2021 A YEAR OF INCREASE IN CRYPTO-SCAMS
Source: pixabay.com
At that moment I went to my colleagues and asked them how this was possible, I even doubted the reliability of the wallet that we have on the Steemit platform, however, talking a little with @josevas217 he explained that this could only be possible if she had given or left exposed her master password, which is the one we use to make and authorize our transactions, Reading the user's post I realized that she fell into a misleading offer that she received where she was offered a participation in a community if she made a small investment for which she had to go through the process and put her master password in a link, it was right there where the serious mistake was.
However, that story left me wondering if we can really be victims of crypto scams and the answer is yes, each and every one of us who get into the blockchain can be easy prey for fraudsters especially when we do not know very well how to make or perform the processes of transfers, payments and exchanges. Crypto scams are not only designed for small investors like us, but in them large corporations and powerful people have lost their life savings due to ignorance or simply for not being sure of the legitimacy of a project offered in crypto assets.
One of the most important newspapers in the United States, the Whasintonpost in its news page announced in a big headline on May 8, 2021 the following:
In this headline it was denounced that this year scams in cryptocurrencies had increased by 1000% costing around 80 million dollars to different entities and investors, and you may wonder but how is this possible? Well simple and complex at the same time, the blockchain and the different platforms are designed and operated by people who are the guarantors of verifying through different methods, processes and instruments that transactions are safe for the parties, but as in any process where groups of people intervene as custodians of security can occur what is called bifurcations in transactions, system errors and scam projects, the latter are created by unscrupulous people who take advantage of the cracks or windows that may have the platform.
In order for these scams to happen, they are carried out by different means and make use of some elements that make their scam project somewhat convincing. In this sense, fake wallets are offered, investment packages in tokens that are about to come to market and are presented as a good way to have a participation that brings great economic benefits with just an initial fee, there are also the phantom exchange houses that offer us lower interest rate in our transactions and when they are made through it our money simply disappears. And the most sophisticated ones are the fake mining platforms and projects.
As we can see, everyone from the largest to the smallest can lose everything if we do not pay attention to security measures before making any transaction with our investment fund. Another striking aspect and negative consequence of the increase of these scams is that the market suffers losses because people, for fear of being swindled, withdraw their funds from the different platforms because they consider that the crypto-assets are not safe. Another consequence is the measures and restrictions that many countries have started to implement regarding the use of cryptocurrencies due to the scams.
Hi @emimoron
Certainly this year has been one of the worst in terms of scams, unfortunately there is still a long way to go in search of strengthening security systems, however, much progress has already been made and another element in favor is that every day people become aware of following guidelines to avoid being scammed.
Best regards, be well.
Hello friend, in this virtual world we also run the risk of being scammed, I think that before investing in any project we must carry out a very rigorous research that allows us to verify that the project is not a scam, but we must be careful and seek the opinion of other people who have knowledge in this great world of cryptos.
See you later, have a great start of the week.
Hi @emimoron
The increase in crypto-scams has been alarming since last year, the pandemic provided a perfect scenario for it, the increase in the use of technological tools was necessary and many people who did not have the experience and knowledge in this area were victims of very regrettable frauds.
Thank you for sharing this topic.
Regards.
In a world where everybody are trying to be at the top there is every tendency that people will love to prey on others lack of intelligence. This is why whatsoever that you are doing here you have to know how to make your keys safe all the time. Remember your key is your bank, once you lost it you are in danger.
Getting scammed is not for newbies at all, we all can get scammed, we just have to be careful. I had my own seminar experience but I am glad it wasn't that bad.
Americans have lost more than $80 million in cryptocurrency investment scams since October, a 1,000% increase from the fall of 2019, according to Federal Trade Commission data. The article is very resourceful thanks for sharing.
Crypto scam is increasing day by day that why I advised people to keep there master key safe and not just anyhow. Another way they got hold of their victim is through fake airdrops.