Latest Cryptocurrency Scams
Where there is value, there will be theft. With the rise of cryptocurrency value, around $100 billion total market size, the scammers and thieves are very active in finding ways of separating people from their virtual currency.
Here are the latest cryptocurrency scams!
Fake BitPay Phishing
A recent phishing email campaign was underway, impersonating the name of BitPay, a cryptocurrency payment and settlement service. It was sent from an account named bitpay.org, instead of the correct bitpay.com address. The email lured users into clicking a link which led to a download of malware.
BitPay representatives quickly advised customers this was not authentic and likely a scam.
This is not a legitimate BitPay email and is a clear phishing attempt. If you receive this email, do not open its contents and certainly don't click on buttons, links, or attachments.
OneCoin Fraud
OneCoin is believed to be a global Ponzi scheme. Legal actions have been initiated across several countries, assets have been frozen, and some arrests have been made. The latest news is that the government of Vietnam has confirmed OneCoin’s license claims are fraudulent. OneCoin had stated they were approved by the Ministry of Planning and Investment (MPI) for the legal right to be used in Vietnam as a digital currency. However, the MPI has refuted that claim and stated the document was in fact a forgery. I doubt OneCoin will be welcome in Vietnam.
ECoin Plus Ponzi Scheme Folds
Cryptocurrency can seem like magic, but Ecoin Plus heavily marketed a too-good-to-be-true investment plan where participants send them bitcoin and in turn receive unbelievable monthly returns! Invest 10 BTC and double your money within 50 days! Does it seem suspicious? It should. It is just another get-rich-quick scam. The Bitcoin investment scheme called Ecoin Plus has suddenly disappeared and taken all its investors’ money (just like magic). The website is closed and the gullible victims are left with little recourse.
There are sure to be many more cryptocurrency swindles in the coming months. It is a feeding frenzy for scam artist that benefit from gullible people looking to make a quick buck. Don’t be fooled. If the offer seems too good to be true, then it probably is. Always do your research and apply common sense.
Interested in more? Follow me on LinkedIn, Twitter (@Matt_Rosenquist), Information Security Strategy, and Steemit to hear insights and what is going on in cybersecurity.
Thanks for the warning! I wonder how many Steemers have been victimized by these scammers so far.
Seems legit
...and that Bernie Madoff investment guy seems trustworthy as well!
any take on Corion? I always have trouble dissecting these "financial instrument" tokens/systems... what has me concerned is the 2.5% profit per day claim and I am trying to figure out if that entails a ponzi scheme or just ridiculously stupid inflation
Take a look at this post: by @eeks: https://steemit.com/ico/@eeks/the-etc-ico-corion-io-may-be-a-scam-picture-proof-be-very-very-careful
Thanks, good to be able to read more about it. I was not thinking of investing personally, but that 2.5% thing kept eating away at me as far as "man this may just be an outright scam and maybe I should warn people". I know people raise red flags on every ICO, and if we could identify in advance "what's a definitely good coin/token concept" then everybody would be a lot richer lol. But yea this one had me legitimately concerned people are going to lose money.
Sometimes it is that little voice of reason in the back of our minds that is the best judge of when to apply caution.
Also, watch out for fake companies that take credit cards for mining equipment and fraudulently charging their credit cards for home depot gift cards. I recently got ripped off by www.bitcoins-expert.com when I tried to buy a PSU. Buyer beware!
That sucks. Yes, trust is crucial in financial transactions.
I will stay away from them.
You have to be a little impressed at how clever/devious some of these scammers are.
But not enough to not want to rip them a new one. :-)
Exactly!
There will always be danger, the more powerful or advanced we become the powerful and advanced the danger.
Adaptation, critical thinking, logic and intuition FTW!
Well said! We are an intelligent species, which lends itself to our benevolence as well to our malice.
Indeed!
Where there are problems there are solutions. Some people complain, blame and fail. Some innovate, adapt and succeed!
Aligns very close to my motto: Adapt, Overcome, and Conquer!
Oooo yours is a stronger language but same meaning ;-)>
Thanks a lot for the warnings. I'll make sure that I avoid these scams.
Thanks for the tips I'll be careful
Thank you for the great detailed post, i'm new to this and trying to avoid learning the hard way lol.
This is helpful to avoid losing hard earned money, thanks! Too many scams in crypto these days.
...and I predict there will be many more to come. We are just seeing the start. So get comfortable in being a little bit paranoid when sending your crypto, divulging your personal information, opening untrusted files, or inputting your login credentials.