Topic: Common Cryptocurrency Scams Newbies should Beware of (Read 109 times)
There are also a hell of a lot of scam Masternode coin projects as of late. The same person or team of people seem to be just rolling out fake project after project than exit scamming with tens of thousands each time. A common theme is a pre-sale with plans for a useful platform with listing coming and a huge push on bounty programs than bam, exit scam! people need to be much more vigilant before throwing there cash at any projects because naive people are only funding and encouraging these scam artists by providing them a reward for this despicable behavior.
It’s easy to think that everyone is getting rich investing in cryptocurrencies. This mindset leads many traders to fear missing out on the next big altcoin offering or the next leg up in bitcoin . Many scammers take advantage of traders' greed with dubious products and services in the cryptocurrency world.
FAKE ICOs
Some dubious individuals conduct fake ICOs to scam potential cryptocurrency investors who wish to take advantages of initial offering. They make everything about their idea perfect and enticing.
They over emphasize their reward telling you you can make excessive folds of your investment within a short while. They even provide a whitepaper and road map that appear appealing. They use fake pictures of known people as their team members without their consent to make their projects appear real.
The way out of this is to conduct research on the authenticity of such project, research the acclaimed team members to be certain that they are real and also make yourself acquainted with their social media community for you to get more facts concerning the authenticity of the project.
Check there contact wallet to see how truthful they are about their acclaimed raised funds.
Reading the whitepaper and asking constructive questions on it can also be of help.
CONDUCT OF FAKE AIRDROP
This is very common in the nowadays cryptocurrency community. Fraudster now pose as bounty and airdrop managers for some successful or newly listed projects. They do this in target of their potential participants wallets' private key. They tell the participants to input their wallet private keys for verification of the wallet to claim an airdrop or bounty earnings.
The way out of this is to avoid any project that requires their wallets' private keys. They are mostly way of scamming you of your stored assets
POSING AS A PROJECT ADMINISTRATIR
Many fraudsters pose on the social media communities of some project as the administrator most especially on telegram. They contact you and ask you if you need an help as regards investment in the projects. They later offer to help you with a huge bonus if you invest through a special contract wallet which purportedly belong to them.
The way out of this is to check to see if we both share the same groups, open up their profile pictures to check what other pictures they've uploaded. Now opening their pictures/avatar not only show if they have history of switching identities - which scammers do - but also the camera resolution of their phone. The only way that will happen is if someone copied the picture from another source.
Ensure that you ignore anyone who claims to be admin with all those suspicions.
You should also ask about whatever any admin offers you in PM in the official telegram group before forging ahead with such
I hope this will help the newbie with safe operation in the cryptocurrency community to a certain extent.
FAKE ICOs
Some dubious individuals conduct fake ICOs to scam potential cryptocurrency investors who wish to take advantages of initial offering. They make everything about their idea perfect and enticing.
They over emphasize their reward telling you you can make excessive folds of your investment within a short while. They even provide a whitepaper and road map that appear appealing. They use fake pictures of known people as their team members without their consent to make their projects appear real.
The way out of this is to conduct research on the authenticity of such project, research the acclaimed team members to be certain that they are real and also make yourself acquainted with their social media community for you to get more facts concerning the authenticity of the project.
Check there contact wallet to see how truthful they are about their acclaimed raised funds.
Reading the whitepaper and asking constructive questions on it can also be of help.
CONDUCT OF FAKE AIRDROP
This is very common in the nowadays cryptocurrency community. Fraudster now pose as bounty and airdrop managers for some successful or newly listed projects. They do this in target of their potential participants wallets' private key. They tell the participants to input their wallet private keys for verification of the wallet to claim an airdrop or bounty earnings.
The way out of this is to avoid any project that requires their wallets' private keys. They are mostly way of scamming you of your stored assets
POSING AS A PROJECT ADMINISTRATIR
Many fraudsters pose on the social media communities of some project as the administrator most especially on telegram. They contact you and ask you if you need an help as regards investment in the projects. They later offer to help you with a huge bonus if you invest through a special contract wallet which purportedly belong to them.
The way out of this is to check to see if we both share the same groups, open up their profile pictures to check what other pictures they've uploaded. Now opening their pictures/avatar not only show if they have history of switching identities - which scammers do - but also the camera resolution of their phone. The only way that will happen is if someone copied the picture from another source.
Ensure that you ignore anyone who claims to be admin with all those suspicions.
You should also ask about whatever any admin offers you in PM in the official telegram group before forging ahead with such
I hope this will help the newbie with safe operation in the cryptocurrency community to a certain extent.
Jump to: