Top 4 Most Common Cryptocurrency Scams and How to Avoid Them
Nowadays, a lot of people invest their money in different cryptocurrencies and make money. However, the best cryptocurrency to buy now is eKrona that is most popular around the globe. But, with the cryptocurrency demand, several hackers enter the crypto world. At present, multiple scams occur in the crypto market and consequently, people have to face a lot of problems. But, if you are already aware of these scams, you can avoid them. So, in this blog, we will share some most common cryptocurrency scams that you should know:
Social Media Scams
A social media scam can work in several techniques. For instance, the scammer can attempt to a reputed personality within the financial space and crypto, impersonate a celebrity, or any other individual whose credibility may be sound enough to make you think the offer is authentic. Moreover, they can go as far as hacking that person’s existing social media profile, it happened many times when a hacker accessed the account of multiple high-profile individuals and used those accounts to ask their followers to send a positive amount of crypto assets in exchange for a greater payout.
Social Engineering Scams
These days, the power of social media is to shape human beings’ opinions underestimated, and that is even more accurate when it comes to investment fraud. Persons may feel prompted to invest in opportunities that are being ‘validated’ by a moderately big group of individuals and that is how this category of scam works. The scammer will run numerous social media accounts that will be used to authenticate a project, an initial coin offering, an investment idea, or a definite crypto-related service to get real individuals to put their money into it in a social engineering scam. Most accounts are fake but depositors are unable to comprehend the coordinated nature of the scam.
ICO Scams
ICO scams are also known as cryptocurrency exit scams; seek to raise money from a group of depositors in the form of useful tokens like Bitcoin, only to evaporate with the money. The depositor will get some amount of the project’s tokens at a very low cost, with the assurance that these tokens will rise in value after launching the project in exchange. However, the scammers who promote these projects eventually vanish after increasing a certain amount of money by gathering tokens from investors.
Mail Scams
Even though most individuals may not fall for the consistent spam email that is filtered out by Gmail and other suppliers on a daily basis. The e-mail scam techniques have become more classy and contain cryptocurrency scams in which the scammer will attempt to get the investor’s access authorizations to a crypto exchange account or wallet by pointing them to log into their accounts with the help of a fraud website.
Final Words
The above-written scams are the top 4 most common cryptocurrency scams that you should know. If you are already aware of these scams before entering the crypto market, you can easily avoid them. Besides, if you are finding the best cryptocurrency to buy now, eKrona is the best option. To read more blogs related to cryptocurrencies, get in touch with us.
