There are some common ways that scammers use to steal Bitcoin. In this article on Antidolos Blockchain Basics Learning, we will provide you with some of these ways. You can learn how to avoid them while reading, or you can become a Bitcoin scammer if you wish!
1. Bitcoin investment schemes
Using Bitcoin investment schemes, scammers contact investors claiming to be experienced “investment managers”. As a section of the scheme, so-called investment managers claim to have invested millions in cryptocurrencies and promise victims to earn money from their investments.
First, the scammer asks for an advance payment. Instead of making money, thieves just steal the advance payment. Scammers can also gain access to personal cryptocurrencies by requesting personally identifiable information and claiming it will transfer or deposit funds.
Another kind of investment fraud involves the use of fake celebrity endorsements. Scammers take actual photos and add them to fake accounts, Ads, or articles to make it look like celebrities are getting big financial returns from their investments. The sources for these claims seem to be legit, using reputable company names like ABC and CBS and his professional-looking website and logo. Although, the confirmation is fake.
Sometimes you can recover stolen Bitcoin, but chances are you can lose them forever.
2. Rug pull scams: become a Bitcoin scammer
Lag-pull fraud involves investment scammers “pumping up” new projects, non-fungible tokens (NFTs), or coins to receive funds. After the scammers get their hands on the money, you can never see them again. Coding these investments prevents people from selling bitcoin after buying it, leaving the investor with a worthless investment.
A well-known version of this scam was the Squid coin scam, named after the famous Netflix series Squid Game. Investors had to gamble to win cryptocurrencies:
People purchase tokens for online games and later earn more to exchange for other cryptocurrencies. The Squid token price has increased from 1 cent per token to around $90.
Eventually, the transaction stopped, and the money disappeared. After that, people tried to sell the tokens, but they didn’t, so the value of the tokens became zero. Scammers made about $3 million from these investors.
Rag-pull fraud is also common with NFT, a unique digital asset. You can use the Crypto Scam Alert Website to avoid some of these scams, though.
3. Romance scams
Dating apps are no strangers to crypto scams. These scams require relationships (usually long-distance and online-only) that take time for one party to gain the trust of the other. Over time, one party persuades the other to buy or offer money in some form of cryptocurrency. After receiving the money, you can’t see the dating scammer anymore. We also know these scams as “pig butchering scams.” So, install an application and become a Bitcoin scammer!
4. Phishing scams: become a Bitcoin scammer
Phishing scams have existed for a while and are still favored. Scammers collect personal information by sending emails with malicious links to fake websites like Key Information for Cryptocurrency Wallets.
Unlike passwords, users only receive a unique digital wallet private key. But if the private key is stolen, changing it is a pain. Each key is unique to a wallet. So updating this key, create a new wallet. To avoid phishing scams, do not enter secure information through email links. Every time we go directly to the website, no matter how legitimate the website or link may be. Also, research and learn How to fight against scams and hacks to keep your Cryptocurrency safe.
5. Man-in-the-middle attack
When users log into their cryptocurrency accounts in public places, scammers can steal sensitive personal information. Scammers can catch any information sent over public networks, such as passwords, Cryptocurrency wallet keys, and account information.
Every time a user logs in, a scammer can gather this sensitive information by using a man-in-the-middle attack method. This is done by catching a Wi-Fi signal when a trusted network is nearby.
The best way to keep away from these attacks is to use a virtual private network (VPN) to block the man-in-the-middle. A VPN encrypts all data in transit, so robbers cannot access your personal information and thief your Cryptocurrency. Do you need more info about how to become a Bitcoin scammer? Stay with Antidolos ICO rating and review until the end of this article.
6. Social media Cryptocurrency giveaway scams
There are so many fraudulent social media posts promising Bitcoin giveaways. Some of these scams also comprise fake celebrity accounts advertising freebies to entice people.
However, when someone clicks on the gift, they are redirected to a fraudulent website that asks for confirmation to receive the Bitcoin. The verification process involves paying to demonstrate your account is legitimate.
Victims can lose that payment. Even worse, they can click on malicious links and steal your personal information and Cryptocurrency. For example, you can see this kind of scam by searching for Facebook Crypto scams.
7. Ponzi schemes
A Ponzi scheme pays old investors with earnings from new investors. To attract new investors, cryptocurrency scammers tempt new investors with Bitcoin.
This is a cyclical scheme as there is no legal investment. It’s about approaching new investors for money.
The major attraction of Ponzi schemes is the promise of huge profits with little risk. However, these investments are always risky and have no guaranteed return.
So you can become a Bitcoin scammer by promising such things to people!
How to Spot Cryptocurrency Scams?
To stay away from cryptocurrency scams (or to become a Bitcoin scammer!), we should know some points. Below, we will talk about them.
Read the White Paper
Cryptocurrencies go through a growth process. The release of publicly available documents called whitepapers that describe the protocol and Blockchain, outline the formulas and explain how the network works as a complete work precedes this process.
Fake cryptocurrencies do not do this thing. The people behind them publish poorly written “white papers”, contain inaccurate numbers, or express how they imagine how the money will be used. It conveys and differs from genuine white papers.
Identify Team Members
Whitepapers should all the times identify the members and developers behind the particular cryptocurrency. Open-source crypto projects may not have a named developer, but that is typical of open-source. Most of the coding, comments, and discussions can be found on GitHub or GitLab. Some projects use forums and applications like Discord for discussion. If you cannot get these and the whitepaper is full of errors, it’s probably a scam.
Look For “Free” Items
Lots of cryptocurrency scammers offer free coins or make promises to “drop” coins into your wallet. Remember, nothing is free, particularly money and cryptocurrencies.
Conclusion: become a Bitcoin scammer
Protect your digital wallet from fraudsters by adopting good digital security practices, such as very strong passwords, using only secure connections or VPNs, and choosing secure storage. There are two types of wallets that you can use:
Digital wallets are hosted online and are more likely to be hacked. Hardware wallets store information like the cryptocurrency wallet and keys, offline on a device.
the Federal Deposit Insurance Corporation does not insure Cryptocurrencies, so it is important to keep them safe. Never give your wallet keys or access codes to anyone else.
Final words how to become a Bitcoin scammer
Although we’ve provided various examples of ICO scams alert 2023, you still have to take responsible actions for a good profit. If you also want to learn how to spot a fake NFT, the methods and guides on Antidolos Crypto basics Learning can be pretty helpful.
Always stay vigilant while doing your due diligence. Endeavor to read other posts on Antidolos latest Blockchain news, and don’t forget to leave your comments and share them with others.