Topic: Cryptocurrency Scammers Are Making Fortunes By Ripping Off 'Greedy' Investors - page 4. (Read 548 times)
April 13, 2018, 12:20:10 PM
This is really bad for the aim bitcoin has for itself of being universally accepted. And undermines other cryptos reputation as well. This is the reason there is so much need for regulation in this space. The reason bitcoin is not at say 30k is because people get scammed and lose their faith in cryptos. Bitcoin has yet to survive many decades of crisis to be extremely trusted like say gold or notes but this inside hollow maneuvers are just a hindrance.
April 13, 2018, 12:08:30 PM
Well if it was a hacking incident, I wouldn't call the investors greedy. After all if they have their money in a legit project or exchange and that got hacked, you can't say that they were asking for it. Think of depositors in a bank that went under.
The scams though, they are partly at fault. This for example is a typical get-rich-quickly scheme that should have raised red flags for any sane person.
Yes, get gullible people as your front, get celeb endorsers and then disappear without a trace.
The scams though, they are partly at fault. This for example is a typical get-rich-quickly scheme that should have raised red flags for any sane person.
The downside is that now scammers have enough money to star far more elaborate ICOs that would attract more people.
With a few millions you could buy enough advertising to fool an entire country.
With a few millions you could buy enough advertising to fool an entire country.
Yes, get gullible people as your front, get celeb endorsers and then disappear without a trace.
April 13, 2018, 11:25:16 AM
LONDON — Investors have lost $670 million of cryptocurrencies in hacks and scams over the last three months, according to data shared with Business Insider.
Only 670$ millions this year?
I thought that only the damage from Bitconnect and the top ICOs that went missing would topple that.
And there are the news from Vietnam with two huge scams, Philippine with a few tens of millions...
I guess we're pretty lucky greedy people are not that wealthy or we could count money lost in the scams in tens of billions.
The downside is that now scammers have enough money to star far more elaborate ICOs that would attract more people.
With a few millions you could buy enough advertising to fool an entire country.
Greedy investors are the favorite of the scammers. Because that kind of investors are need an easy money in a short period of time. They fell that it was a risk but they really did not mind it. They only received or being feed of the wrong information coming from the scammers and that's why they are easy to get scammed.
April 13, 2018, 11:07:58 AM
LONDON — Investors have lost $670 million of cryptocurrencies in hacks and scams over the last three months, according to data shared with Business Insider.
Only 670$ millions this year?
I thought that only the damage from Bitconnect and the top ICOs that went missing would topple that.
And there are the news from Vietnam with two huge scams, Philippine with a few tens of millions...
I guess we're pretty lucky greedy people are not that wealthy or we could count money lost in the scams in tens of billions.
The downside is that now scammers have enough money to star far more elaborate ICOs that would attract more people.
With a few millions you could buy enough advertising to fool an entire country.
April 10, 2018, 06:30:06 AM
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.
April 10, 2018, 02:32:14 AM
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
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
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