Be careful were you put your hard earn money

[Kara3]

During the 2017-2018 bull run, crypto experience fraud from bitconnect, onecoin etc who disappear with billions of peoples dollars.
At bull run 2020-21we also experience fraud who will subsequently take advantage of people gullibility to ruin them, Luna, 3AC, Ftx, etc.

you should know that no matter the punishment for the person behind these scandals, there will always be bad actors in the crypto ecosystem at the next bull run .
We need to be sure where we put our money, no matter how solid the project or exchange looks like, if the founders mismanage people fund,  we will be burned if we don't take the necessary measures, imagine those who believe Do kwon's Luna.

When they finish talking advantage of Bitcoin and altcoin all time high, they converted everything to ust to be able to earn free money 20%  a year on anchor protocol.
And selll their ust at a loss because they where skeptical of depeg at the beginning and believe too much in Do kwon.
After having sold there ust's they took the remaining money to put in Ftx to loose in November because they where quite gullible.

It's just like profit from a bull run and be ruin by scammer or irresponsible player in the crypto ecosystem. Don't be too believing of anyone in the crypto ecosystem, especially with your hard earned money, tred with caution.

[1714755922]

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[Tuturtinular]

~snip~

Crime and fraud will always be everywhere, they are just shadows in the darkness. You wrote about many of the tragedies that occurred in the crypto journey, but if you wrote about crime and fraud in other ecosystems (like FIAT), you might need to write more than 1000 words.

There is always a risk in every action, and crypto is one that has a high risk. Honestly, for now I prefer bitcoin, crypto in general has thousands of altcoins in it and most of the losers are those who invested in alts. So, from now on buy bitcoin, even though bitcoin also has risks, bitcoin is still the safest. AFAIK

[mk4]

These types of grifts exist even in bear markets. It's just the fact that these ones gained a lot more traction because the markets was quite bullish in general, so people were generally getting too cocky.

As for FTX, boy was that surprising for me. Fortunately I didn't have any balance on the platform.

[sheenshane]

Fraudsters always waiting for their next victim and they are always there when there's a trend.
As long as you know this, "Not your key, not your coin".  You are totally safe from them, especially if you don't store your assets in the long term in any centralized platform that you don't have control over your fund.

You can use centralized exchange when you need to convert your crypto to fiat, but not keep it there in the long term or for storing value.
Most of all, stay away from shitcoins like memecoin.

[Smartvirus]

you should know that no matter the punishment for the person behind these scandals, there will always be bad actors in the crypto ecosystem at the next bull run .
We need to be sure where we put our money, no matter how solid the project or exchange looks like, if the founders mismanage people fund,  we will be burned if we don't take the necessary measures, imagine those who believe Do kwon's Luna.

The one thing we can never be is having that assurance of safety when you’re not the sole control of where you put your money or bitcoins. It’s almost impossible for one to benefit all there is in the cryptospace and not having to take some risk with the centralized systems that exists within its space.

These systems gives you the leverage to have access to certain services and in turn, they control and manage your funds in ways that they hope to profit from your hodlings with them but, you can’t ultimately be right at all times with bitcoin or cryptocurrencies.
There are rainy days to every investment and means to profiting from funds in a custodial system which could be mismanaged and in turn count in loses.
It stresses the need to be more non custodial but, we are sure to have some new victims in due time.

[crwth]

I think your post is discouraging people from ever investing in any project. It's really hard to tell if a project is going to scam you after a few years or not. It's still better to know that there are certain risks involved when investing and with that in mind, it shouldn't be a problem to invest because you understood that there are risks.

I believe it's better to have that management rather than doing nothing at all.

[Pingrapole]

Fraud is permanent process Fraud will exist and fraud will be more when people are more indifferent and more indifferent when the market system is more and people are more greedy.If you want to get quick capital then you will fall victim to this scam and if you want to get long term capital then you invest in Bitcoin then you will have control over your wealth.Invest money by choosing specific bitcoin niches, or you will not be able to give your security Fraud cycle will Be careful not to invest too enthusiastically how much you will be victimized again and again.The scams will come one after the other in a new way and each time you will think they are right but keep doing it like this and wait and see.Invest in Bitcoin I believe you will not be scammed and if we have many alternatives beware of investing in them now.There is a risk in everything in the world but if there is a risk there room for trust so bitcoin perfect fraud is eternal so be aware before trading.

[bhadz]

That's like becoming the cycle as well on the market every bull run that we experience. There goes the halving, the bull run, and then comes the cause of the dump that will turn the entire market into another bear market. But the difference this is that it's unlikely felt because it seems to be not that low anymore compared to the past bear markets. Apart from that, there will always be these trends that will catch the attention of many investors and then think that it's going to last forever and they forget to take their profits until the crash comes.

It's just like profit from a bull run and be ruin by scammer or irresponsible player in the crypto ecosystem. Don't be too believing of anyone in the crypto ecosystem, especially with your hard earned money, tred with caution.

And that's why believe only in Bitcoin and if you're into altcoins, you're grown up enough to look at what are those legitimate and not and those that have been built through hype. There are many of them in the altcoins and not just all about platforms that turns into a scam.

[Accardo]

These scam periods happened so fast, looking back to what the cryptocurrency market has suffered from CEX. I'll admit that saving money on centralized exchange is very risky. But, it's obvious that people easily forget about these scams, especially the newbies who was not affected by the previous ones. The cryptocurrency bull run is known for being attractive to fresh investors. These people do no research about what they're holding or investing into. That's the cause of having multiple victims, whenever centralize platforms shut down or go bankrupt. The market gains enormous amount of investors, but lose them to scam projects. And they'll never come to invest into bitcoin anymore. It's the disadvantage of lacking research ability as an investor.  The market, to retain existing investors, also need to remind  them, about such mistakes. Just like Op did, with this thread. For most, it's hard to resist some scam during the bear or bull market. Aside that, being in charge of their money and holding private keys is a crucial reminder, that shouldn't be on snooze. Else, the market will suffer from lack of investors, unlike in the past.

Whooping amounts of money ranging at billions of dollars lost to hackers, is affecting negatively the speed of bitcoin's growth. Which occurrence, is powered by the carelessness of bitcoin community members; investors, traders etc. Those exchanges are vulnerable to hackers, added to the fact that their owners are greedy. Possessing hundreds of millions in dollars, is tempting. Hence, it's our duty as bitcoin users and investors, not to put the temptation of messing with our funds on the CEOs of different crypto platforms. Since it's strenuous to manage people, only a few follow due instructions. Those that like reading bitcoin docs have high chances of not becoming victims. The rest that utilize bitcoin their own way, without care and control, will have themselves to blame.

[hd49728]

During the 2017-2018 bull run, crypto experience fraud from bitconnect, onecoin etc who disappear with billions of peoples dollars.
At bull run 2020-21we also experience fraud who will subsequently take advantage of people gullibility to ruin them, Luna, 3AC, Ftx, etc.

You are only here in 2023 so I assume you were not in the market in 2017 or 2018 and if possible, you were only here in 2020 and 2021 bull run then 2022 and 2023 bear market.

You can read articles, news, price charts and know about past histories like Bitconnect, Onecoin but doing so is not enough to completely understand and feel what happened with those scams. Now you can see Bitcoin price chart and feel it is smoothly and easily to hold it from 2009 to 2018 or 2021 and get very massive profit, ROI but along the way, many fud, challenges you can not imagine. You only can feel about it if you actually were in the market in those times.

[reagansimms]

You remind members on the forum to always be careful when depositing the hard-earned money they have collected so far little by little. Of course, there have been many tragedies that have resulted in crypto perpetrators' money being lost as a result of several centralized exchanges being hacked due to crimes that occurred in the crypto industry. You must choose the safest storage place where you can control the private key, as discussed above, storing money on centralized exchanges is not recommended because it is very vulnerable to hacking.

Choice always offers the best option, you can choose a safe storage place to protect your assets. Fraud is also very common in the crypto industry which has claimed many victims, you also need to choose coins that have been tested and have strong fundamentals for short and long term investing.

[Sexylizzy2813]

I don't think anywhere is safe for us as it stands, because scammers and hackers are just on the loose. They don't care how long it took you to save what you have up till this level, all they know is a mistake from you gives them an opportunity to achieve their goal.
I believe that in as much as we find a safer place to store all we have worked for from the crypto market they (scammers, especially hackers) are still ready to dig deep to get it free for them to get hold of our assets. Our sadness is their happiness, that's when they get hold of either our key phrase or something.
I don't think the crypto space to 100% safe and is really hard to find a better place to secure assets, to me the best is just to be on the look out.

[Bobrox]

Important needed how to be careful when investing our money, faced many kinds of scammed from Bitcoinnect until dump or crash from Luna coins network give us much experienced how to manage well with our investment assets in the future. Last year have been popular with coins project pre sale and allocated for user reward in vesting, there are not existing for long term and many my friend got scam with investment around $6k until $20k but price after vesting drop drastically and not worth yet. What the failure happening last several years should be lesson for us to be better in investment management controlling, don't easy trust with new coins and better put on potential coins for investing although not high profit return but less risk exactly investing in Bitcoin or top altcoin such as BNB and Ethreuem.
Don't make the same mistake from staking coins until joining with pre sale have vesting model with how many time their coins got scam.

[Taskford]

During the 2017-2018 bull run, crypto experience fraud from bitconnect, onecoin etc who disappear with billions of peoples dollars.
At bull run 2020-21we also experience fraud who will subsequently take advantage of people gullibility to ruin them, Luna, 3AC, Ftx, etc.

You are only here in 2023 so I assume you were not in the market in 2017 or 2018 and if possible, you were only here in 2020 and 2021 bull run then 2022 and 2023 bear market.

You can read articles, news, price charts and know about past histories like Bitconnect, Onecoin but doing so is not enough to completely understand and feel what happened with those scams. Now you can see Bitcoin price chart and feel it is smoothly and easily to hold it from 2009 to 2018 or 2021 and get very massive profit, ROI but along the way, many fud, challenges you can not imagine. You only can feel about it if you actually were in the market in those times.

People here especially the old members of this forum for sure experience the worst so most of the time we are very careful on where we put our money since to many tactics created by scammers has been exposed and they will never succeed for scamming anyone if they do some nasty attempt here.
Scamming happened on the mentioned program is really big and to many people learn a lot of lesson for believing that there's good profit they can receive for trusting those ponzi platforms. If we also talk about the past history of good and bad events happened on the market for sure we cannot trick anyone here since they are knowledgeable on what are good to prepare and what other negatives to avoid.

[Odohu]

Are you speaking from experience or narrating that of another person? If the later is the case, a link to article or material that can enable us get more details will be great.

During the 2017-2018 bull run, crypto experience fraud from bitconnect, onecoin etc who disappear with billions of peoples dollars.
At bull run 2020-21we also experience fraud who will subsequently take advantage of people gullibility to ruin them, Luna, 3AC, Ftx, etc.

you should know that no matter the punishment for the person behind these scandals, there will always be bad actors in the crypto ecosystem at the next bull run .
We need to be sure where we put our money, no matter how solid the project or exchange looks like, if the founders mismanage people fund,  we will be burned if we don't take the necessary measures, imagine those who believe Do kwon's Luna.

When they finish talking advantage of Bitcoin and altcoin all time high, they converted everything to ust to be able to earn free money 20%  a year on anchor protocol.
And selll their ust at a loss because they where skeptical of depeg at the beginning and believe too much in Do kwon.
After having sold there ust's they took the remaining money to put in Ftx to loose in November because they where quite gullible.

It's just like profit from a bull run and be ruin by scammer or irresponsible player in the crypto ecosystem. Don't be too believing of anyone in the crypto ecosystem, especially with your hard earned money, tred with caution.

Obviously, you are not laying much emphasis on the right advice people need.  First, it has been abundantly stated in several threads that centralized exchanges should never be used for storing funds as they are prone to hacks and other sharp practices.

Secondly, it does not require so much digging to understand that most of the cryptocurrencies they advertise on daily basis are scams... so it is usually safer to consider investing in Bitcoin only.

Therefore, the right advice should be to store funds in wallets you have the private keys only and also keep all your assets or a good proportion of them in Bitcoin.

[Antotena]

It's just like profit from a bull run and be ruin by scammer or irresponsible player in the crypto ecosystem. Don't be too believing of anyone in the crypto ecosystem, especially with your hard earned money, tred with caution.

Avoiding this is very simple, the solution is to look at the key project that are solid in foundation and are already been listed but sorry, people will not look at that, they prefer something that can give them 20x instead of guarantee 3x, literally we all want to become millionaire over night chasing the wrong projects. Scammers knows that people are in for big money here and it's very easy for them to coordinate all these type of scam.

Another bull run is coming, I hope many has learn from the last bull run, meme coins are the types I hate the most.

[Wapfika]

During the 2017-2018 bull run, crypto experience fraud from bitconnect, onecoin etc who disappear with billions of peoples dollars.
At bull run 2020-21we also experience fraud who will subsequently take advantage of people gullibility to ruin them, Luna, 3AC, Ftx, etc.

Bitconnect and other coin during 2017-2018 bullrun are purely scam. There’s a warning sign all over this project which dumb user ignored. While FTX, Luna and other exit scam project took us by surprise since they offer legitimate service with good liquidity until they pull off the exit scam.

But all this exit scam now and in the past can be avoided if we are sensitive and very thorough on every news regarding the project we are investing because all of them has a window of opportunity to exit early with less lose since most of them pump hard from its original value before they become scam which you will still be in profit if you believe on the early warnings about this projects.

[Faisal2202]

You are damn right, we should not put our money in platforms that are playing around and risking themselves along with the assets of the customers. Actually, the problem is, that most of the people are not some financial experts who know something is cooking up. They simply trust the centralized or decentralized exchange because it has big trading volumes which in their eyes indicates that more people are trading here.

So, they take it as a good one and also do not track the liquidity and proof of reserves of the exchanges. Because they don't have to, it is not their job to do, it is the job of those who have been hired by these aforementioned exchanges. But they did not do it right and not inform the customers and tried to play a risky game.

Well, we should not put our whole hard-earned money on a single exchange either its centralized or decentralized. We should follow the saying --> "Not your keys, then Not your coins".

[Outhue]

Few people are able to figure out that Bitconect is scam, I can't remember how many posts I've read about Bitconnect been scam and it eventually turn into a scam, many people are too lazy when it comes to doing their own research that's why they are caught in this scam.

The same thing was going around with Luna, even on YouTube, some people are saying it will end badly for Luna, some smart fellas took out their profits and those who don't believe get wrecked in the end, but I will like to say something about this alts.

If you invested $50 in Bitconnect and Onecoin and they turned out to be scam, how will this ruin a life when it's two out of fifteen altcoins you have? It's a gamble isn't it? Because this us the way I view all altcoins, not all your picks will be a successful one, some are going to meet a cruel end.

Also, even before Bitconnect turned scam, many people are lucky to make a profit out of them, the same thing with Luna, it was one of the most profitable projects of that year, the problem was that many didn't want to take their profit, they got married to their bags.

[AprilioMP]

Reminder don't save money online is very broad and applies to everyone. This reminder can be valid forever without an expiration date. Implementation depends on those who have money and assets.

It is necessary to pay attention to hacking vulnerabilities because without compromise, perpetrators can carry out actions on wallets without wanting to know that it is the wallet that holds the most assets. The action is to maintain the best security of the wallet because they can only hack wallets and not bitcoins. The wallet with the most assets is the main target, so the reminder don't save money online includes exchange wallets.

If this reminder cannot be implemented properly, the risk is very fatal and the biggest hacking incidents I have ever known will happen again in the bull phase, then we will be among those who experience it.