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We are all familiar with cryptocurrency scams. It is not new that we will be surprised to hear the name of the scam. It is the name of a panic in the whole crypto world. When you get involved with monetary mechanisms, you can feel the risk just as much as you feel the freedom. You will realize in a very short time that there is a risk involved in every transaction here. We are not talking about the risk of market volatility. We're talking about crypto scams, scams are scattered online, and cryptocurrency exchanges are included. Since you will be considering investing in various startups and exchange platforms, it is extremely important to be aware of the possibility of losing your cryptocurrency investment.

There are many types of cryptocurrencies that fraudsters use to take away the assets of a trader or investor. Since we are cryptocurrency holder, we know different ways, how to store it more safely. Scammers, on the other hand, know better than him how to seize his wealth by deception. We often see a lot of messages on our telegrams or discards or other social media. Alluring messages, such as "You have won 0.02 BTC. Enter this link and claim". It is, of course, a huge deception. I get so many messages in my inbox, I stay away from these traps all the time. Those who fall into these traps lose all their savings.

Let us know how many types of scams there are and what they are.

What are crypto scams?

Cryptocurrency scams can be interpreted in different ways depending on the type of fraud. Scammers are always looking for new ways to steal your money using cryptocurrencies, they have plans based on current trends. At that time, the scammers are trying to steal money from the users who are more excited about something. A sure sign of scam is that if someone says you have to pay through cryptocurrency with a tempting offer.

Fake Websites: Scammers try to scam by creating fake websites. Many have been deceived by fake websites before. There are thousands of websites that may look like original websites but scammers build websites in such a way that the users does not understand that it is a fake website. When you login to that website with all the information, such as your secret password or private key, the fraudster gets all your information to steal your assets. So there is no option to check the URL a few times before entering the website. Earlier, fraudsters using Myetherwallet's domain name stole ETH by accessing many users' accounts.

So keep in mind that Think twice if the URL bar doesn't have a small lock icon indicating security and the site address doesn't have "https"

Fake social media updates: We almost all follow celebrities on Twitter or Facebook because they constantly post about cryptomarkets or good or bad news updates. This is of course important for a trader or crypto user. But at the same time that we also follow a lot of fraudsters, it’s almost certain we are. They post various offers from their profiles with various phishing links. For example, if you send us 1 ETH, in a few hours you will get 5 times its ETH. Don't trust them at all.

Scamming Emails: Scammers send emails to investors with various new opportunities. Although emails look exactly like a legitimate company, fraudsters use their skills to steal investors' money.

Scammers sometimes announce fake ICOs or initial currency offers, as a way to steal money. Don't read for these fake emails and website offers. Take your time to see all the details and Do a fundamental analysis before investing.

Fake mobile apps: Scammers also steal money through fake mobile apps. This is also a very common scam. Where they list those fake apps in the Play Store or App Store. These fake apps are specific wallets, all the information they get when the user tries to login to that wallet with his login details.

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

A few months ago when I was learning about crypto scams, I did a Google search. Because I was curious as to what was the cryptoscam was. I was surprised when the news came out after searching on Google.

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Damn! What am just saw? The BBC has published news about the crypto scam. Yes, that was my reaction.

He thinks he can create a better lifestyle if he can earn more by his lifesaving. He was ill, for which treatment would also be good. That is why he continues to invest in one fraud after another. At the end of the day, he lost 250,000£.

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News Source

Historical scam. This is the news that the scam caused a worldwide uproar. Ruja Ignatova aka Crypto Queen. She calls herself a cryptoqueen.
She told people she had discovered a cryptocurrency that would be a bitcoin killer. About 1 million people invested 13 million there. The woman proclaiming to be a cryptoqueen then disappeared.

OneCoin, she created this coin and told the audience that it was about to usher in a new era. Since BTC has risen in price from a few cents at that time, so people around the world are investing their savings in the OneCoin project and hoping to be a part of a new revolution.

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If you look at the graph above, you can see how many amount were invested in that project. He took the opportunity to excite people. Let me explain briefly, at that time people in blockchain were trying to create a little modern financial system. But even if there was no credible company then people would not believe. One such initiative of OneCoin at that time gave people hope for freedom. And everyone is saving without fear.

Story of Dr Ruja

There have also been many more scams where some have lost the money and effort they have earned throughout their lives.

To what extent have Crypto scams affected the Crypto space?

In my opinion, yes. This is corrupting cryptospace and it has negative effects. Where we have come to know and learn is that the world of crypto or blockchain is independent, where people can live their lives as they please, but such big scams are definitely negative effects.

People will be afraid to invest in real projects. Because if their faith is broken, they will not want to invest their hard earned money anymore even in the legit projects.

If a person invests his savings in a project with dreams, hopes, and that high hopes that he can earn good money from here for the rest of his life, and be happy with his family, at that moment he get scammed. So what happens next? He will definitely leave this industry. Where he has lost his own wealth, he will never invest again.

Every day many people admit to scams. However, one thing that is positive is that once a user admits to a scam, he can guess about the next scam. Yet everyone should be wary, especially those coming into the new crypto space.

Will regulations in Crypto add value to the Crypto space?

When strict regulation is imposed on a company, the value of that company increases, we know that. But cryptospace is not a company, it is a combination of thousands of companies. However, if the regulation is set, its value will increase.

I think the most important regulation will be investment. Because safe investing will create trust in cryptospace among people. Since most people around us are deceived in ICOs. Because ICOs are not subject to regulation. So easily scammers get a chance to scam, but if the regulation is issued it will be greatly reduced. Of course regulation is needed to stay safe. If this space is regulated, institutions will also be able to keep pace with this new era that carries value for cryptospace. If cryptospace is not regulated, as it is now, then there is a chance of scam or fraud, which is scary for an institution and even for ordinary investors.

So it is true that for the short term, whatever it is, for the long term, enforcing cryptocurrency regulation is certainly beneficial.

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Conclusion

Since cryptospace is not always safe, especially those who are learning about this new cryptocurrency need to be a little more careful. Scammers always keep an eye on people's weak points, to see if a person will get emotional and fall into a trap. So the wisest thing to do is not to get emotional too fast and when you invest in a project you must know well about that project.

And thank you so very professor @yohan2on for this lesson. It was indeed to learn something like this.