Scams In The Cryptoworld.. What You Should Know #008
Hello crypto friends,
With a humble heart, I happily come before this great community today to discuss on another issue of great importance.
I trust you are all doing perfectly fine and are enjoying your activities in the community.
Today, I am here with a different topic and this topic has effects on many of us here, as anyone can be scammed in the cryptospace if care is not taken.
We shall be learning on some cryptocurrency scams available in the cryptospace, please follow along as we examine this.
FAKE CRYPTOCURRENCY NEWS
Fake cryptocurrency news can be explained to be falsified information that are being shared by social media pages with the aim of deceiving others(investors or readers) within the cryptocurrency community.
This misinformation often comes in the form of news, videos, social media posts etc.
The purpose of sharing a fake cryptocurrency news vary from individuals/groups.
Some share fake cryptocurrency news to artificially manipulate the price of the cryptocurrency market, thus giving the masterminds behind such fake news the opportunity to profit from the voluminous change in price.
Scammers also make use of fake cryptocurrency news to lure investors into investing into a fake cryptocurrency project.
Another reason individuals make use of a fake cryptocurrency news is to share fake news about their competitor in the crypto market, they do it to discredit other cryptocurrencies project, just like theirs.
FAKE ICO ADVISORS
Fake ico advisors can be explained to be individuals who pretends to be an advisor for an initial coin offering (ICO) without giving a real support/contribution to the growth of the project.
These scammers often make use of stolen identities, false credentials and fabricated experience to deceive project creators and potential investors.
The main aim of these individuals is to give credibility to an ico project and then attract investors and gain their trust.
The false project they advertise may be shown in different social media, thus giving the impression that the project has a good team.
In the real sense, the project benefits nothing from this advisors as they contribute nothing to the growth of the project.
Investors on the other hand should ensure to conduct diligence research before investing in an ico project.
CONCLUSION
There are lots of ways in which users can be scammed and it is very important that we are always on guard and make thorough research before investing in a cryptocurrency project.
Thank you, friend!
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