25 Types of Common Scams In Cryptocurrency Industry

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Cryptocurrency in 2023 has become the financial backbone for some countries. This technology-based financial innovation has become a gravy train. Billions of people in the world have boarded it for this reason.

Most people nowadays leverage its potential to earn their livelihood. It has also helped countless people multiply their wealth significantly. The acceptance of this digital decentralized financial revolution in all walks of life is also scaling new heights.

But Why?

Cryptocurrency in 2023 has become a financial backbone for most people for the following reasons:

  • Increased utilisation is the first reason for it.
  • More circulation because of increased utilisation is the second reason for it. 
  • Multiplied circulation creates more demand that encourages developers to limit supply. 
  • An extra layer of data and financial security in the form of cryptography and decentralisation. 
  • All crypto transactions are cost-effective as well as speedy.

 These are some reasons for it. But the list does not end here only.

Should You Invest In Cryptocurrency In 2023?

This is subject to discussion in-depth for various reasons. We cannot tell you what to do and what not to do. It must be your decision.

But learn about it before investing in it. It is because you are investing not only your money but your time and efforts also. Some basic education about it becomes necessary for this reason.

We want to tell you about the types of methods digital thieves use to steal your crypto.

Types of Cryptocurrency Scams:

  • ATS (Automated Trading Systems) and Classic Phishing.
  • Fake Crypto Exchanges, and Fake ICOs/STOs/IEO and IDOs.
  • Fraudulent Wallets, Fake Cryptocurrencies in addition to Fake Emails.
  • Impersonation, Imposter Websites, Fake Mobile Apps and Malware.
  • Old School Scams, Pump & Dump Scams, and Ponzi Schemes.
  • Social Media Engineering as well as Unregulated Brokers. 
  •  Traditional Hacking Or Theft.
  • Employment Offers, Rug Pull Schemes, and Market Manipulation.
  • Blackmail or Extortion Scams, Romance Scams, and Loader Scams. 

You must learn about these common scams before investing in cryptocurrency in 2023 or later.

A new crypto enthusiast like you will be able to safeguard his crypto as a result of this basic education. What is more important is the amount of return on investment and profit you will be able to save.

The purpose is to benefit you directly as well as indirectly through this education. Therefore, value learning about the types of crypto scams the most.

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FAQs:

What Is a Pump & Dump Scheme In Crypto?

Fraudsters floods the media with all types of false or misleading information in order to pump the price of a token or coin. Such a thing is usually done to create a buying frenzy among investors. Fraudsters usually sell the entire share in no time and vanish with all your money/crypto then. An innocent investor like you is then left penniless.

What Is A Loader Scam?

Scammers usually call texts or email you to carry out such a scam. They ask you to share your banking or debit/credit card-related information and offer you a portion of the proceeds. They promise to deposit some money in your account in order to lure you into this scam. Once you fall victim, they sweep your account clean and disappear with all your sensitive banking, credit/debit card, and personal information to scam someone else using your name and documents.

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  • My creative juices always flow like free-flowing water. I love to research in-depth about unique things before beating the keyboard for content production dedicated to making learning about anything meaningful, informative, and entertaining in the best possible way for readers.

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