Crypto Scams now the second largest in the world

[Mauser]

Kind of sad that crypto scams are now the second largest in the world, but also not so surprising. Crypto currencies had a huge boom last year and many different coins made triple digit returns. These returns made cryptos even more popular with news coverage growing and new investors joining every day, trying to get a piece of the action. The rise in investors unfortunately also means a rise in scammers who must have watched the trend very closely. For many years the amazon gift card scam must have been the most profitable for scammers. But eventually awareness is spread and its not so successful anymore. Together with the rise in scammers it means they need to look for new more profitable ways to make money. Creating new cryptos with the sole purpose to scam investors is terrible, I wish there was a better protection for new investors. That's why for me the largest part of a crypto portfolio should be made up of mainstream coins like BTC and ETH, only a small fraction should be used to go for new alt coins.

[HODLN]

The ideal conditions of freedoms for the user will always extent its freedom to a bad actor. When you are free from the control of a centralized authority, you are not only free from its interruption but also from its mercy.

[fullhdpixel]

Practically, there's no possible way to recover your lost Bitcoin funds, it's anonymous and decentralised. Why should you be reimbursed your lost funds? If you got scammed, it's purely your fault. Since the dawn of cryptocurrencies, people have warned against phising websites, scams, fake projects and so on, providing solid advice in order to avoid them. It's not a banking service, don't expect it to act like one.

Yes majority of the scam can’t be recovered at all and it depends on some factors. But, there is still the possibility of recovering money stolen through a cryptocurrency scam. There have been several times that we have seen scammers who used cryptocurrency to scam their victims get caught and brought to justice. So it is possible, but it also depends on some factors like I have pointed out before.

If Bitcoin is not legal in your country, the chances is zero if you’re scammed, because there wouldn’t be anyone to report to. But in a place where it is legal, there would be an authority for you to report to who would keep records and track the transactions on Blockchain which would possibly lead to the scammer getting caught.

[MinMan]

fraud is difficult to control in this crypto, every day there will be new projects, and new coins, and we as investors must be really careful and have a target for selling the coins we enter, even though the chances of being cheated are 80% but at least we have tried to avoid rugpulls

When you are dealing with this market specially on active manner then you would really be facing up lots of scenarios and situations which would really be involving lots of scams around.
You wouldn't notice it initially until they do become a scam but once you do able to gain up some experience then you would really able to spot if a project is a potential scam or legit
ones even though it wont really be a guarantee because scammers are really good on disguising themselves and making themselves legit as they could.

Getting scammed is not really that hard if you are always on the look out and you are only investing into things that the whole world knows. I mean I have been scammed literally just once, and that was something I knew that could happen but I wanted to outsmart them and I failed and I knew that could happen. Aside from that in the past 9 years I have been here, I never got scammed and I probably will never get scammed neither.

In the long run, if you invest into new things then you will have a higher chance to get scammed, all you need to do is focus on investing into very old projects that have been around for AT LEAST 3 or more years, hopefully 4-5 and longer and then you should be fine.

[Mahanton]

fraud is difficult to control in this crypto, every day there will be new projects, and new coins, and we as investors must be really careful and have a target for selling the coins we enter, even though the chances of being cheated are 80% but at least we have tried to avoid rugpulls

This is because it is easier to make coins or tokens, even with the capital of $ 2000, we can already activate BSC tokens and we can sell massively, of course scammers see Cryptocurrencies is the easiest opportunity to make scam because it is easy and cheap costs, especially opportunities for Deceiving up to millions of dollars is now very easy if in Cryptocurrencies.

This is the reason on why we do have lots of coins in the market and even you could create token for free and on a very simple manner specially on erc20 which isnt surprising that it has been flooding out on the market.
As an investor then you should really be that careful and aware on what are the things happening around.Scams and frauds is really that rampant into this market and if you arent that active or aware that much
then most likely you would really be ending up on losing money.This cycle would continue as long there would be people who do really fall with these scams.

[Finestream]

This is the reason why you need to avoid shitcoins and pick only Bitcoin if you want to start to invest on crypto space. After 13 years created, Bitcoin never ever scam anyone until now. If there's an article discuss about Bitcoin scams, pretty sure it's either exchange, investment company, recoverable funds etc are the scammer, not Bitcoin.

I remember hearing the news on tv before, bitcoin is indirectly involved in a scam with a huge amount. Later on, it was found out that its not bitcoin, but certainly another coin that is not very familiar to me. This is a proof that investing in bitcoin is more secured because the chances of scamming is very rare. You may be scammed with bitcoin but most of them is due to owner's negligence that they tend to protect their own account in bitcoin. However, shitcoins have always have high chances to make you fall as a scam victim.

[Kasabus]

What do we really expect from having an open decentralized industry though? Of course there will be a crap ton of scams. But we really can't sort of "police" this, people in general just need to be a lot smarter or just a lot less stupid when it comes to investing their money.

Scams are mostly inevitable for people who chose to invest without prior knowledge on what they are putting money into. They become the target of scammers because they are more stupid than being smart. But for some who don't easily trust people and will not care to invest if they are not sure about it, scamming will very rare to happen for them. But as they always say, you may spend money to make money, and not to lose it.

[Assmosis]

It’s unfortunate that people are losing their money to crypto scams. But somewhere, they are also a reason for these scams. In spite of knowing that there is no easy way to make money, many people take shortcuts and end up getting scammed.

[lienfaye]

What do we really expect from having an open decentralized industry though? Of course there will be a crap ton of scams. But we really can't sort of "police" this, people in general just need to be a lot smarter or just a lot less stupid when it comes to investing their money.

Scams are mostly inevitable for people who chose to invest without prior knowledge on what they are putting money into. They become the target of scammers because they are more stupid than being smart. But for some who don't easily trust people and will not care to invest if they are not sure about it, scamming will very rare to happen for them. But as they always say, you may spend money to make money, and not to lose it.

The problem is there are many stupid people believing in these trash projects thinking its the best way to invest their money because of the promised high return in a short period.

Their greed is pushing them to take the more risky path and not considering to invest in the coins that are existing already for years like Bitcoin.

So as long as there are newbies who are not careful when investing and people who likes easy money, then we cant expect any improvement. Shit projects will continue to exist and it depends on the investors if they will still bite the too good to be true offer.

[Kelvinid]

It’s unfortunate that people are losing their money to crypto scams. But somewhere, they are also a reason for these scams. In spite of knowing that there is no easy way to make money, many people take shortcuts and end up getting scammed.

Yes, if they are not greedy about money, these people could avoid it. But unfortunately, they are fallen to a promising speech that most of these scammers do.

https://money.usnews.com/investing/cryptocurrency/articles/top-crypto-scams-to-watch

Nevertheless, people aren't quitting because of these scams. I believe now that they are learning already. And these dirty tactics that scammers have been using are becoming less effective if we (investors) must have to undergo searches first before investing.

[wxa7115]

The people,who buy shitcoins and NFTs get what they deserve....nothing.
When you buy a bunch of crap with the expectation of this bunch of crap to become 10000% more valuable after a while,you get what you deserve.I can't feel sorry for the people,who are buying shitcoins.
Most of them know what they are buying,but they get into the ponzi scheme with the expectation,that another fool will appear and buy the same crap at a higher price.
The nastier scams are those,in which the people are being deceived for real.Like the call center scams located in India and Bangladesh,where the scammers pretend to be customer support for big corporations,so they get access to the bank accounts of old people in the USA.

I can still feel sorry for those that are naive enough to think they are going to make a fortune with their NFTs of cats that they bought for thousands of dollars, as if we could have gotten to them before the scammers at least we could have helped them to avoid those results.

But just as you say I do not fell sorry for the one that knows very well that they are investing in a scam or very weak projects and they still do it, in that case even if we talk to them we will achieve nothing, so the only way for them to learn is to lose their money over and over again until they understand that this is not the way to make money in the markets.

[JayTrain]

I think this is due to the fact that the cryptocurrency is to some extent anonymous, and attackers use it, plus the cryptocurrency market is huge, and where there is a lot of money there are also a lot of scammers, unfortunately statistics are only growing, but should fall

[ninis45]

The new hype and fomo in every country is different in the cryptocurrency world so that it attracts newcomers who are not careful and tempted by big profits. This is one of the contributors to the number of crypto scams besides the Rug Pulls scam project and I think this will always grow following crypto developments. in the community and this is where we can see the positive impact of joining a trusted forum like bitcointalk in order to minimize falling into a scam

[EdenHazard]

The very large Cryptocurrencies marketcap is certainly a promising thing for scammers, the easiest thing to do is to make the scam project then use top or public figures, in 2017 I've been invested in the Centra Card project which makes FLLOYD MYWEAATER as a brand ambassador and me Invest around $ 12k unfortunately finally the project became a scam.

The public figure like them should indeed take a full responsibility , they are indeed charged with $300k for backing a scam ICO / crypto project but that is still looks unfair penalty .. you know that the project was raised around $25 million right? im pretty sure he gets more than just $300k , so the penalty itself mean nothing as he has more money left from the project, human law .. weak.

as time goes by , the trickery will continuously transforming and the best defensive against those bastards are knowledge & education so yeah get your self educated.

[adzino]

According to the report from Better Business Bureau scams involving cryptocurrency are the most prominent and riskier one after the online purchase scams which accounts 37% of world's total scams. Earlier cryptocurrency was placed at the seventh position on this list, and during the year 2020 it has moved to the second position. Only 2% of the scams around the world account to cryptocurrency scams, but the amount involved seems to be high. On an average it is found to be around $1200. With cryptocurrency Scams/frauds Rug Pulls are very common.

Wait, is it 2% or 37% because that is a huge difference there and can be misleading. Who is on the top? Is it fiat currency? Then yes, crypto currencies are heading the right way. Of course it is going to be on the top as it gets more popular. Just because it's on the top doesn't mean it is a bad currency. Scams are everywhere. People find different ways to scam people. It is the responsibility of the person to be cautious from those scams. Most of the scams that happened using crypto currencies is because of people getting greedy. They know that they will get scammed but they still try their luck.

[nur rochid]

According to the report from Better Business Bureau scams involving cryptocurrency are the most prominent and riskier one after the online purchase scams which accounts 37% of world's total scams. Earlier cryptocurrency was placed at the seventh position on this list, and during the year 2020 it has moved to the second position. Only 2% of the scams around the world account to cryptocurrency scams, but the amount involved seems to be high. On an average it is found to be around $1200. With cryptocurrency Scams/frauds Rug Pulls are very common.

Wait, is it 2% or 37% because that is a huge difference there and can be misleading. Who is on the top? Is it fiat currency? Then yes, crypto currencies are heading the right way. Of course it is going to be on the top as it gets more popular. Just because it's on the top doesn't mean it is a bad currency. Scams are everywhere. People find different ways to scam people. It is the responsibility of the person to be cautious from those scams. Most of the scams that happened using crypto currencies is because of people getting greedy. They know that they will get scammed but they still try their luck.

I don't think it's very clear what was said. at least now, of course, many people have opened their eyes to the function of cryptocurrencies, especially during the current war conditions where cryptocurrencies have an important role. being a fraud for spending or investing that is packaged in such a way, I think the victims are those who don't want to dig up knowledge about cryptocurrencies, but are greedy to get a lot of money from hearing stories

[TheUltraElite]

The ideal conditions of freedoms for the user will always extent its freedom to a bad actor. When you are free from the control of a centralized authority, you are not only free from its interruption but also from its mercy.

You are right, but humans tend to focus on the demerits more often. Hence the growing statement of being resistant to the regulation of bitcoin transactions, although that might curb down much of the scams going on.

It’s unfortunate that people are losing their money to crypto scams. But somewhere, they are also a reason for these scams. In spite of knowing that there is no easy way to make money, many people take shortcuts and end up getting scammed.

Taking shortcuts in trying to make money is one factor, some people are just no well informed and they think crypto is like some magic thing, where you can make money from thin air, added to this old-age and low tech knowledge and you have a perfect victim for scam. We need to make people aware and cunning enough to avoid these scams.

If you see a family member getting interested in crypto, make sure you talk to them in a reassuring manner and teach them the basics about how scams might work.

[Agbe]

Crypto currency Scammers are increasing every day and night. They are using different method and tactics to lure their victims to fall. It is only those who have understand their methods and ways to lure people can not fall again. These Scammers can even spend money to scam their victims.

Just like one of my friends shows me a WhatsApp group and when I saw the group prescription, I told him that it is a scam. The prescription is " Crypto currency Trading Investment". That is to say, if you are interested in investment on crypto currency, you can give them the money then they will use the money and invest it on behalf of you. And I said, if I want to invest or trade with crypto currency (Bitcoin), I will trade by myself.

[batang_bitcoin]

Crypto currency Scammers are increasing every day and night. They are using different method and tactics to lure their victims to fall. It is only those who have understand their methods and ways to lure people can not fall again. These Scammers can even spend money to scam their victims.

Actually, the method is always the same. These projects that will rug pull does have the same style in common, they'll hype the project to get more investors and to make them excited. And then eventually when they're at their peak, they'll surprise their investors that some problems have occurred and their funds got compromised but they'll make sure that things are going to be normal and back again until they drop close to zero and they eventually die as their volume can't go up anymore which is the confirmation that they've finally rug pulled, exited and left the project.

[carlfebz2]

Crypto currency Scammers are increasing every day and night. They are using different method and tactics to lure their victims to fall. It is only those who have understand their methods and ways to lure people can not fall again. These Scammers can even spend money to scam their victims.

Actually, the method is always the same. These projects that will rug pull does have the same style in common, they'll hype the project to get more investors and to make them excited. And then eventually when they're at their peak, they'll surprise their investors that some problems have occurred and their funds got compromised but they'll make sure that things are going to be normal and back again until they drop close to zero and they eventually die as their volume can't go up anymore which is the confirmation that they've finally rug pulled, exited and left the project.

They cycle does always continue or to be having this very common way which is something that people do realize or open their eyes because scams wont exist if theres no one would be feeding or falling from it.

As for us experienced users who do really keep on advising and taking out some precautions about these scammy projects and other things but still there are people who do fall for easy cheap tricks
due to their greed.
We know  that money involved or circling around this market is really huge which do talks about billions which means it is a honeypot for these scammers to take advantage.