Crypto Academy / Season 3 / Week 6 - Homework Post for [yohan2on] Crypto Scams and how to avoid them
Today in this post I will share with you my Homework Task (Season 3/Week-6) for Professor @yohan2on . The course that the professor @yohan2on has discussed this with us Crypto Scams and how to avoid them. I have learned a lot about crypto scam from this lecture of the professor and the professor has discussed a lot about how we can get avoid of crypto scam.
What are Crypto scams? Make your research on any Cryptocurrency scam. (Attach a few references to the news surrounding that scam crypto project)
What are Crypto scams?
We are much more familiar with the term scam in our human life. The term scam is very familiar to us when we move around or through various topics in society. Because this scam happens to us in different ways. And cryptocurrencies are no exception. Crypto scams occur when one or more hackers use a variety of tools to steal the assets of a crypto investor. These scammers try to get access to the digital resources or cryptocurrency wallets of the common people in different ways, their main purpose is to get the personal key of those common people and different information about their wallet or account. With this information, they can seize the assets that are inside those accounts or the crypto assets that they have.
Currently the market presence of cryptocurrency is improving a lot, so many hackers are also leaning towards this cryptocurrency and they are coming up with new ways to hack cryptocurrency. In most cases, the victims of this hacking are new investors who, because they do not know much about security, are hacked by their hackers with various temptations such as hacking, hoping for double profit, and so on.
These hackers use cryptocurrency fraud or wallet theft tactics or designs in a way that is almost impossible for many to understand. Encourages the investor to buy his assets or give a personal password or what, by showing various false temptations or various temptations to make a lot of profit in the future. In that case the cryptocurrency investor unknowingly throws his password or key here or invests in that asset, which in turn leads to many losses or hacking.
Below are some of the well-known ways that scammers use for hacking:
Imposter Websites:
Scammers create fake websites to hack investors' assets. They design this website in such a way that they create the interface on their website in such a way that there is no way to think that it is fake. Suppose you invest a coin and you do a lot of research on that coin, research shows that this coin can go to a very good position and you decide to invest it.
Now what the scammers do is they will copy the real website you are thinking of investing in and they will create a fake website and they will create a website with a trick that you will not understand if you think it is normal. For example, if "O" is used instead of "O" on that website, then Zero "0" is used, but it cannot be understood by thinking normally or without thinking very deeply. In this way, hacking the investments of common people creates this fake website.
So before investing, you must type the real website well and go and invest in that real website.
Scam Email:
Scammers copy the logos and banners of various real companies and send them to a mail investor or the general public and in that mail. There are various offers like: Rewards, Unlock Price, Coupons etc. The temptation of many such offers is to log in and receive the reward. And there is a hacking link and you are told to login here to get these rewards. They basically send these emails to steal the assets in that wallet. So of course if you get any such emails, you should not click on any of the links in these emails.
Fake Mobile Apps:
One of the ways in which scammers resort to hacking is through the Google Play Store mobile apps or Apple Play mobile apps. These naturally belong to a wallet or exchange. When you see these in the first place, you will not understand whether it is an app of that wallet or an app of the exchange. So before logging in to any wallet or exchange site, we should think a lot about whether it is actually the original apps of that company. Because if we login to our account with those fake apps with username and password, then there is a possibility of hacking.
Social Media Post:
Scammers hack our assets in another way, that is, they open an account in the name of a celebrity on social media such as Twitter, Facebook. There they arrange the account in such a way that we think it is a real account. He will then post with this fake account a certain fake coin and what will encourage ordinary people to give but it is a fake currency. We buy coins in the country, so we can be deceived.
Make your research on any Cryptocurrency scam. (Attach a few references to the news surrounding that scam crypto project)
One coin is one of the cryptocurrency scams. This is what Times Magazine has described as the biggest scandal in history. Masterminded and spearheaded Bulgarian woman named Ruja Ignatova promoted this onecoin by One Life Limited. Ruja Ignatova is also known as the Crypto Queen. He told people that he had invented a cryptocurrency to compete with Bitcoin and he persuaded those people to invest billions. Ruja Ignatova always wore a diamond necklace, long earrings and bright red lipstick.
He always wore such expensive clothes and he was also seen as expensive. So most of the investors did not have any questions or doubts about him. He got the rest of the investors to buy one coin at an international conference and he explained the mission of one coin and its vision there.
He was able to win the hearts of investors because of his reputation, intelligence and his other qualities and he was always tidy. Because onecoin did not have a blockchain of its own, many investors were inspired to invest in this one coin. He used the popularity of Bitcoin to promote this one coin.
Ruja Ignatova never gave these investors a chance to doubt, she basically preached to investors that if these investors invested in her one coin they would be much richer.
According to a BBC report, the British spent around 30 million euros on one coin in the first six months of 2016 and 2 million euros a week. the level of this investment continues to rise further after the Wembley extravaganza And from August 2014 to March 2006, more than 4 billion was invested in this onecoin from several countries.
In this screenshot above, we can see how much investment was made in this one coin from January 2016 to June 2016. Most of the investment came from China, Germany, the UK, the USA, and Hong Kong. This time China made the most investment in it.
In the screenshot above I can see Quarterly Revenue of One Coin. Here we can see that although the quarter income of one coin started with 100M in 2015, its income has increased several times since 2016 and the quarter income of this one coin was around 900 million Euros.
To what extent have Crypto scams affected the Crypto space?
Cryptocurrency scam incidents severely discourage a cryptocurrency investor. As we discussed above in the case of One Coin, those who once invested in this One Coin believe. But they have suffered a severe setback, and if they are to be encouraged now about cryptocurrency, he will be terrified. Because they were the victims of a huge deception.
There are also many big scams like one coin, which are really scary for anyone to hear. Especially among those who want to get into the new cryptocurrency, there is a deadly fear among those who want to invest in the cryptocurrency.
The cryptocurrency market cap is largely raised by investors, in which case these investors are afraid or discouraged to invest in the cryptocurrency market, but this cryptocurrency market is much hindered from growing. So the cryptocurrency prevents the market cap from growing. A man invests in a coin or a market with a very high hope, in which case his hope or belief is shattered by such a big scam, but that person will be afraid to invest in the future.
And the victims of all these scams are those who are very inexperienced about this cryptocurrency market or those who are new to the cryptocurrency market. These scammers lure them into various traps and snatch their savings from them. In that case, newcomers should, before investing anywhere, do a thorough research on the subject and invest wisely and seek the advice of those who are experienced in the field.
Will regulations in Crypto add value to the Crypto space?
There must be a control system to keep anything safe, if something is not under control it is not completely safe. And I think if the crypto world can come up with set rules and controls, it can add a lot of value to the crypto space. This will reduce the risk of crypto scams and at some point this crypto scam will become almost impossible.
We want security in everything we do. In that case if we can be absolutely sure or if an investor can be sure that if he invests in cryptocurrency his investment will be 100% saved and it has enough security, then the investor will invest here with confidence. If 100 percent security can be maintained in this way, the investment will increase and the market cap will be much bigger.
The most difficult rule to invest in this crypto space is to have a policy. Many of us are deceived in ICO, because it is very difficult to control. Here a scammer can easily scandalize her. But if any rules and regulations can be issued in this regard, then the scam will be reduced a lot and investors will be able to invest here with ease and will feel comfortable to invest in many organizations.
If the regulations are implemented in the crypto world, the disadvantages will be greatly reduced and the advantages will be increased. Scammers will be greatly reduced.
Conclusion:
In the end I can say that there is good and bad in everything. It is true that there have been many scams in the cryptocurrency market, but it is also true that we can transact very easily and enjoy many more opportunities, the market cap is getting bigger day by day. But of course we have to be very aware, if we can be very aware and know about the cryptocurrency market then invest in this market, in which case scammers will not be able to trap us easily. I will not lose my savings. So we should use cryptocurrency in a very conscious way and we must gain a lot of knowledge about it and take the advice of experts.
I am very grateful to my Professor @yohan2on for such a beautiful and well-arranged lecture.
***Respected first thank you very much for taking interest in SteemitCryptoAcademy
Season 3 | intermediate course class week ***
thank you very much for taking interest in this class