How Do Scams Work in the Crypto World?

The world of cryptocurrencies, much like any other part of the world of business, communication, economy, and financial matters is faced with scams and frauds. A variety of traditional and modern tactics for scamming and illicit activities are implemented in the world of cryptocurrencies.

How Do Scams Work in the Crypto World?
How Do Scams Work in the Crypto World?

The world of cryptocurrencies, much like any other part of the world of business, communication, economy, and financial matters is faced with scams and frauds. A variety of traditional and modern tactics for scamming and illicit activities are implemented in the world of cryptocurrencies. In the time that Bitcoin, Blockchain and other actors in the world of new technologies in the field of currencies have entered the world, a vast number of investors have been exploited. For example, in 2018, the amount of crimes and scams related to cryptocurrencies has been said to be about $1.7 billion. Scammers engage in their illicit activities by implementing various methods of scamming via online data centers or Blockchain.

 How Do Crypto Scammers Do Their Illicit Activities?


As it was mentioned earlier, scamming on the level of Blockchain and in the crypto market takes place in traditional and new forms and methods. But some of the scam programs implement highly complex methods. For example, using some complex software to interfere with the Telegram network, which is a well-known messaging service on a global level, and accessing the information of users to steal their cryptocurrencies and other interfering and intrusive acts.
One of the crypto stealing methods that takes place in Telegram is launching friendship and chatting groups and then exploiting the people in that group. In this method, a number of scammers gather around in a Telegram group and start recruiting. In these groups, there is a constant attempt to increase the number of members and they are told that an activity based on cryptocurrencies is going to take place, while this is not true. More precisely, no legal and legit investment will take place. The fact is that, by bringing a new member to the group, the person who has brought that new member, get a percentage or commission. In fact, attracting new members and receiving some money with the pretext of investing it in the crypto market is only a hollow promise and scam.

Should You Be Cautious about Entering the Crypto World?


You should exercise caution about entering the crypto world. Since the beginning of the advent of Blockchain and its belonging, different cases in the field of crimes related to these new technologies have formed. The unregulated activity mechanisms in this field is one of the reasons that has enabled criminals to dare to engage in their illicit activities in these new infrastructures. The illicit activities of terrorist groups or different criminals in areas of smuggling drugs and guns in the infrastructure of Blockchain are also among the problems and threats of this network. The fact that people remain anonymous during different transactions can enable anyone to enter the Blockchain network, and thus numerous dangers and crimes become possible to occur. Blockchain and cryptocurrency developers can come up with measures to resolve these threats by evolving the systems related to this technology. But if you, as a micro investor, indent to enter the world of Blockchain and cryptocurrencies, you need to be really careful and smart about it. Otherwise, the possibility of being exploited will be very high.
 

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