Top Cryptocurrency Scams To Avoid [Vídeo]

There is something fundamental that should not be forgotten when trading cryptos: It’s about money. This is the main reason people choose to invest in Bitcoin or other cryptos, and since it happens with everything related to money, it is also the main reason that motivates all kinds of deception and fraud. In today’s video, we’re going to show you the most common fraud cases so you can spot them.

From traditional scams like pyramid schemes, ponzi or phishing techniques to sophisticated malware, there are many ways in which cybercriminals can access the cryptocurrencies of others. Some of them haven’t even been illegal since then require the victim to participate voluntarily, like the pump and dump groups we talked about in the video.

The nature of cryptocurrencies – decentralized and largely anonymous – makes it impossible, or at least very difficult, to report a scam if you are a victim of a scam. For example, if a computer was the target of a ransomware attack and the ransom was requested in cryptocurrencies, once it is sent to an anonymous wallet, the path ends there, so there is no possibility of recovering the money from the return -existent.

The proliferation of cryptocurrencies in public and their exclusively digital use have made them one of the most attacked targets on the network. The ability to launder stolen cryptos is much greater than with traditional money. Hence, it is not surprising that there are many ways to separate cryptos from their owners. This is to be remedied through stronger regulation, but state intervention in cryptocurrencies doesn’t always work.

The basic rule of fraud prevention is that if something is too good to be true, it probably isn’t true. Given the promises of excessive investment returns and ultimately free money, it is best to flee. Remember, before risking any money, even if it is a small amount, you should do as much research as possible.

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