How to Avoid Crypto Scams

Cryptocurrency is now in the spotlight and everyone wants to get a piece of it. For this reason, the level of crypto attacks has significantly increased. In this article, we will take a look at the most popular types of fraud.

There are already many different crypto-hacks that can lead to the theft of money and personal data. But it doesn’t mean that you have to give up on trading or investing. If you follow our recommendations and take the outlined steps, you’ll be able to avoid a cyberattack.

The main types of crypto fraud include:

— Fake crypto exchanges

It’s a common occurrence in the digital space. The strategy of such exchanges is simple: first, they attract attention and earn a good reputation among various cryptocurrency communities by offering favorable deals and passing fake documents for something legitimate. The victim gets hooked and makes a purchase, and as a result of a scam, the buyer ends up with nothing.

— Fake digital assets

The principle of this fraud is that someone creates fake cryptocurrency and promotes it. Very often, the creators say that it is an alternative and more profitable variation of the BTC or ETH. Many people lap it up for the fear of missing the opportunity to invest profitably. As soon as the scammers raise the required amount of money, they close the project and transfer all investments to their accounts.

— Fake apps

It is the most effective way of hacking since applications downloaded from an unknown source may contain viruses. Hackers gain access to your system through them, which means that they get all your data along with access to your wallet.

Your main weapon against such frauds is vigilance and caution. We also recommend that you read our article about “dust attack”.

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