Topic: Reminder - High Bitcoin price = Higher than normal scam & hack activities! - page 2. (Read 297 times)

Let these precautionary measures be practiced by everyone regardless of the price of Bitcoin. Whether Bitcoin is at its all time high price or falling down rock bottom, people should learn to protect their Bitcoin.

We should not develop a seasonal attitude toward security. We should not develop a seasonal attitude toward the preciousness of Bitcoin. Whether Bitcoin corrects all the way down to $5,000 or rises even more to $25,000, it does not suggest that we should lower down or boost our defenses, respectively, against scammers and hackers and phishers.

This is a true scam and hack incidents are at peak whenever cryptocurrency price surges. During these times people are busy with crypto, finding means to earn and some are falling as victims of scams. A huge amount of crypto is also moved from wallets to exchange, which is enticing for hackers. Due diligence and being aware and cautious is a must even if it's a crypto season or not. Scammers and frauds will find their way to get your crypto.

I would have to agree, the attacks on crypto, (hacks, scams) are conversely proportional to the price. So obviously, there are are a lot of scams, phishing going around, so everyone should be very careful not to be a victim here. And thanks for reminding the crypto space, so that we should be very careful as the attacks are also getting sophisticated as well.

Sadly there will be some group of people who will still fall for those dumb scams. They see insane offers, they fall for it. Again, there are those people who knows that those are scams, but they still try out their luck. What if they get lucky? But, they don't realize that all they are doing is encouraging those scammers and misleading newbies towards the trap.
Some exchanges to go down when there is a huge volatility in price. But, then if you don't move it to an exchange, you won't be able to convert your coins to fiat instantly. Even whales transfer their coins to an exchange when the price of bitcoin start to rise and people starts to panic thinking since the sell pressure starts to increase. But yeah, you need to be careful.

Let me add my five cents to that: Don't trust any get-rich quick schemes on Telegram channels and chats, there are many impersonators with fake avatars who try to scam you. Don't trust any unknown person who may contact you and offer too good to be true deal.

Do not log in exchange accounts on mobile especially if you have big balance in those accounts.
Do not create a wallet on mobile and store big amount of bitcoin in that wallet (on mobile).

I know you can recover wallet on mobile or computer/ laptop with seeds/ private key but laptop or computer can give you better safety.

- Collection of comprehensive guides on identify and avoid scam projects
- Newbies - Read before using exchanges or investing
- Electrum wallet - Update safely and avoid phishing wallets?

This is a pretty accurate list.
However,I don't see any news about some major cryptocurrency exchange platform being hacked during the current bull market.Perhaps the security on all crypto trading platforms was improved severely.
During the previous Bitcoin bull markets,there were many crypto exit scams(mostly ICOs).
Now, the ICOs are a thing in the past and less people are scammed than before.
I'm sure that the crypto industry will become more secure and trusted.
I think that people are always greedy,if doesn't matter if the price is increasing or decreasing.
The scammers will always find greedy and naive people.Most people never learn from their mistakes.

When you look back in Crypto currency history, you will notice that there are always an increase in Crypto currency related scams and hacks, in the period during and after a large spike in the price.

The reasons for this is simple :

~ Dramatic Price increases gets media coverage and this also grabs scammers and hackers attention.
~ Crypto currency owners transfer more coins to Exchanges and this makes these centralized services juicy targets for criminals.
~ People are greedy when the price is high and scammers prey on that behavior to scam more people.
~ Coins are moved from cold storage and becomes available to hackers.
~ High prices attract "new" inexperienced traders/investors (speculators) to Crypto currencies and they are easy targets.
~ Employees working at Crypto currency related businesses are more tempted to steal funds and targeted by criminals to steal.

So let this be a reminder that reasons like this will cause an increase in criminal activities during these times and that we should be more vigilant during these times.

Tips :

1. DO NOT let greed cloud your judgement. (If it is to good to be true, it probably is)
2. DO NOT store large amounts of coins on exchanges.
3. Update your Anti-virus and security software for more protection.
4. Watch out for Phishing emails. (DO NOT click on links in emails)
5. Help newbies with accurate and correct information on how to use and store Crypto currencies.

I hope this information is helpful and that it might save some people from having to go through all the anger and helplessness, after coins are stolen or service breached.