Scams on the crypto world

[Maniés]

Stay aware of crypto deals that sound too good to be true. I will be telling you about 4 common scams that you should be careful of!

                                

• Cloud multiplier scams

Scammers sometimes email or text Victims offers "investment opportunities". If they send cryptocurrency to a specific digital wallet, they promise to give investors double or triple the amount invested in Bitcoin.

• Pump and dump

Criminals can easily inflate or deflate the price of very small or unknown cryptocurrencies, sometimes sending the value of these currencies skyrocketing.  Sometimes criminals own a lot of a particular cryptocurrency. When unwitting traders rush in to try and grab a piece of the action, the criminals wait for the price to increase before selling all their coins and causing the price to crash. They can pump up the price by promoting it on social media, before selling it at the higher price.

•  Malicious wallet software

The best crypto tips will tell you to stick with popular crypto wallets like Ledger, Trezor, Exodus or MetaMask. Suspicious or unknown wallets you find on Google Play or the App Store may use suspicious codes to steal your cryptocurrency.

• Fake coins

With so many cryptocurrencies on the market, it can be difficult to tell what’s real and what’s not.  When you invest in fake coins, criminals can steal your identity and often your hard-earned money.  Don’t take anyone else’s word for it and use as many sources as possible to do your own research on coins before you buy them.

                               

[Sumit]

Nice post. Stay safe everyone.

[milorph]

Thanks for this post. I have actually been part of a pump and dump scheme before unknowingly. These guys I met online invited me to this discord server after talking about crypto and playing some games together telling me to buy into this shitcoin because everyone else was apparently doing it. I gave in because they convinced me with their persuasive talk and them being what I thought were my ‘friends’, sorry, sounds stupid but I am very naive. 
 

I was convinced because of how the coin was rising up like crazy (the pump) until a person as you would call, a ‘Whale’ sold everything at its peak and shot the coin down to rock bottom. Luckily, I put in only $20. But from what I heard, many others lost $100-$500 in this process and the scale at which it was conducted must’ve been pretty big...

[Sumit]

I made good profits in one pump dump scheme.. It was posted in twitter. I made 50$ profit and logged out. 😂