{"id":59780,"date":"2023-11-16T10:40:13","date_gmt":"2023-11-16T02:40:13","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=59780"},"modified":"2023-11-15T19:40:42","modified_gmt":"2023-11-15T11:40:42","slug":"spotting-addressing-crypto-scams","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/spotting-addressing-crypto-scams","title":{"rendered":"Spotting Crypto Scams And How To Avoid Them"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Since the creation of <\/span><a href=\"https:\/\/www.cfr.org\/backgrounder\/cryptocurrencies-digital-dollars-and-future-money\" target=\"_blank\" rel=\"noopener nofollow noreferrer\"><span style=\"font-weight: 400;\">Bitcoin<\/span><\/a><span style=\"font-weight: 400;\"> in 2009, cryptocurrencies have slowly gained traction among investors, culminating in a <\/span><a href=\"https:\/\/www.cfr.org\/backgrounder\/cryptocurrencies-digital-dollars-and-future-money#:~:text=Source%3A%20CoinGecko.,transaction%20or%20charge%20a%20fee.\" target=\"_blank\" rel=\"noopener nofollow noreferrer\"><span style=\"font-weight: 400;\">massive boom<\/span><\/a><span style=\"font-weight: 400;\"> in the last few years. Cryptocurrencies such as Bitcoin and Ethereum climbed so high in value that every investor and their mother wanted a piece. All that hype has definitely died down by a lot in the current year, but this doesn\u2019t mean that cryptocurrency is dead. <\/span><a href=\"https:\/\/www.toptal.com\/finance\/market-research-analysts\/cryptocurrency-market\" target=\"_blank\" rel=\"noopener nofollow noreferrer\"><span style=\"font-weight: 400;\">Crypto still remains a fairly popular<\/span><\/a><span style=\"font-weight: 400;\">, if not very risky opportunity.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Unfortunately, this does mean that crypto scams are still a dime a dozen. The more money something makes, the more enticing it becomes for criminals to take advantage of, and crypto is no different. As the cryptocurrency market evolves, so do the strategies of scammers. In this article, we will explore some of these scams so that you will be well-equipped to spot a fraud from a mile away.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Types-of-crypto-scams\"><\/span><b>Types of crypto scams<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><b>Phishing<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Phishing is a fairly common tactic utilised by scammers. This essentially involves scammers creating fake and fraudulent websites, or sending deceptive emails that pretend to be legitimate cryptocurrency exchanges or wallet providers. These fake sites or emails will often ask for personal information, investors\u2019 private keys, passwords, and other sensitive information. Be wary as they can be quite persistent and convincing as well. A few ways to avoid phishing scams can include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Always verifying the authenticity of a website\u2019s URL or an email\u2019s address. Ensure that you are on the correct website by manually typing in the web address or using bookmarks.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Be cautious of unsolicited emails or messages, especially those that request sensitive information.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Use hardware wallets or offline storage solutions to protect your cryptocurrency assets. These are generally less vulnerable to online phishing attacks.<\/span><\/li>\n<\/ul>\n<h3><b>Ponzi Schemes<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Named after the infamous conman Charles Ponzi, Ponzi schemes are a nefarious way for scammers to get your money. They work by promising investors significant returns on their investments with little or no risk.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the money they use to pay back earlier investors is usually taken from new investors, creating the illusion of a profitable venture. Using investors\u2019 money to pay investors works, until you run out of new investors.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As such, Ponzi schemes are doomed to collapse due to how volatile the investment market can be. Spotting a Ponzi scheme can be quite tricky, but it is not impossible. In order to decrease your chances of being caught in one, you should do the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Always be skeptical about opportunities that guarantee high returns with relatively little or no risk. If it sounds too good to be true, then it probably is.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Be sure to do your own research into the company or individuals behind the investment. Keep an eye out for credible reviews, news, articles, and regulatory information.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If you have a trusted financial advisor, then you should seek them out for advice before committing to any opportunity.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Ponzi schemes are also known as pyramid schemes.<\/span><\/p>\n<h3><b>Fraudulent ICOs<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Initial coin offerings (ICOs) is a type of funding using cryptocurrencies, where companies or individuals attempt to build capital through the sale of a new cryptocurrency to investors. Scammers sometimes take advantage of this form of funding by creating fraudulent cryptocurrency projects and tokens.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">They will often market these projects as groundbreaking opportunities with the hopes of drawing in as many investors as possible to purchase tokens that are worthless, non-existent, or unlikely to rise in value. Once they have collected a significant amount of funds, the scammers disappear. The infamous and memeable <\/span><a href=\"https:\/\/www.justice.gov\/opa\/pr\/bitconnect-founder-indicted-global-24-billion-cryptocurrency-scheme\" target=\"_blank\" rel=\"noopener nofollow noreferrer\"><span style=\"font-weight: 400;\">Bitconnect<\/span><\/a><span style=\"font-weight: 400;\"> is a perfect example of an ICO scam.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Just like the Ponzi schemes mentioned previously, your best course of action to avoid ICO scams is thorough research into the background of the project, verifying the legitimacy of the ICO via reputable sources, and exercising extreme caution around projects that offer high returns for low risk. If you are not sure how to research these ICOs, you could try the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Read the ICO\u2019s whitepaper, an informational document issued by a company to promote the product. Keep an eye out for plagiarism or anonymous founders.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Research any team members whose identity has been revealed.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Learn about the leadership and whether or not they have a good or bad history in leadership positions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Get to know others in the crypto community and see what they have to say. Crypto is very much a community-driven technology.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">A fraudulent ICO is also sometimes known as a \u201crug pull\u201d.<\/span><\/p>\n<h3><b>Pump and dump schemes<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Pump and dump schemes attempt to manipulate the value and prices of cryptocurrency through misinformation, coordinated buying activities, or straight up lies. Scammers will attempt to artificially inflate prices to catch the attention of unsuspecting investors. Once it seems like the price will hit its peak, these scammers will sell off all their holdings and make off with the profit, likely causing the value of the cryptocurrency to crash while doing so.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You should try to avoid getting caught up in any type of hype regarding cryptocurrencies, especially those that are being promoted via social media. As usual, some thorough research can also help you to spot fishy news or rumours surrounding cryptocurrencies that have rapidly increased in price. Also be cautious of any cryptocurrency that experiences drastic, unexplained price increases.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s not always easy to spot a pump and dump scheme because cryptocurrencies are already so volatile. Which is why you should always take extra care before buying anything.<\/span><\/p>\n<h3><b>Cryptojacking<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Originating from the term \u201chijacking\u201d, cryptojacking operates similarly. It is a type of scam that involves the secret hijacking of a victim\u2019s computer or device by cybercriminals in order to mine cryptocurrencies without knowledge or consent. It essentially works by injecting a virus or malicious code into websites or applications, giving attackers an avenue to infect and utilise a victim\u2019s computer resources for mining purposes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In order to avoid getting hit by this malicious software, you should probably invest in a reputable antivirus and anti-malware program. You should also keep your computer and web browser up to date with the latest security measures and protocols. Also, be wary of websites or applications that consume excessive CPU power, as this could be a sign of cryptojacking.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In some cases the cryptojacking miner isn\u2019t hidden in a website, but in advertisements that are then uploaded to networks. This allows the malware to access huge numbers of victims with very little detection.<\/span><\/p>\n<h3><b>Ransomware<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Ransomware attacks involve scammers getting into your devices or computers and encrypting important files and data. This means that the victims will not be able to access their own data. The scammers will then ask for a ransom to release these files. Said ransoms can usually be paid in Bitcoin or other forms of cryptocurrency.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One major example of this can be seen with the <\/span><a href=\"https:\/\/www.cybersecuritydive.com\/news\/cna-financial-ransomware-payment-treasury-sanctions\/600591\/\" target=\"_blank\" rel=\"noopener nofollow noreferrer\"><span style=\"font-weight: 400;\">2021 CNA Financial cyberattack<\/span><\/a><span style=\"font-weight: 400;\">. CNA Financial is one of the most prominent insurance companies in the United States. Hackers managed to steal highly important data from the company and demanded up to US$40 million, which the company paid in Bitcoin.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As you can see, these types of attacks can be particularly devastating for both individuals and organisations. As such, try doing these to keep your data safe:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Make regular backups of important files and data to a secure offline location such as an external hard drive.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Install and keep up to date antivirus and anti-malware software on your devices.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Avoid opening suspicious emails or clicking on links from suspicious senders or websites.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ensure your computer\u2019s operating system has the latest security patches installed.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If you have been compromised and a ransom is being asked for, avoid paying said ransom as it may encourage more criminal activity. Instead report the incident to the authorities and seek professional help.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><b>Conclusion<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Cryptocurrency scams remain a prevalent problem for many enterprising investors. However, through sufficient caution and awareness, you can protect yourself from falling victim to these fraudulent schemes. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Always make security a priority. There is always a risk of losing money with investments, but when done right, you can always start over. However, you may not have that chance if you get scammed.<\/span><\/p>\n<p><strong>Read More: <a href=\"https:\/\/www.imoney.my\/articles\/how-to-store-crypto\" target=\"_blank\" rel=\"noopener\">How To Make Sure You Don&#8217;t Lose Your Cryptocurrencies<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While crypto isn\u2019t as insane as it used to be, scammers are still everywhere.<\/p>\n","protected":false},"author":58,"featured_media":59788,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[900,325,256],"tags":[820,635,1701,767,493,1727,1729,645],"class_list":["post-59780","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","category-guides","category-lifestyle","tag-crypto","tag-cryptocurrency","tag-guides","tag-lifestyle","tag-scam","tag-scam-alert","tag-scam-awareness","tag-scammer"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Identifying Cryptocurrency Scams<\/title>\n<meta name=\"description\" content=\"Scammers will try every trick in the book to compromise someone\u2019s data. 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This is especially true for high value investments like crypto. 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