Scams In The Cryptoworld.. What You Should Know #001

jueco (76)in Tron Fan Club • last year

Hello crypto friends,

I am happy to come before you all this day to discuss with you on a matter of great importance in the cryptospace.

I believe you all are doing excellent and are all promoting steemit on twitter In order t attrsco big investors.

Well, today we shall be discussing cryptocurrency scams.

Many of us, if not all have at one time or the other fallen victim to cryptocurrency scams but they may appear in different forms.

Today, we shall be examining few forms that cryptocurrency scams appear in, please join me in this important discussion.

PHISHING SCAMS:

This form of scams is one of the most popularly known/used type of cryptocurrency scams.

This types of scams comes with links embedded in them and alongside the links are "too good to be true" promises from scammers, and this form of scam are usually a snear to newbies as they don't know their ways in the cryptospace.

In this scams, you will be promised a gift or a huge amount of money If you clicked the link embedded in the scams.

And when that is done, you will be asked to input some of your Important keys and when that is done, your account will be taken away from you.

In most cases, this links are sent to monitor your account activities and get more information from your account so as to make it easier for your funds to be stolen.

And some times, this form of scam usually come with little tokens in your wallet so as to make it appear legit, while in reality it is not.

Those token are usually referred to as dust and the form of attack that makes use of dust is known as dust phishing.

PUMP AND DUMP SCHEMES:

Cryptocurrency investors are particularly aware of this form of scams.

This form of scams require extra caution for them to be spotted for what they are because even experienced traders fall prey to this form of scam.

In this form of scam, the crypto developer creates a token, does everything necessary and then pump in some money into the token.

When this is done, this token will be noticed by other investors and they shall all invest their funds in this project, thinking it is a great project.

Then when the project developer notices that the token has some big investors and he has reached his targeted price, he then rug-pull the token project and run away with the funds of investors.

Inorder not to fall prey to this form of scams, investors need to make extra research on a token project and ensure that they are only risking what they can afford to loose or else they will fall victim to this scam and it will be hard for them to recover.