Topic: Precautionary Steps to Avoid Becoming A Victim of Crypto Crime (Read 305 times)

I completely agree with you . It is the safest and most simple for us to protect ourselves

I will soon start deleting the reposts I have made that are from cointelegram, they may assume I really have a lot of money to invest in crypto. I don't know if anyone is going to be interested in kidnapping me, I look poor as ever but probably if all the tokens I hold will have a value as astonishing as $5M I might be abducted.  SEen eough warning not to approve friend request but I did approved some.

These are the steps that anyone should follow. Not only for bitcoin but also for any any other precious things. But yes, when it comes to bitcoin you need to be careful everytime.

These are some important cautionary steps. I would like to add one more point and that is adding an encryption only you can decode as this will further secure your cryptos.

I completely agree with your points of being cautious specially no 7. It is better to meet in public places for person to person transaction in order to avoid getting into any trouble.

I would also suggest people to be aware of crypto policies the place they reside in. In some countries, if found in possession of any sort of cryptocurrency or associated with at any degree is subject to serve a sentence of different range.

Crypto's are now popular and precious for everyone so he's just saying the right thing that you shouldn't go there.

It's like dealing with someone with whatever product you are selling. It's for your safety and don't go alone as much as possible if you are trading with large amounts of coins. To avoid this one, sell only on exchanges that you are comfortable with.

Number 6 is mistake I made  , I hope the guy i tell my password not to hack my account; that is my mother

by connected to the internet, do you mean on an exchange wallet or something? I mean the keys are out there right?

keeping your coins safe should be the top priority. The crypto criminals are very active now a days. You have to be very careful and cautious all the time because one moment of negligence can make you a victim of such crime.

The steps you have mentioned here are too basic and people have been hearing about them for a long time. However, this kind of posts are really helpful to those who are new here. People in this world should always be cautious.

There are a lot of very basic steps people take for granted, especially someone who's starting out in cryptocurrency. Taking precautions like not sharing private information regarding your PC as in this context you have your crypto related things stored on it, keeping your passwords on a notepad of some sorts to not forget, using proper security applications to keep your device safe from virus based attacks that might steal sensitive information etc. It never hurts to be a little safe.

The precautions are a must for crypto business. Though there are done joke included, but these are really serious and grave. That doesn't mean you have to be terrified, but you ought to take these precautions seriously.

Well...it is a fact that you do not keep all your cash in your physical wallet you carry about in your pocket. You leave the bulk of your money in the bank and a safe deposit in a secured place. You should do the same with Bitcoin and other cryptocurrencies you own large amount. With respect to this, large crypto horde should be kept in a secured location such as in hardware wallets or cold storage. Keeping it connected to the internet could make you lose it to hackers. Keeping it in exchanges the same risk.

could you elaborate a bit on this: 2. Do not keep very large amounts of Bitcoin (crypto) in a wallet that can be accessed on the internet.
what do you mean?

I think the most effective way to avoid losing property is to use a hardware wallet and back up your private key with pen and paper! If you trade every day, then you should not log in to any website outside of the transaction or click on any links you are not familiar with!

to be fair these "steps" are mostly general guidelines that anybody should follow for their digital and financial security. they aren't really limited to bitcoin. you can say it for anything else such as storing passwords, securing your identity and bank information,... that can be stolen or hacked.
which is why I don't see the point of starting this topic, specially since there are many topics like it.

It's probably more common than most people think. Some people would rather not get banks involved. It's obviously very risky, and there have been quite a few instances of shit going south, but most of that can be mitigated by proper preparation. Meeting in a relatively quiet but populous area like coffee shops should be standard practice, among other things. I've heard about travelers using Localbitcoins and meeting up with local buyers at their hotel lobby.

P2P means peer to peer and although it is performed "digitally" you still can perform it face to face in a trade. for instance when you want to trade bitcoin off the market and face to face in a decentralized way using cash. for instance read this story about a guy who was trying to do such trade and got robbed because he wasn't careful:
https://www.coindesk.com/bitcoin-stolen-new-york-gunpoint-robbery/

Bookmark every relevant website that you use in your crypto business; exchanges, wallets and news sites and ensure to check wheather you are always on the right sites. Keep a notepad with a passlock to hide your private keys.

To be fair, no one should be doing any type of transaction meet-up involving crypto.

Here is an example of where the victim either told too many people about his net worth, or simply had some bad luck:

https://www.ccn.com/norwegian-man-brutally-murdered-following-in-person-bitcoin-trade/

In a secluded area -- and the OP is right. You should always conduct in-person transactions in public places like coffee shops. There have been some pretty brutal robbery cases where people were trying to exchange bitcoins for cash in uncrowded settings like a parking lot at night.


Unless you want cold hard cash and want to maintain your privacy. In-person transactions are really the only way to get cash outside of the banking system.

This number 7 got me like  ,really???
Secluded area??  

In case you missed the trick,cryptocurrency/bitcoin transactions is a p2p digital transaction,by the word digital it means every transaction is carried out online, and there is absolutely no contact or physical meeting between the both parties involved in the transaction..
If you have been attentive in here you must and should be conversant with the word anonymity,yeah this system is pseudo-anonymous,no one knows the other,until one decides to give up his/her anonymity

If you must shun an exchange and carry out transactions directly with an individual you must make use of a 3rd party(Trusted)escrow service,that will act as an intermediary in the transaction incase anything goes wrong...

List of our trusted escrow service,not based on ranks,but on their trustworthy reputation and their trust rating points to that
https://bitcointalksearch.org/topic/recommended-bitcointalk-escrow-services-2439910

The advice where so basic probably heard this a thousand times the was really no advance advice and currently those who carry out crime has found ways to overcome this obstacle
This are some amazing article that touches both the fundamental and complexity of scam activities.  I found it helpful and I hope everyone including the OP Also do.
https://bitcointalksearch.org/topic/guidehow-to-avoid-scam-3329803
https://bitcointalksearch.org/topic/how-to-avoid-getting-your-exchange-account-hacked-or-phished-4404175
https://bitcointalksearch.org/topic/guide-prevent-scam-some-useful-tools-for-find-scam-fake-ico-team-4586576

I have been thinking of the necessary precautions crypto users should take to avoid being victims of crime. I thought of these but feel free to add more tips and hints to keep everyone safe.
Sometimes, it takes a little carelessness to become statistics.

There are certain precautionary measures that one needs to take to avoid being a victim of crypto-related crime.
1. Be sure you guide and guard your private keys.
2. Do not keep very large amounts of Bitcoin (crypto) in a wallet that can be accessed on the internet.
3. Don't leave them in exchanges.
4. Do treat your wallet as a wallet. Don't keep all your funds in one wallet.
5. Avoid using unsafe or open networks such as unsecured wifi
6. Do not tell people except those who should know about your large crypto hoarde
7. Do not conduct a person-to-person crypto transaction a secluded area. Your life is precious.
8. Do not save your wallet password on the browser, you may lose your device.
9. Do not save your wallet password in your mind, you may forget it.
10. Do not write your wallet password in a way it becomes obvious to someone who knows that you own crypto. Example: Myetherwallet password, written on a piece of paper, is no longer a password
11. Do not keep announcing on social media how much of a hodler you are, you may be kidnapped.


Please add other tips...