinwhoswho.com this involves a hijacked light profile verified. Twitter account pretending to give away crypto assets. since Elon musk associated Bitcoin scams have been on a drastic increase most especially in Japan.

Source

About 45% of Elon Musk/Tesla bitcoin scam reports are from Japan. 16% are unknown, 15% are US and the rest;

Source

Most Frequently Reported Elon Musk/Tesla Bitcoin Scam Websites

Most Frequently Reported Elon Musk/Tesla Scam Bitcoin Addresses

19j9waaK2B5UJTvtXzgiQPXZdWGvJ7iZFW
1JMimK5EWomziHVVognk7kvk8EHZVsMf8Z
1LddHP8ksXoPv7qH5upJLVEgGiybbgQdb2
1Hf37TQ8agT4y9g3d7fwjnv95hTp7wEYfW
Source

3.To what extent have Crypto scams affected the Crypto space?

The crypto scam has affected the crypto space in no little way. The crypto market is a growing one and it needs a very high reputation to scare so high as the banks and currency have grown so high with a regular good reputation so also the crypto market needs a good reputation. But the involvement of scammers in the world has brought about a lot of names to the system. Some of the negative effects of the scammer's involvement include,

• Reduction of the reputation of the cryptocurrency market
  The more many people have scammed especially newcomers to the system the more the market loses popularity.
• Building of fear in the heart of many
  Scammers end up injecting serious fear into the hearts of the people who want to invest in the crypto world.
• It gives the system a bad name
  The system goes ahead to have bad representation, this may warrant the government of 5he day looking for a way to stop its citizens from investing in that line.
• Limitations of cryptocurrency
• Improper representation.

4.Will regulations in Crypto add value to the Crypto space?

The regulation in the cryptocurrency will impact both negatively and positively the life of the cryptocurrency world.

Advantage

• Helps in the reduction of scam
• Help to deduce money laundering in the system.
• Help to reduce wastage in the system.
• Involvement of the third party in a transaction thereby forming a witness

Disadvantages

• Reduction of the speed of transactions due to the involvement of the third party.
• The money will be limited in the hands of a few.
• It will alter the decentralization of the system.

Conclusion

Some people had the mind to invest in the world of cryptocurrency but they first met scammers and that has served as a major speed of discouragement to them. For instance, I know for more than 6years now of cryptocurrency market but when I ventured into it at the initial, I entered the wrong hands so it served as a major push away for me but May this year, steemit was introduced to me and I accepted it so fast because of the person that introduced it to me but that wasn't all, I signed up and still went back to do a little study on the modalities and I saw it as a good business. So the stakeholders of this currency need to constantly be on the lookout for those scammer's sites that mutates their sites and push them off the system.

The lecture was down to earth, am glad you went over my work with all patience.

Special Mention:
Professor @yohan2on