Scam and illegal activities in cryptocurrency

Today, cryptocurrencies are more valuable and more accessible than ever before. The meteoric rise in their value over the last decade has been incredible, and the potential of their underlying block chain technology has some experts predicting that in the future, digital currencies will become as commonplace as paper money.

The biggest scams of all time – When it comes to cryptocurrency scams, there are the well-known ones that you can avoid, like Ponzi schemes. But there are more insidious and potentially more damaging scams that you should be aware of.

A cryptocurrency scam is becoming increasingly popular on social media and messaging apps. You’ll get an unsolicited message from someone you don’t know, and they’ll ask you to send them cryptocurrencies such as Bitcoin or Ethereum, promising that you’ll get a fantastic return on your investment.

For example, someone might ask you to send them $1000 of Bitcoin and they’ll send you back $4000. Simple, right?

Well, it might sound too good to be true but this really is how a lot of cryptocurrency scams work. It’s called a ‘pump and dump’ scam and it relies on people being too quick to get involved with new projects. You’re the ‘pump’ – the person who will help raise the value of the project by participating – and then the person who contacted you is the ‘dump’ – they will cash out their share of the project before its value plummets. The fraudsters coordinating these scams are typically anonymous, so there’s no way to track them down to get your money back.

Logging into an exchange with a fake Facebook profile and clicking “buy” on a crypto trading site are seemingly simple ways to give criminals access to your funds.

You wouldn’t hand over your cash or credit card to someone on the street, so it doesn’t make sense to give your crypto to anyone you don’t know on the internet. However, scams are getting more sophisticated and taking advantage of the convenience and anonymity of digital assets.

In conclusion, note that Cryptocurrency transactions are irreversible and pseudonymous – this means that scammers can’t be tracked down if they run away with your money.

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