Scams In The Cryptoworld.. What You Should Know #002

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Hello crypto friends,

It is another beautiful day from over here, although it's a bit cold 🥶.

How are you all fairing? I believe you are good and everything is going on fine. I am also sure you are enjoying your activities on steemit.

In our last discussion, we discussed about some crypto scams common in the cryptospace but is that all? No, there are still some other scams we are yet to unveil and we shall unveil them now.

Without wasting any more of our time, join me as we progress forward.

• FAKE CRYPTO APPS:

The use of fake cryptocurrency app is also another means many use to scam others on the blockchain.

This form of scam is very common and quite difficult to detect.

The scammer creates a cryptocurrency app, invite others to store their cryptocurrency in it, and sometimes give promises which they wouldn't fulfill at the end.

And when an investor falls to this trap and stores currency in the app, it becomes very difficult for him to withdraw his invested funds.

Some smart hackers actually give bonus to the first set of individuals to join, and probably pay them for being their affiliate marketer.

And when they get enough individuals to store their funds, they shut down the app and run away with users funds, leaving users devastated as to where to start from.

• GIVEAWAY SCAMS:

This type of scam is usually directed towards newbies, those that are new to the cryptospace and they fall victim most of the time.

Giveaway scams most often has to do with the scammers acting as a verified organization or a legitimate entity, thereby promising users of free cryptocurrency if they perform some task.

After the task has been completed, the promised token will appear in the wallet of the user but he would be unable to withdraw it, unless he sends some money to the scammers.

When a user mistakenly sents some token to the scammers to be able to redeem is locked tokens, his will be blocked in all areas, and he won't be able to reach the scammers anymore.

Sometimes, these scammers make use of celebrity accounts in social media to perform these scams.

They hack into the social media handle of a reputable user or make use of a look-alike username, which makes it easier for them to deceive the public.

While making use of the influencer's, they make other feel they vare discussing with the influencers and this makes it very easy for them to earn the trust of the public, thus aiding their scam activities.

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CONCLUSION

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In the cryptospace we ought to be very careful as there are so many scammers in the space.

If one is not careful enough, he can loose everything he worked very hard to build to the hands of this scammer, and this will leave such an individual depressed.