In the cryptocurrency space, there are lots of scammers that are targeting newbies or beginners who doesn't have enough knowledge about cryptocurrencies that were only interested because they think that they can get a lot of money in cryptocurrencies.
If anyone have that mindset, it is possible that you can be a victim of a scam.
If you are one of the beginners in the crypto space, this article can be your guide of avoiding those possible scams.
Remember: You Can Not Get Rich Easily In Cryptocurrency.
If you have seen lots of posts in different social medias showing their huge profits from investing and trading, most of them spent months or years to learn earn those amounts. And you need to learn it all the way before you can make a huge profit in cryptocurrency. Like I always said, "Learn and then earn".
1. Fake Mobile Applications.
There are lots of fake applications, especially in android, that are circulating the internet that only have a very unnoticeable difference from the original applications that some people can't notice it.
If you loved to download different mobile apps in a device where your crypto funds are stored, you are more vulnerable for hacking and attacks.
Always take a look of the app 2 or more than 3 times if it was the real one. And never put your personal datas that you have used for your money.
Don't be wrong in giving or entering your personal data especially if it was asking for a seed phrase.
2. Fake Giveaways.
There are lots of fake accounts in different social medias, mostly in Twitter, using the face a known personality to make a fake giveaways. Those poser accounts will likely to ask everyone to send an amount in a given wallet saying that they will double it and send it to you after you make the transaction.
Never ever send money to anyone. I can say that it is a 100% scam when someone asks you money and telling you they will double and return it to you. Avoid it.
This people used the a poser account to temp newbies in this scams. And most victims of this are people who were so eager to have a huge amount of money in return but ended up getting scammed.
3. Phishing Sites.
This is a scammer's attempt to get someone's personal information by using a fake website, fake airdrop or fake email.
Let's have an example:
Using the Trust Wallet, you can import your wallets from MetaMask, Safepal or other non-custodial wallets in there. When you want to import it, you need to put your seed phrase or mnemonic phrase for it to be successfully imported.
Let's say that the Trust Wallet site you used was fake made by a scammer, there's a 99% percent that all your funds in that wallet will be accessed by the scammer and you can lost it all.
Many people are getting victimized by this and all you have to do is go to the official site of that wallet and download it the app in the play store. You need to be aware and be knowledgeable about this possible outcome to prevent this in the future.
And never ever easily give seed phrase of your wallet whatever happen.
If have lots of funds in your wallet, make sure it is separated from the wallet you are using for airdrops.
4. The Crypto Ponzi Scheme.
A Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors. A Ponzi scheme is a fraudulent investing scam which generates returns for earlier investors with money taken from later investors. This is similar to a pyramid scheme in that both are based on using new investors' funds to pay the earlier backers.
To put it simply, you invest and the profit you can get from it are also coming from other investors.
If you are one of the lucky investors who jumped in early, what you get are from the new investors who were only hyped because of the huge investment returns.
Usually, this kind of scheme doesn't last long that will end up being a scam and the victim of this will be the new investors.
Helpful articles:
https://read.cash/@Kryptlook/airdropping-free-cryptos-its-money-or-nothing-8f79f984
https://read.cash/@Kryptlook/my-6-crypto-wallets-diversifying-with-a-purpose-b185e3b3
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When reading the definition of the ponzi scam the one on my mind are shitcoins–only good when you're early