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What is a Cryptocurrency?

Cryptocurrency is a digital currency that has revolutionized and is challenging the traditional financial system. Although the first cryptocurrency, Bitcoin, was created in 2009, today there are thousands of such digital assets available in the cryptocurrency market. The first cryptocurrency was created with the intention of answering all the shortfalls that the traditional financial system faces.

Rather than minting currencies like those fiat currencies, cryptocurrencies are mined by solving complicated algorithms using a mining rig. Since there is no single centralized authority like in the traditional financial system, each cryptocurrency transaction is verified and authenticated across the globe by these cryptocurrency miners. Thus, manipulation of any transaction records is avoided by ensuring the anonymity of the crypto users, and they are recorded using blockchain technology.

Cryptocurrency can be used for investment and trading purposes. Since it is highly volatile, many traditional retail traders have also entered the crypto market to make substantial amounts of money. Bitcoin, Ethereum, Cardano, and Litecoin are a few popular cryptocurrencies.

How Do Scammers And Hackers Run Cryptocurrency Scams?

A cryptocurrency is a digital currency that is subjected to frequent cyberattacks from hackers. These hackers not only target cryptocurrency exchanges but also the personal cryptocurrency wallets of individuals. Besides hackers, scammers also dupe their victims through various investment scams and social engineering tactics.

What are some common types of
cryptocurrency scams?

Hackers and scammers use several unscrupulous tactics to steal from innocent and gullible victims.
Listed below are the most common types of cryptocurrency scams:

Phishing Scams

Con artists either hack or buy the personal data of individuals from dark webs and target them. They will play with their victims' emotions to reveal their crypto wallet addresses by sending them texts and messages on their messaging platforms or social media platforms.

Ponzi Schemes

Scammers will make a fake promise of making huge returns on investments with no risk involved. Money from recruitment is used to pay old investors. The scheme remains afloat as long as there is a steady supply of recruits. Once the flow of recruits stops, scammers run away with the collected cryptocurrency.

Pyramid Schemes

Similar to Ponzi schemes, scammers will entice their victims into recruiting members for bonuses and other privileges.

Pump and Dump

Scammers will select a certain crypto that is cheap and relatively unheard of. They will buy in huge quantities and promote the same cryptocurrency to their target audience. Once the price of that cryptocurrency is sufficiently appreciated, these scammers will sell off their holdings, leaving their audience with worthless crypto while they make substantial profits.

Automated Trading Scams

Trading bots are a reality, but they are expensive to buy. Scammers will make a fake promise of making substantial profits by selling these untested, dubious trading bots at competitive prices.

Impersonating a service or government authority

Scammers will instill fear in their victims by impersonating an authority figure. They will demand payments in cryptocurrencies, and failing to do so, their victims may face dire consequences.

Tips To Avoid A Cryptocurrency Scam

When you receive an email, text, or message that requires your direct attention, visit the official website instead of contacting the number or the website mentioned in the body of the message.

When you get a crypto investment opportunity, ask how the scheme works in plain language. A genuine broker will explain in the language you understand.

Before signing up for any crypto investment scheme, go through all the terms and conditions. If you cannot understand, go to the local certified public account for help.

Do your own research before choosing, investing in, and trading a cryptocurrency.

Always go for a reputed and trusted cryptocurrency broker.

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Frequently Asked Questions

You can find several useful articles, blogs, research documents, and crypto communities that will help you understand and choose a cryptocurrency. However, you should do your own research before committing to any cryptocurrencies.

Avoid storing your crypto holdings online, as they can be targeted by hackers and scammers. Invest in a good cold crypto wallet that has multiple authentication factors while accessing it.

Dissociate from the scammer. Get in touch with the crypto exchange where you have your account and notify them regarding the scam; this should put a freeze on your crypto account. Document all the actions and conversations between you and the scammer. Inform the local law enforcement agency.

It all depends on various factors; acting quickly and seeking professional help are some of the few factors for recovering your cryptos.