Topic: Cryptocurrency Scammers Are Making Fortunes By Ripping Off 'Greedy' Investors (Read 499 times)

While this is something which is horrible to see, I do think that these hacks and scams are highlighted a lot more by the media (and normal people) because they're happening in crypto. I think that if this was to happen to someone with their normal FIAT, they wouldn't be hitting the news-- because it happens so much no one would even bat an eye or care about the problem.

It really does give us a bad name like this, hoping for this to end.

Greed is what is often targeted by the scammers. Take bitconnect for example, it was an obvious ponzi scheme but people still fell for it because they believed that they would make millions in such a little time. If you don't want to get scammed, don't be greedy.

Wherever there is money, there are necessarily fraudulent schemes. Unfortunately, bitcoin could not avoid this either. It turned out on the contrary, with the crypto currency even more cases of deceptions. This is because users do not know everything about bitcoin and the attackers use it. Therefore, all owners of bitcoins need to study all known fraud options so as not to get caught!

where does the 'greedy' part come in when you're the innocent victim of an exchange's security incompetence?

A lot people are very greedy, and it's just in some human nature to be greedy. It's just so unfortunate that this their greedy act is giving cryptocurrency a bad name. Many people who did not invest in cryptocurrency are spreading FUD to beginners whom just startedout in cryptocurrency and telling them  that hackers can easily steal your coin if they invest.

Let us just understand those people and they should treat things as a learning in their life, so far, I was victim too but not too high, I just invest a couple of dollar to make sure if it will work or not before investing at high price, and so far I was scammed but it is okay because I learned to be careful well.

LONDON — Investors have lost $670 million of cryptocurrencies in hacks and scams over the last three months, according to data shared with Business Insider.

Crypto Aware, which gives investment advice for crypto, compiled data on all the major hacks and scams in the space between June 2011 and March 2018.

The data shows that over $1.7 billion-worth of cryptocurrency was stolen over the period, with $670 million lost in the first three months of 2018 alone. It means that 40% of all cryptocurrency theft by value has occurred in just the last three months.

Notable losses since the start of the year include the $400 million hack of Japanese cryptocurrency exchange Coincheck in January and a $170 million hack of cryptocurrency exchange BitGrail in February.

Anna Wu, the founder of Crypto Aware, told Business Insider: "Cryptocurrency is receiving more and more validation as a means of value transfer, with top coins reaching historically high prices toward the end of last year. This attracted a lot of new, unseasoned investors who are not well versed in terms of online security and who are identified as easy targets by scammers."

The total size of the cryptocurrency market rose from around $27 billion in April 2017 to close to $270 billion as of Tuesday. The market exploded thanks to the rise of bitcoin against the dollar and the new trend of "initial coin offerings" (ICOs), where startups issue their own digital coins to fund their businesses. Startups raised $5.6 billion through ICOs in 2017.

Wu said: "Cryptocurrency frauds, scams, and hacks tend to rise every time there is considerable upward momentum in pricing for cryptocurrency market, so be extra cautious when the market is bullish."

Crypto Aware's figures highlight the risks associated with the volatile and unregulated market. Many investors store their crypto centrally on exchanges and these large holdings make them an attractive target for hackers.

Scammers have also fraudulently raised millions from unknowing investors, such as Chinese Ponzi scheme "Asian-European Currency" which was shut down by police in early 2017.

Wu told BI that investors shouldn't invest more than they can afford to lose and should inspect URLs closely.

"Phishing scams are by far the most popular type of scams and you can easily avoid them by checking the website address against the officially published URLs character by character," she said.

Wu added: "If it seems too good to be true - it is. Investment scams often try to entice gullible investors with unrealistic returns. Don't be greedy."

https://onecryptocoinnews.blogspot.in/2018/04/cryptocurrency-scammers-are-making.html

Original source: https://read.bi/2GGx1LH

If everyone done that before investing into anything, ponzi schemes would be extinct long time ago. But human is a funny animal, his greed doesn't have limits so there will always be stable supply of fools waiting to be scammed.

This is the main reason why most of them just got scammed because they tend to invest without doing some research or having a knowledge on what they are dealing with. It is really important to know every details when we are talking about of money and not just by mainly investing because you like it or because you heard they profit from it but the real thing is that they were just joining some ponzi. So it is better to really do some research when there is money's being involved.

This is the main reason why most of them just got scammed because they tend to invest without doing some research or having a knowledge on what they are dealing with. It is really important to know every details when we are talking about of money and not just by mainly investing because you like it or because you heard they profit from it but the real thing is that they were just joining some ponzi. So it is better to really do some research when there is money's being involved.

Greed is what is often targeted by the scammers. Take bitconnect for example, it was an obvious ponzi scheme but people still fell for it because they believed that they would make millions in such a little time. If you don't want to get scammed, don't be greedy.

Firstly, I think scammers are damaging cryptocurrency.. because their actions will bring stiff regulations and we can't really predict what that will do to cryptocurrency..

And for the greedy investors, they don't do due diligence for projects they want to invest in and tend to ignore warning signals and red flags that clearly seem as scam in their bid to 'lambo' very fast..

People start hearing of profits in crypto, then go and invest their money with little to none understanding of what they are investing in. Then blame crypto as whole for their own bad decisions.