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Author Topic: Some basic crypto scam you should know to avoid loss your hard worked money.  (Read 103 times)
Coolcryptovator
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June 02, 2018, 05:02:13 PM
Merited by odolvlobo (1), iasenko (1)
 #1

Some basic scam I will describe for newbie to avoid big loss. We can avoid it before attacked.

1) Wallet hacking:
Basically we used some crypto wallet to store our crypto coin. Example: blockchain, coinbase, coinpayment and MyEtherwallet. We can got scam by visiting phishing site. Once you enter your details on phishing site, they will access your wallet and stole your coin.
To avoid phishing site, we can bookmark that orginal website and we should use 2FA for each site. Don't use same password your all wallet. So that we can avoid this kind of scam.

2) ICO scam:
Now a days it's very difficult to avoid scam ICO. ICO become now as smart scam. They are easily make us fool. To avoid ICO scam you should research strongly about their project. Any existing project there? How quality their whitepaper? How strong team? Team are existing or fake ? Check their social media profile. How strong their community and advertising strategy? Amount of total supply etc. Even we can't avoid ICO scam, but we can minimize.

3) Ponzi scheme:
Some of ICO or token offer various profit. Like lending and revenue sharing from their project. For me it's a silent scam. They scam slowly. For example : Bitconnect is one of them. I think better this kind of project.

4) Chose crypto exchange:
Many people got scam for exchange his coin. Specially from local exchange. Verify difficult to identify legit local exchange. So be careful and research when you use local exchange. In the other hand some international exchange make silent scam. For example: Yobit and hitbtc. They have many bad reputation on this forum too. You can use simply search button to find them here. You have to choice best exchange for trade. Example bittrex and polonix.

5) During trade:
It's the latest scam. We have no way to find out the sxmcammers. I called them big while. Because they can dump or pump any coin for a moment. Some time we can see suddenly dump or pump any coin. They have strong team. They start buy then trend become up. Once we start buy they simply sale their hold coin and market become down. Then we are worried and sale our coin even in loss.

6) Fake give away offer:
May be you will received spam mail or you can see any tweet or tweeter reply with give away offer from scammer. Actually they use a name from reputation company or exchange to make fool us. Avoid this kind of massage once you see. Don't click their any link.

I will edit post if I found more new scam system.

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June 02, 2018, 05:22:59 PM
 #2

Also:

  • Pump/signal group: This is a classic pump-and-dump scam where the group members are the intended victims.
  • Fork recovery site: They say they will recover fork coins in your wallet (Bitcoin Cash, Bitcoin Gold, Bitcoin Private, etc.) but they really just steal your bitcoins.
  • Pay to withdraw earnings: If you must pay money to withdraw earnings from a gambling site, a faucet, an airdrop, or a bounty, you are being scammed.
  • Cloud mining: Nearly every cloud mining site is a scam. The few that are "legit" are money-losers.

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Coolcryptovator
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June 02, 2018, 06:14:44 PM
 #3

Also:

  • Pump/signal group: This is a classic pump-and-dump scam where the group members are the intended victims.
  • Fork recovery site: They say they will recover fork coins in your wallet (Bitcoin Cash, Bitcoin Gold, Bitcoin Private, etc.) but they really just steal your bitcoins.
  • Pay to withdraw earnings: If you must pay money to withdraw earnings from a gambling site, a faucet, an airdrop, or a bounty, you are being scammed.
  • Cloud mining: Nearly every cloud mining site is a scam. The few that are "legit" are money-losers.

You absolutely pointed right thing. It's always happening around us. Scammer are finding new way to scam us. We need to be careful about save our hard work money. Because scammers are very smart more then us.

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June 02, 2018, 07:33:02 PM
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All advices in this thread are very useful, but there is one problem - most people are greedy. When they see "good" offer, they forget everything and all they see is $ or BTC. So, my advice is - don't be greedy and you will have less chances to be scammed.

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June 03, 2018, 09:16:13 AM
 #5

great post, great information, and great advices for those who are new in this field and don't have enough knowledge about crypto...so my advice is to all before investing your mony any of project you should be very much careful and research very well about them for protecting your mony...good luck
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June 22, 2018, 08:56:15 PM
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Cryptocurrency is at the Wild West stage, and there are hackers/scammers/dodgy dudes all over the place trying to get their hands on your 'hard earned' money. Regulation, although not popular with many in the cryptosphere, should help combat this - although not eliminate it completely. Wherever there is big money to be made, the vultures will follow. It's not like any of these problems are exclusive to crypto, they exist in some form across the board. A saying that normally helps in the fiat world is 'If it sounds too good to be true, it probably is'. Problem with that when translated into crypto is that there is still plenty of genuine profit to be made, and if you avoided every project that promised the world, then you'd probably miss out on some huge profits. As mentioned above, do plenty of research, use cold wallets, keep your personal details to yourself and bottom line - don't get mugged.

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June 22, 2018, 11:05:46 PM
 #7

As a rule any thing that look so good to be true must be thoroughly investigated before giving away your cash into it. For instant a ponzi scheme that promises a huge percentage which is unrealistic must be frown upon. 
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June 22, 2018, 11:11:24 PM
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One of the major security risks that I see with ICOs, and altcoins is that they require downloading some sort of software for their project. For example, for an altcoin this might be mining software. This could potentially have malware, and Bitcoin/account stealing software in it. Yet, people are willing to download it because of the promise of free coins or the prospect of huge profits.

I would recommend that whenever downloading software from an altcoin you either only download open source software which can be verified or only run it in a virtual machine.

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June 22, 2018, 11:39:16 PM
 #9

Pump and dumps aren't scams but they are unethical. I believe they are even illegal in some countries(?). Solid article, though.

You should probably add:

HYIP schemes or websites giving returns that is too good to be true. You should mention about those airdrops too, they have known to be used for scamming in the past.

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September 08, 2018, 04:35:51 AM
 #10

Also:
  • Pay to withdraw earnings: If you must pay money to withdraw earnings from a gambling site, a faucet, an airdrop, or a bounty, you are being scammed.

This is popular mistake of most of newbie, especially with gambling, faucet, captcha and paid to click sites. Pay to enable withdraw is a typically scam type, never deal with it.

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