Topic: Why we need to stay vigilant (Read 514 times)

The better question here is, why shouldn't you why wouldn't you stay vigilant when you've got something to loose. It's only a foolish person or someone that doesn't care so much about what they've accumulated over the time. You are your own bank here and it doesn't give room for errors or mistakes,it's non refundable and the least error can cost you a lot.
Meanwhile,  in times like this when Bitcoin price is soaring high, every scammer is on the lookoutfor loopholes and what they could get. It brings to mind the importance of security and mot having to compromise on any step in the way.

   Since the increment of the value of Bitcoin, criminals may likely bring out their own effort to defraud unsuspected people.

   In other for us not to experience fraud in Bitcoin and other cryptocurrencies,one needs to be vigilant and be educated on the best ways to manage your assets, avoid sending cryptocurrency to people who promise doubling your money, check if you are using an official website by double clicking,beware of who cold directly using email or messages to contact you .

   Being vigilant in the crypto asset market makes you grow. It is important to be vigilant towards fraud and to notify costumers of an existing harzard and security.

But the steps taken by investors or spenders who want to make a profit must also be wise. Relying on the government to handle every crime certainly cannot be completely trusted, because each person's money is safer with their own responsibility. Many investors are less careful about spending their money on people they don't fully trust. It's true, there are several projects with an anonymous concept and making a lot of money for investors. But it is quite dangerous if it becomes more popular.

Even some of the top coins currently have clarity regarding the ins and outs of their developers, so one of the reasons why someone can be deceived is relying too much on the government to eradicate crime, even though they themselves are not careful in spending their money on investment.

These are the reasons we (not just newbies because no one is safe) need to be extremely vigilant because these scammers are not relenting any time soon. With the way the security of our funds are at stake, it is safer to work with reliable and reputable exchanges and crypto service providers we already know. These scammers will always come up with juicy offers and that will tempt us to dump whatever we already believe in and go for there's. Stick to what you already know if you are not convinced of any mouth watering offer made to you by strangers.

The security agencies are trying their best to uncover these scammers and their modes of operation. It is now left for us to be up to date with the recent happenings around us so we do not fall victim out of ignorance. Never ignore security tips and information relating to crypto. The problem with most of us is that we do not pay attention to little details which can save us from disaster.

Scammers are everywhere in the whole world, but you can easily identify them in the social media when ever they come to you in the internet because they always look forward to give you some things that will make you feel they are not scammers but if you go deeper in their past history you will know that they are scammers.

Newbies always fall victim easy for all those scammers, upon all the expose they used to exposed scammers in this forum and they will go to social media and lose their coins to strangers because, that is the best place scammers use to catch the newbies with fake transaction that is not real but just to make them believe in their system.

There are many exchanges that are real scammers and they easily lock customers accounts for no reason. Using such an exchange could make us lose our funds if we don't know what we are doing. This is why it is good for us to ask questions or do our own research about good exchanges and the ones that is supported in our region. It is not good for us to blindly start using exchange without a thorough research on how to make sure we don't because victim of locked account or hack.

Almost all these type of fraudulent practices are associated to cryptocurrency because that’s the new place where newbies are always putting hop on to make some money or save their money without third party. Because of such scams, governments are not willing to accept Bitcoin and cryptocurrencies as legal tender because they will always wants to be safe with their citizens, even though they have their selfish interests for not accepting Bitcoin and crypto, they will be using these fraudulent practices as reason for not accepting Bitcoin.

The truth lies as you have said most people don't desire to learn new things but in the case if fraud or scammers they are always discovery and bringing new tactics of defrauding people. One thing that is basic about this control that make it unrealistic all the time is that it starts from human heart and the mind construction can't be determined by face, many are destined to defrauding no matter the economy or government policy even at the victim level of know most can't escape because many fraudster or scammers engage in magical or diabolical means of operations, the control it policy of the government and individual knowledge only reduce some occurance but can't eliminate it totally, but advancing in knowledge just as the fraudster bring in new tactics help not falling quick prey.

The problem with being vigilant is that you need to be knowledgeable in the field at the bare minimum and at the least know the most common fraud and schemes that are present out there and the problem arises from the fact that most people don't like to learn new things or they find safety talk and awareness presentations as boring so there's not a lot enthusiasm about this kind of stuff, average people only want entertainment and safety talks and information drives about this kind of things are not in that category, there are some outliers that will be interested but those few, only about 1 of them that have attended that information drive will remember the important stuff that's been talked about.

 I agree with you motion and motives,no matter how vigilant someone's he/she most surely be victim one-day anybody who wants to adopt or invest in any cryptocurrency or Bitcoin must be vigilant there alot of ways scammers and fraudster do there things nowadays there alot of many ways for one another to fall victim despite being vigilant In what he do,we just need to take time and alot of dedication to go for more research before investing anything ,there are many platforms and websites full of scams.

You're right, we need to take efforts in making research and consultations about whatever we wanted to venture into, this will give us more expositions about them before we go deeper, many of the things we see only that  turned scam doesn't first appear that same way, we cant rely only on our own efforts in this, we need to depend on the public opinions as a collective contributions on what they have to say concerning them before we made our own conclusion also.

I don't think people should only trust their own judgment when deciding if an investment is a scam. It's smart to be careful and do research before investing. It's also important to have groups like the SEC that can protect investors from scams. These groups have the knowledge and tools to find scams that regular people might miss. If people only trust themselves, they could fall for tricky scams that are hard to spot. It's good for investors to be careful but it's also important for groups like the SEC to watch over investments and make sure everyone is treated fairly.

Risk isn't of cryptocurrency alone. It's with everything man does, though the intensity differs. Remember, whether with decentralization or centraliszation, scam will still happen if one isn't careful or watchful when dealing with others. For me, the greater part of our security lies with us and not with an app. If only people who've their vital crypto wallets loaded with funds and information on their phones will become weary of links they click. It will help them. Those who are less experienced can be deceived into clicking on malware and the end result will be that they get hacked and may not know where what hit them came from.

Because they planned it well so they can get a lot of money from people and they always pretend to be a good platform. That's why it take so long for people to notice that they are scam or people just didn't see it until the scam has been executed that's important to know that we should never trust anything regardless on how reputable they are.

There are so many good platform which turn out to be a scam so much better not to think about depositing a large amount on any of those or if we can't avoid this to happen then we  make sure to withdraw our funds so that we can avoid those any unwanted possibilities to lose our capital and we can make sure that we are safe from scams.

I think u Totally agree with you on this saying, though regulattikn will limit certain action of scammers but crypto can't be scam free, everyone who join anything crypto must be vigilant and smart and avoid anything that leads to scam mostly area quick rich and unverifiable investment and buy of coin that is not sure of the value and having no good team,white paper, in fact anything shiltcoin and altcoin you know is not possible to succeed. Avoid display of personal details and some KYC in most of the exchange that work like mirages or shadow which act as scammer hub.

It is very unfortunate that it takes too long before a project is prosecuted as a scam while many innocent people have already been scammed. That is why is very important we know how to assess whether a project is a scam or not. But the best thing to do is to stay away from new projects especially when it smells fishy. So many potential projects are still running well, so we don't have a reason to try new ones especially when there are doubts on its legitimacy.

what are the biggest forms of fraudulent activities? Can anyone be compared to what the governs are perpetrating?.. they just wanna put an end to money laundering and other illicit activities, but they don't see anything wrong with their  so-called democracy?..lol

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well, they'll always be activities like that going on -- I like the fact that you made it clear that an individual's wallet is solely in his aboard -- and that their carefulness would guarantee it safety.

Sandra 🧑‍🦰

This is a commendable effort by them and with the large number of user base they have, the news will reach out to many people that needs to know this and be careful about it. The use of negative words or foul words on crypto has been their for long and is not a new thing to all crypto users again. Some of these are caused by the impersonators who are always on set to scam their victims, which can be seen in every space even outside the crypto world. Government taken a harsh stance towards it and exchanges complying is due to the fact that they don’t want its existence or exchanges not getting to operate again and not because some few users use it for illegal act.

Don't depend on other people's decisions which are not necessarily correct and of course the research you do yourself will allow us to learn how to assess whether a project is good or not.
Because if you wait for the SEC or other audit bodies, it will still be quite a long time. Usually there are several groups that do have a competent team that checks every new project and this will be a source of information for early adopters who want to enter. look for more references and information about the project you want to take part in. Don't be careless and always be alert to any irregularities in the project.

I might not actually get your pints straight but one thing I know that scammers will never rest and that's why anyone coming into the cryptocurrency industry should first be conscious of the risk involved and show safety should his paramount obligation and not that of any exchange or third party and I think that's the major reason why it's always advisable to use any thing related to decentralisation while dealing with cryptocurrency.

More scams are happening around the globe using the US dollar or the local fiat currency. Pointing fingers only at cryptocurrency scams and asking for tough regulations won't stop scammers from scamming. The problem lies within those who are using cryptocurrencies for their benefit as most of them believe it is an easy path to becoming financially independent and it is an easy way to become rich in a short time.

Those who believe in such an ideology are the ones who do not have an idea or the knowledge as to how to prevent themselves from becoming a victim of a scam. They are the ones who fall into the trap of scammers because of their greed and the urge to get profits that are not realistic.

The growth and the reputation of the crypto industry are not dependent on such scams. If it was then we won't be discussing it after 15 years of the existence of Bitcoin as most scammers use its name to scam investors. It is an ongoing issue, as Bitcoin adoption goes up we will hear more such scams in the future. The only way to not fall for it is to educate oneself about safeguarding Bitcoin and other cryptocurrencies before investing in them.

This is really what we are as scams and fraud continue to spread even though there is strict implementation of laws. They will just notice it once get some report after people have been scammed already. It is a usual event to happen in the community and the solution for this is an individual judgment if that investment is a scam or not as we don't wait for the SEC or any regulatory body to tell or warn us of the possible scam. As investors, we act first and conclude before putting money into a particular investment as this is our obligation.

Any event can trend on social media. Scams using fiat are popular and they can also trend on social media. I can remember several bank scams that shocked the financial system and the cyberspace of my country. Hong Kong Securities and Futures Commission took the right step to inform the people about this scam but your security depends more on you than these government regulatory bodies. The crypto space is too big to be regulated or policed, so these agencies will only do their best because they might not be able to dictate or report all scams in the industry.


Anybody who wants to adopt or invest in the cryptocurrency industry has the responsibility of doing research. The reputation of the sector will not be determined by regulatory or scam activities. We all know that the Bitcoin sector is decentralized which entails that there is always a means of avoiding these unfriendly policies. Regarding scammers, they are everywhere and we just need to be vigilant like you said.

Regulatory regulations are useful in reducing the chance of misuse of customer data and in cases of simple fraud, as regulations force service providers to comply with certain conditions, which makes fraud more difficult or requires a smart project. Therefore, the fact that the platform has been approved by regulatory bodies gives it an advantage compared to unknown platforms, but do not trust it any exchange more time than you need to buy or sell.

There are bad aspects of regulations, which are that they may limit innovation or may put unnecessary restrictions on Bitcoin. using a third party and trusting it is against the idea of Bitcoin, which works to break the need for a third party to conduct transactions.

It's easy to the fake ones now to create a duplicate platform like most of the time form of phishing so those people who aren't aware of the things they are doing are their victims, the reason why being knowledgeable on the internet is a must, your data now can be used for identify theft or fraud. Not in the crypto space but just casual use of the internet people easily deceive with these fake platforms and steal their credentials and if you are not knowledgeable about this you only not lose your information but also your money even more like in crypto.


Even Google now can be paid so you need to have a sharp eye if you are accessing a legit platform or not. Better you have a white listed website only in your device or ISP itself.

Think of this market as the wilderness and you're walking in the wild(scams). That's why each of us need to be vigilant with our steps and be attentive at all times. You're on your own and don't think that the regulators will save you as an individual. They are there to make policies and laws that will benefit and also most of us. But if it's about taking care of ourselves, we need to be wary that there's no government that will protect us every time that we're going to search for these exchanges or projects. And that's why I am telling you that we're on our own and you have to protect yourself from them and that's through being informed and validating each project or investment that you'll be interested with.

There are too many stupid people in crypto space this days, a clone website is easier to detect, the link is always different and even if you have no clue about which link is right or wrong, beginners only need Coinmarketcap or Coingecko to stay safe in crypto space, as these two websites will always direct you to the original links of every crypto projects and crypto exchanges that you are seeking for.

When a newbie comes seeking for knowledge through me, I always give them coinamrketcap and coin gecko, because every projects ate available there and also they consist of the safe website links and the smart contract of the tokens.

Instead, people this days will just believe that all they need is finding answers using google search engine, and this search engine have lead many people astray, they will show fake website links and ads and newbies will sign up through them only to get scammed later.

You have just stated the real truth about fraud because inasmuch as there are legitimate ones there is definitely also gonna be illegitimate ones no matter how hard we tend to fight frauds and scams the perpetrators would still continue as their are people who just find comfort is defrauding others and feels that they are smarter than their victims.

Frauds have been in existence for a long time and it's very unfortunate that it can't be eradicated totally so it is the duty of every individual to be at alert in case they suspect any fraudulent activities and when one sees something or hear something they are not conversant with they should ask questions and confirm the credibility of whatever thing they are persuaded to do or get involved in because as days goes by that's how scammers and fraudsters are using different techniques just to convince people that what they are talking about or introducing to people are legit. And most people more especially the newbies are always too inquisitive about anything they see on the internet that's why they are mostly the people that falls victims to fraudsters and it is good to verify any source with which an information is gotten from before taking part in what they advertise or tries to bring to ones knowledge.

No matter the level of penalty that would be issued to scammers, it doesn't really make them desist from scamming people so taking more serious actions or not wouldn't change anything, even when warnings are neglected that means no amount of punishment would really affect them at all, so we all should just be extremely careful with any information we see online and not comfortable with.

Regulations or not, scam activities won't go away as long as mankind exists. We've seen industries that are highly regulated but that hasn't stopped scam and fraudulent activites going on in them. It's there in the stock exchange. It's there in FX Trading. Scam is even there in religious circles. While I applaud the warning issued, I still believe the bulk of the prevention should come from the prey individuals involved. Many people are easily ruled by their own greed and that's why they easily fall to hyip (High Yield investment Programme). Anyone with the mindset of a quick return on their investment is prone to being a victim of scam.

Be it regulation or no regulation scammer are active scamming people on the regular basis, the thing is that we have to be very mindful with how we give out some important details otherwise we get scammed at least being mindful of seed phrase and where we store them.
I don't know why most at times people are so carried away without mind and know that their security is their utmost priority, we can reduce if we apply cautiousness but we can't totally eliminate it since new people are always coming on cryptospace.

one of the major reasons why some people get the frauded in cryptocurrency investment or in Bitcoin particularly is because those people who is defrauded through a Bitcoin always think of positivity in cryptocurrency and you don't think of the negativity in cryptocurrency as well, why people are being defrauded is because they want to be of beneficiary in all time so using a little amount of capital to make a big amount of capital is the Genesis of their down fall because its a greediness that contribute immensely towards Bitcoin.

If you are talking about eradicating all scams in crypto I think that would be impossible, even reducing the scams is extremely difficult. Crypto is all over the world, it's very easily accessible and it's pseudonymous even some of them is anonymous so by nature scammers like this features. Everytime government found a way to enhance the security scammers will find another loophole. Other reason is that the regulator, government and authority cannot punish crime that hasn't happened yet. The solution will be for the users to get more edcated thus it will stop them from getting scammed. Learn to store and use crypto in the most secure way possible.

It is good to stay vigilant but what you just pointed out is not something new in the cryptocurrency sphere if I remember years ago some scammers also impersonated Binance on Telegram and a lot of people lost their life savings for it.
In the end. What's important is every cryptocurrency investor understands/knows the real cryptocurrency website and also understands how to detect phishing emails.

If a person is not vigilant them there's a chance that this person will surely lose his/her bitcoin with just a simple mistake. The amount of money that a person may lose depends on how much bitcoin he/she have in the wallet. Well, if you are vigilant in what you do and website you will visit/ access then you'll surely keep your bitcoin safe. In my situation, I don't trust a website right away unless the website is popular and legit but if it isn't then I never use it.

Scam and impersonated sites are related not only to exchange platforms but also to everything in this industry. The crypto field suffered from the many scammers and traps they deployed, which they created at minimal costs. But it was not affected by this, and the cryptocurrency industry continues to grow and thrive today, even increasing the crypto base of enthusiasts. Any financial field is not free of scammers or the traps and tricks of hackers and scammers. Still, any person must do his research and not rely on the recommendation of any person or the temptations through which they will try to deceive him or through advertisements and the like.

Additionally, regulatory policies cannot prevent this large volume of scammers or their cloned and phishing sites. They impose policies on recognized entities and cryptocurrency service providers, not the sites of unknown people.

The warning you see is an ideal solution, and this warning may prevent many beginners who might trust one of these unofficial domains for one of the exchange platforms.

Let's make it more clear to everyone that if they are not aware of this, then they should pay more attention to the reality that government cannot regulate the exchanges not to talk of the scam in as a whole, we are the ones that should be mindful of the things we do and how we render ourselves more or less vulnerable to them for an attack, some people don't even mind about the way they handles their assets as they never know the risk involved and what is at stake if scammed.

Of course, not only in the crypto space, everywhere we have to remain vigilant. The rule that I always adhere to is, don't trust anyone but yourself. Moreover, in crypto, we have to update our knowledge about cyber data protection, hackers are always watching for our negligence, when we are careless there they come in and steal all our money, especially newbies, usually they are not aware of the security of their data. Well, this vulnerability will be a disaster in the future. keep your heart safe, friends, don't give any information to strangers, stay safe.

A clone of a website is a common scam not directly related to the crypto industry, so should not affect the reputation of the industry. There have been clones of government and banking websites which defrauded users, but did not call into question the integrity of those institutions.

I agree that it doesn't make much sense issuing a warning to scammers. Reporting the websites and tracking the bank accounts linked to then seems like a better approach that government agencies should take.

If you give the regulators free rein to be more forceful in their warnings, they will be happy to ban a lot of things that they cannot control. Will this be consonant with the word “freedom”? And are you sure that all regulators' views will be the same as yours?
I agree that people should pay more attention. However, it is difficult to stop a person from making mistakes if he is willing to make them. Give people the opportunity to gain their experience without banning everything here and there, pretending with excuses that this is caring for the person.

Fraud as a form of illicit enrichment was, is and will be. There is no escaping it. I am not saying that fraud should not be fought. But, in addition to fighting it at the state level, people need to learn to rely on their own strength in this area. Before using any services, people should learn to analyze information about the services they want to use. Otherwise, such people will lose their money.

If I can guess what you are talking about, you meant that regulation can help in making scam not to be possible. This is not just true. No matter how regulated crypto exchanges are, there are still easy ways scammers are using to scam people. Even with fiat, scam is still existing no to talk of bitcoin and other cryptocurrencies. What is the best that you can offer yourself is to learn about how you can avoid scam and hack so that you will not become one of their victims.

I was scanning through some news update on coin telegraph and discovered Hong kong SFC have issued warning to some imposter website defrauding innocent newbies.  https://cointelegraph.com/news/hong-kong-sfc-warning-impersonator-crypto-exchange-mexc
The action is commendable but I feel more  is needed to be done than warning cos this may be the reason we have been seeing the use of  'Scam' key words associated to crypto exchanges trending on social media.

We have seen harsh regulatory policies on crypto service providers and most of them have tried to comply which makes me feel issues like this that could affect the growth and reputation of the crypto industry should be taking seriously rather than just issuing warning.