Crypto Scams now the second largest in the world

[Fatunad]

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.

People who know well crypto investment must follow what you stated. Unfortunately, many beginners who don't have enough knowledge of crypto, are interested in the promotion of those shitcoins on varied social media. Sweet promises from shitcoins armies, lead many amateurs to buy at a nonsense rate. They always said that investing in those shitcoins will make you rich quickly, investing in Bitcoin needs a lot of time to gain profits. 

Because a lot of these people are hoping that their initial investments will increase many folds. This is why they want to invest in like pump and dump coins. But the risk is very high in this type of coin. If you want an assurance that your money won't disappear, better opt for bitcoin. These fraudsters are the reasons why noncrypto users have negative connotation when it comes to bitcoin or crypto. But for example, bitcoin itself is not a scam. It is the people who are using it to their own gain are scammers.

You can actually make tons of profits on dealing with low cap coins which could possibly make your investment would profit for how many folds but of course the risk is way too high which is something that
someone should be minding on and if you do like to somewhat play safe then better to be mindful with your actions which would really result into less risk of losing money.
Scams are everywhere and lots of projects are frauds and money grab thats why making your own research is always be the key.

[maria1110]

Rug Pull is so common nowdays and people never tired of getting involved in. They trust their luck, wanna try it out, kind of like gamble, they become increasingly addicted.
I think the important lesson is to know when to stop

[PhoenixZephyrus]

I mean yeah this ain't really too surprising to me. Since I took interest in bitcoin and signed up on some websites and stuff - or maybe its just due to my search data being used/sold in a particular way, I found myself getting more and more spam emails that were related to crypto in some way or the other. Invest in this, buy that, click here to get x BTC! I mean its obvious that this is going to happen - specially with a decentralized currency like BTC - which people still know pretty less about and aren't completely aware of how it works. Hell, you see these kind of scams with fiat/netbanking transactions - ofc its going to happen for crypto aswell.

But I'm afraid that NFTs have actually made this worse than it ever needed to be, and ofcourse the ICO for shitcoins - which people blindly invest in without looking into their history and then the project just up and vanishes. Its pretty much our duty to educate others/who are new to crypto about these to make them less gullible to these scams.

[Foolhardy]

When you come across ads that portray winning a huge amount for zero or no price, then it’s probably a good idea to skip it, it's definitely a scam. Since the cryptocurrency industry is booming, there’s a lot of money involved, so yes, it gets pretty convenient for the internet scammers to take over. Keep your plan focused, tighten your security belt and stay away from these fraudsters.

[lixer]

Actually crypto is still in its early stages and scammers are easily able to fool the newbies in this field. People jump into crypto without much knowledge and scammers used this to their advantage. Also crypto is decentralized and not regulated, both of these things are exploited by the scammers.

Since most scammers are using trust frauds, yes, they are trying to confuse those who are them aimed to cheat. And they usually use hypic topics in which few people understand at the moment. Cryptocurrencies are both polular and not understood enough by majority. That's why we are working on spreading the word about crypto so more people can know enough not to be deceived.

It's not about the crypto that is on its early stage but it was about the newbie that is on their early stage. That makes them a vulnerable target by the fraudsters. A hype topic is popular than a topic that are not being talked about often so people might know them already or if not then they will do their own research because it can make them curious about that thing but in the end, if they still didn't get it, they should refrain from investing on it.

There are people that spread the word crypto but they only spread minor info like saying crypto can make you money, only to attract them to invest here but that was wrong. Their safety is our responsibility so we should tell them the hazards of cryptos as well.

[e_abrams]

While crypto scams and general criminal activity are a big issue for the industry itself, they are but a drop in the ocean compared to the same things done with fiat money. To put things in context - in 2021 fraudulent money laundering of cryptocurrencies was worth more than $8.6 billion, which is 30% higher than the number gathered in 2020- $6.6 billion. It sounds like a lot, right? However, in comparison, the UN Office of Drugs and Crime has released a report in which it has estimated that between $800 billion and $2 trillion of fiats are laundered each year. This is equal to 5% of the global GDP.
I think that really puts things in context. People like to criticize cryptos for such things, and the criticism is warranted, but at the same time, fiat currencies are used for the same things, unfortunately, and no one says anything.

[isaac_clarke22]

~

Regardless of what currency anyway, it happens as you mentioned. I can imagine if back in stone age, these stuffs happen like cavemen not paying through whatever means they use for currency and ended up in a bloodshed.
Crypto is just being like thought as a scam due to how pseudonymous people are in it.

[haasanjui]

Many of greedy people want money and they want shortcuts to be rich then they try to make scams. They scam in crypto currency because many people are new in crypto they not know what to do or what not to do. Scammers find innocent and newbies in crypto and then they scam their wallets and funds.

[Myleschetty]

I mean yeah this ain't really too surprising to me. Since I took interest in bitcoin and signed up on some websites and stuff - or maybe its just due to my search data being used/sold in a particular way, I found myself getting more and more spam emails that were related to crypto in some way or the other.

Crypto scams happened because of people's improper understanding and lack of security knowledge. The reason why you're getting the crypto related spam emails is that you used the email to register on an unworth site and this is what will always happen if you don't research about a particular site before using it.

But I'm afraid that NFTs have actually made this worse than it ever needed to be, and ofcourse the ICO for shitcoins - which people blindly invest in without looking into their history and then the project just up and vanishes. Its pretty much our duty to educate others/who are new to crypto about these to make them less gullible to these scams.

NFT or ICO didn't make anything worse, investor lack of knowledge is the major problem we have in crypto and if people don't educate themselves about crypto investment and security they will always be prey to the crypto scammer.

[Fortify]

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.

What is "Rug Pull"
This is a process of creating new cryptocurrency. A person or group create and establishes whole new cryptocurrency or token that investors can put their money into. They garner all the funds they need, and right when the token appears to be reaching a new price peak, the executives run off with all the cash, leaving investors with bruised egos and empty pockets.

Crypto Scams now the second Deadliest in the world :BBB

It makes sense really, because cryptocurrency offers the ability to reach into someones wallet without ever having to step outside the comfort of your own home. We've also seen the last 14 years of it's existence how easy it is to scam, cheat or just outright hack your way into that situation. Many people seem to take for granted how few major banks or financial institutions in the mainstream have been hit, and for those that were, the government was willing the underwrite the losses up to a certain amount - there is no such protection in the wild west of crypto. It's also incredibly easy to move it around, but cashing out has become increasingly fraught with danger due to increased identity checks at the points of conversion to fiat. Hopefully the amount of criminals being caught will continue to increase to shake this image.

[carlfebz2]

Actually crypto is still in its early stages and scammers are easily able to fool the newbies in this field. People jump into crypto without much knowledge and scammers used this to their advantage. Also crypto is decentralized and not regulated, both of these things are exploited by the scammers.

Since most scammers are using trust frauds, yes, they are trying to confuse those who are them aimed to cheat. And they usually use hypic topics in which few people understand at the moment. Cryptocurrencies are both polular and not understood enough by majority. That's why we are working on spreading the word about crypto so more people can know enough not to be deceived.

It's not about the crypto that is on its early stage but it was about the newbie that is on their early stage. That makes them a vulnerable target by the fraudsters. A hype topic is popular than a topic that are not being talked about often so people might know them already or if not then they will do their own research because it can make them curious about that thing but in the end, if they still didn't get it, they should refrain from investing on it.

There are people that spread the word crypto but they only spread minor info like saying crypto can make you money, only to attract them to invest here but that was wrong. Their safety is our responsibility so we should tell them the hazards of cryptos as well.

Would already be that common sense and its a bit impossible for someone not to make use of their common sense whenever they do see that is offering which is something that really good for a short period.

If you do really just make use of that and being that realistic then you would really be finding that there are lots of frauds which you could really see on this market.
Crypto market does really generate millions of dollars of investment and scammers would really be taking advantage on noobs since they are easy to fool.

[Fesatmas]

Many of greedy people want money and they want shortcuts to be rich then they try to make scams. They scam in crypto currency because many people are new in crypto they not know what to do or what not to do. Scammers find innocent and newbies in crypto and then they scam their wallets and funds.

One of their main targets is beginners who are just getting into the world of cryptocurrency. That would be their greatest strength as it would be easy for them to manipulate beginners. It's quite difficult to tell which ones were really meant to create the project and which ones were meant to be deceptive from the start. In fact, it is not uncommon for experienced people to still be victims of fraud.

[chikading2016]

Many of greedy people want money and they want shortcuts to be rich then they try to make scams. They scam in crypto currency because many people are new in crypto they not know what to do or what not to do. Scammers find innocent and newbies in crypto and then they scam their wallets and funds.

One of their main targets is beginners who are just getting into the world of cryptocurrency. That would be their greatest strength as it would be easy for them to manipulate beginners. It's quite difficult to tell which ones were really meant to create the project and which ones were meant to be deceptive from the start. In fact, it is not uncommon for experienced people to still be victims of fraud.

I agree on that most of the experienced people will never fall on scam, because they have a lot of experienced and they can easily know if the project is scam and cannot be trusted, but sometimes they will also fall and become a victim of scam, because there are some projects that is really good from the start and abandoned by the developer and become scam in few years after being publish no one can expect or avoid this kind of scam so i still believe that even experienced person may also sometimes fall on scam.

[Scaterbrainn]

I mean yeah this ain't really too surprising to me. Since I took interest in bitcoin and signed up on some websites and stuff - or maybe its just due to my search data being used/sold in a particular way, I found myself getting more and more spam emails that were related to crypto in some way or the other. Invest in this, buy that, click here to get x BTC! I mean its obvious that this is going to happen - specially with a decentralized currency like BTC - which people still know pretty less about and aren't completely aware of how it works. Hell, you see these kind of scams with fiat/netbanking transactions - ofc its going to happen for crypto aswell.

But I'm afraid that NFTs have actually made this worse than it ever needed to be, and ofcourse the ICO for shitcoins - which people blindly invest in without looking into their history and then the project just up and vanishes. Its pretty much our duty to educate others/who are new to crypto about these to make them less gullible to these scams.

Only awareness can protect us from being scammed. People themselves should be able to identify scams and avoid it.

[jokers10]

If you analyze how people learn from their mistakes, a lot falls into place. Most of the time, they just don't learn. As an example, I even recently watched a video on the channel of the Amarkets broker about the safety of my finances on the network. But despite the fairly well-described information, people still often make mistakes and lose money.

You'll be surprised, if to analyse which were scams tens years ago, hundreds years ago and thousands years ago we'll see that nothing mainly changed: people are being scammed with the same patterns. The little difference is just in some technological decisions: to steal golden coins, paper money or digital money. Because new generations learn the same each time. So we need to teach basics every time to protect others.

[uelque]

I've been involved in a lot of projects that turns out to be scams, or the dev rugs. But still consider myself lucky because I don't invest too much money on projects that are quite suspicious.

And I've witnessed also hundreds of people lost large amounts of money in the crypto space. And now seeing crypto being the second largest source of scams is as I expected. And it cannot be stop and will never be stop. Few projects already tried to provide platforms to detect scams, provide safe projects for investors yet not all of them are hundred percent effective. Scammer developers keeps on finding ways to crack the system. Our only option is just to get used to it and be wise with our investments.

[Anonylz]

I've been involved in a lot of projects that turns out to be scams, or the dev rugs. But still consider myself lucky because I don't invest too much money on projects that are quite suspicious.

That is the number one thing every investor should take into account, don't get carried away with the project to put all your savings, it is important to invest only what we can afford to lose, especially on new project.

...And I've witnessed also hundreds of people lost large amounts of money in the crypto space. And now seeing crypto being the second largest source of scams is as I expected. And it cannot be stop and will never be stop. Few projects already tried to provide platforms to detect scams, provide safe projects for investors yet not all of them are hundred percent effective. Scammer developers keeps on finding ways to crack the system. Our only option is just to get used to it and be wise with our investments.

Unfortunately some people invest in this new project blindly without doing the necessary research or watch to see how the project will progress before putting a huge sum of money.
Some people comfortably invest in project even if the team are anonymous (never compare btc with alts) just because satoshi is unknown and btc was successful some project will capitalize on that and some naive investors will fall for it.
In my opinion, every alts projects team should be properly doxxed to give certain level of credibility, a project whose team are anonymous should not have more than %10 of your investment. It is very likely they will disappear with investors money since they are not known.
Scam can not be stopped but can be minimize if only people can be very observant and stop being so desperate to make quick money.

[Sebas.tian]

I've been involved in a lot of projects that turns out to be scams, or the dev rugs. But still consider myself lucky because I don't invest too much money on projects that are quite suspicious.

And I've witnessed also hundreds of people lost large amounts of money in the crypto space. And now seeing crypto being the second largest source of scams is as I expected. And it cannot be stop and will never be stop. Few projects already tried to provide platforms to detect scams, provide safe projects for investors yet not all of them are hundred percent effective. Scammer developers keeps on finding ways to crack the system. Our only option is just to get used to it and be wise with our investments.

I think, many people has learned from your mistakes not to invest a huge amount of money on a new project they are not sure it will be successful in future. Those that found themselves in scam projects, are those people looking for short-cut in crypto investment to earn massive income within one day that later cause them regret at the end of the investment. I believe scammers has reduced from crypto investment, because many people are now follow the rules and regulations that guided crypto investment not to allow any scammer to have their way into their money.

[Uang_kartal]

I've been involved in a lot of projects that turns out to be scams, or the dev rugs. But still consider myself lucky because I don't invest too much money on projects that are quite suspicious.

And I've witnessed also hundreds of people lost large amounts of money in the crypto space. And now seeing crypto being the second largest source of scams is as I expected. And it cannot be stop and will never be stop. Few projects already tried to provide platforms to detect scams, provide safe projects for investors yet not all of them are hundred percent effective. Scammer developers keeps on finding ways to crack the system. Our only option is just to get used to it and be wise with our investments.

I think, many people has learned from your mistakes not to invest a huge amount of money on a new project they are not sure it will be successful in future. Those that found themselves in scam projects, are those people looking for short-cut in crypto investment to earn massive income within one day that later cause them regret at the end of the investment. I believe scammers has reduced from crypto investment, because many people are now follow the rules and regulations that guided crypto investment not to allow any scammer to have their way into their money.

I also feel what you feel, especially if the funds you save are small or not how much I appreciate you have sacrificed, in the past when Hyip was booming there was a site that I often used to measure the traffic that there was traffic flow. its a scam advisor..but it doesn't rule out the possibility of a scam.
some projects now are more tidy and change containers, I agree with you anything can happen.
in the direction of other friends, indeed the past can teach valuable lessons with a little calm and delay when emotions peak. And an addiction to follow projects and DYOR that is too forced, indeed we come to know what signs are enough to mark the signs in our planting our crypto capital

[espengarman]

I've been involved in a lot of projects that turns out to be scams, or the dev rugs. But still consider myself lucky because I don't invest too much money on projects that are quite suspicious.

And I've witnessed also hundreds of people lost large amounts of money in the crypto space. And now seeing crypto being the second largest source of scams is as I expected. And it cannot be stop and will never be stop. Few projects already tried to provide platforms to detect scams, provide safe projects for investors yet not all of them are hundred percent effective. Scammer developers keeps on finding ways to crack the system. Our only option is just to get used to it and be wise with our investments.

I think, many people has learned from your mistakes not to invest a huge amount of money on a new project they are not sure it will be successful in future. Those that found themselves in scam projects, are those people looking for short-cut in crypto investment to earn massive income within one day that later cause them regret at the end of the investment. I believe scammers has reduced from crypto investment, because many people are now follow the rules and regulations that guided crypto investment not to allow any scammer to have their way into their money.

I also feel what you feel, especially if the funds you save are small or not how much I appreciate you have sacrificed, in the past when Hyip was booming there was a site that I often used to measure the traffic that there was traffic flow. its a scam advisor..but it doesn't rule out the possibility of a scam.
some projects now are more tidy and change containers, I agree with you anything can happen.
in the direction of other friends, indeed the past can teach valuable lessons with a little calm and delay when emotions peak. And an addiction to follow projects and DYOR that is too forced, indeed we come to know what signs are enough to mark the signs in our planting our crypto capital

Yeah When I read this I was thinking the exact same..!


Best regards
Espen, Sales at Forbrukslån