link2556 link2557 link2558 link2559 link2560 link2561 link2562 link2563 link2564 link2565 link2566 link2567 link2568 link2569 link2570 link2571 link2572 link2573 link2574 link2575 link2576 link2577 link2578 link2579 link2580 link2581 link2582 link2583 link2584 link2585 link2586 link2587 link2588 link2589 link2590 link2591 link2592 link2593 link2594 link2595 link2596 link2597 link2598 link2599 link2600 link2601 link2602 link2603 link2604 link2605 link2606 link2607 link2608 link2609 link2610 link2611 link2612 link2613 link2614 link2615 link2616 link2617 link2618 link2619 link2620 link2621 link2622 link2623 link2624 link2625 link2626 link2627 link2628 link2629 link2630 link2631 link2632 link2633 link2634 link2635 link2636 link2637 link2638 link2639 link2640 link2641 link2642 link2643 link2644 link2645 link2646 link2647 link2648 link2649 link2650 link2651 link2652 link2653 link2654 link2655 link2656 link2657 link2658 link2659 link2660 link2661 link2662 link2663 link2664 link2665 link2666 link2667 link2668 link2669 link2670 link2671 link2672 link2673 link2674 link2675 link2676 link2677 link2678 link2679 link2680 link2681 link2682 link2683 link2684 link2685 link2686 link2687 link2688 link2689 link2690 link2691 link2692 link2693 link2694 link2695 link2696 link2697

How to avoid the latest Bitcoin scams

How to avoid the latest Bitcoin scams

During the first quarter of 2020, more than $24 million worth of cryptocurrencies were stolen by Bitcoin scammers. The report that was published by Whale Alert, shows how persistent scammers can be despite a global economic crisis. Besides educating the community about exciting opportunities in the crypto industry, AltCoinTrader takes safety and security seriously. Here are a few tips on how to avoid the latest Bitcoin scams.

Latest Bitcoin scams

There are various ways scammers try to steal your cryptocurrencies. These schemes range from fake exchanges, Bitcoin recovery, Ponzi schemes, video scams, malware, fake tumblers and fake ICOs. Fraudsters aim to lure people into giving control of their cryptocurrencies to ruthless third parties who aims to enrich themselves.

Previously scammers would send phishing emails and SMSs, and pose as “customer support” of fake enterprises. The latest scam involves celebrities giving away cryptocurrencies as in the case of the Elon Musk BTC giveaway scam.

A fraudster posing as Elon Musk recently scammed millions of dollars from investors after promising them a cryptocurrency giveaway. YouTube videos and Twitter posts promised 5 000 — 10 000 BTC giveaway if viewers send Bitcoin immediately.

In South Africa, CEO of cryptocurrency investment firm VaultAge Solutions, Willie Breedt stands accused of defrauding 2 000 investors. An investigation by the Hawks revealed more than 2 000 investors paid Breedt R227 million to invest in Bitcoin and other cryptocurrencies. Breedt is accused of fleeing after failing to repay investors. As a result, the Gauteng High Court in Pretoria forced him into bankruptcy.

Watch out for deepfake scams

It is only a matter of time before scammers will use deepfakes to scam the market. Deepfakes are synthetic media whereby an existing video or image can be replaced with someone else’s voice or image. This is done by means of artificial intelligence and machine learning. The system manipulates visual and audio content with the intention to deceive the audience. Deepfakes can be used to commit financial fraud, spread fake news and hoaxes. A good example of committing fraud with deepfakes is when a scammer uses audio deepfake technology to impersonate someone that is close to you. The voice may give you instruction to transfer funds into a specific bank account. It fools people into doing what trusted individuals ask of them.

It is clear that scammers are resorting to newer technologies to increase their effectiveness. These professional Bitcoin scammers prey on COVID-19 slowing down economies and investors desperately seeking good investment opportunities.

Here are a few helpful tips to protect yourself against cryptocurrency scams:

  • Don’t share your personal information with unreliable sources. Never give away your Private Keys, credit card information, ID number or birthday.
  • Don’t open emails without verifying the sender’s email address. Phishing emails are still a popular tool used by scammers.
  • If you are considering an investment, take some time to think it through and ask someone you trust their opinion. The minute someone starts pressuring you to deposit your money by offering a limited time special, they are up to no good. Also, if it sounds too good to be true, it usually is.