Why we need to stay vigilant

[Jascrypt]

I was scanning through some news update on coin telegraph and discovered Hong kong SFC have issued warning to some imposter website defrauding innocent newbies.  https://cointelegraph.com/news/hong-kong-sfc-warning-impersonator-crypto-exchange-mexc
The action is commendable but I feel more  is needed to be done than warning cos this may be the reason we have been seeing the use of  'Scam' key words associated to crypto exchanges trending on social media.

We have seen harsh regulatory policies on crypto service providers and most of them have tried to comply which makes me feel issues like this that could affect the growth and reputation of the crypto industry should be taking seriously rather than just issuing warning.

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[Charles-Tim]

If I can guess what you are talking about, you meant that regulation can help in making scam not to be possible. This is not just true. No matter how regulated crypto exchanges are, there are still easy ways scammers are using to scam people. Even with fiat, scam is still existing no to talk of bitcoin and other cryptocurrencies. What is the best that you can offer yourself is to learn about how you can avoid scam and hack so that you will not become one of their victims.

[Xal0lex]

Fraud as a form of illicit enrichment was, is and will be. There is no escaping it. I am not saying that fraud should not be fought. But, in addition to fighting it at the state level, people need to learn to rely on their own strength in this area. Before using any services, people should learn to analyze information about the services they want to use. Otherwise, such people will lose their money.

[lovesmayfamilis]

If you give the regulators free rein to be more forceful in their warnings, they will be happy to ban a lot of things that they cannot control. Will this be consonant with the word “freedom”? And are you sure that all regulators' views will be the same as yours?
I agree that people should pay more attention. However, it is difficult to stop a person from making mistakes if he is willing to make them. Give people the opportunity to gain their experience without banning everything here and there, pretending with excuses that this is caring for the person.

[Upgrade00]

We have seen harsh regulatory policies on crypto service providers and most of them have tried to comply which makes me feel issues like this that could affect the growth and reputation of the crypto industry should be taking seriously rather than just issuing warning.

A clone of a website is a common scam not directly related to the crypto industry, so should not affect the reputation of the industry. There have been clones of government and banking websites which defrauded users, but did not call into question the integrity of those institutions.

I agree that it doesn't make much sense issuing a warning to scammers. Reporting the websites and tracking the bank accounts linked to then seems like a better approach that government agencies should take.

[Lukmanfirdaus1]

Of course, not only in the crypto space, everywhere we have to remain vigilant. The rule that I always adhere to is, don't trust anyone but yourself. Moreover, in crypto, we have to update our knowledge about cyber data protection, hackers are always watching for our negligence, when we are careless there they come in and steal all our money, especially newbies, usually they are not aware of the security of their data. Well, this vulnerability will be a disaster in the future. keep your heart safe, friends, don't give any information to strangers, stay safe.

[Aanuoluwatofunmi]

We have seen harsh regulatory policies on crypto service providers and most of them have tried to comply which makes me feel issues like this that could affect the growth and reputation of the crypto industry should be taking seriously rather than just issuing warning.

Let's make it more clear to everyone that if they are not aware of this, then they should pay more attention to the reality that government cannot regulate the exchanges not to talk of the scam in as a whole, we are the ones that should be mindful of the things we do and how we render ourselves more or less vulnerable to them for an attack, some people don't even mind about the way they handles their assets as they never know the risk involved and what is at stake if scammed.

[albon]

Scam and impersonated sites are related not only to exchange platforms but also to everything in this industry. The crypto field suffered from the many scammers and traps they deployed, which they created at minimal costs. But it was not affected by this, and the cryptocurrency industry continues to grow and thrive today, even increasing the crypto base of enthusiasts. Any financial field is not free of scammers or the traps and tricks of hackers and scammers. Still, any person must do his research and not rely on the recommendation of any person or the temptations through which they will try to deceive him or through advertisements and the like.

Additionally, regulatory policies cannot prevent this large volume of scammers or their cloned and phishing sites. They impose policies on recognized entities and cryptocurrency service providers, not the sites of unknown people.

The warning you see is an ideal solution, and this warning may prevent many beginners who might trust one of these unofficial domains for one of the exchange platforms.

[nakamura12]

If a person is not vigilant them there's a chance that this person will surely lose his/her bitcoin with just a simple mistake. The amount of money that a person may lose depends on how much bitcoin he/she have in the wallet. Well, if you are vigilant in what you do and website you will visit/ access then you'll surely keep your bitcoin safe. In my situation, I don't trust a website right away unless the website is popular and legit but if it isn't then I never use it.

[Myleschetty]

It is good to stay vigilant but what you just pointed out is not something new in the cryptocurrency sphere if I remember years ago some scammers also impersonated Binance on Telegram and a lot of people lost their life savings for it.
In the end. What's important is every cryptocurrency investor understands/knows the real cryptocurrency website and also understands how to detect phishing emails.

[icalical]

I was scanning through some news update on coin telegraph and discovered Hong kong SFC have issued warning to some imposter website defrauding innocent newbies.  https://cointelegraph.com/news/hong-kong-sfc-warning-impersonator-crypto-exchange-mexc
The action is commendable but I feel more  is needed to be done than warning cos this may be the reason we have been seeing the use of  'Scam' key words associated to crypto exchanges trending on social media.

We have seen harsh regulatory policies on crypto service providers and most of them have tried to comply which makes me feel issues like this that could affect the growth and reputation of the crypto industry should be taking seriously rather than just issuing warning.

If you are talking about eradicating all scams in crypto I think that would be impossible, even reducing the scams is extremely difficult. Crypto is all over the world, it's very easily accessible and it's pseudonymous even some of them is anonymous so by nature scammers like this features. Everytime government found a way to enhance the security scammers will find another loophole. Other reason is that the regulator, government and authority cannot punish crime that hasn't happened yet. The solution will be for the users to get more edcated thus it will stop them from getting scammed. Learn to store and use crypto in the most secure way possible.

[GeorgeJohn]

I was scanning through some news update on coin telegraph and discovered Hong kong SFC have issued warning to some imposter website defrauding innocent newbies.  https://cointelegraph.com/news/hong-kong-sfc-warning-impersonator-crypto-exchange-mexc
The action is commendable but I feel more  is needed to be done than warning cos this may be the reason we have been seeing the use of  'Scam' key words associated to crypto exchanges trending on social media.

We have seen harsh regulatory policies on crypto service providers and most of them have tried to comply which makes me feel issues like this that could affect the growth and reputation of the crypto industry should be taking seriously rather than just issuing warning.

one of the major reasons why some people get the frauded in cryptocurrency investment or in Bitcoin particularly is because those people who is defrauded through a Bitcoin always think of positivity in cryptocurrency and you don't think of the negativity in cryptocurrency as well, why people are being defrauded is because they want to be of beneficiary in all time so using a little amount of capital to make a big amount of capital is the Genesis of their down fall because its a greediness that contribute immensely towards Bitcoin.

[Adbitco]

If I can guess what you are talking about, you meant that regulation can help in making scam not to be possible.

Be it regulation or no regulation scammer are active scamming people on the regular basis, the thing is that we have to be very mindful with how we give out some important details otherwise we get scammed at least being mindful of seed phrase and where we store them.
I don't know why most at times people are so carried away without mind and know that their security is their utmost priority, we can reduce if we apply cautiousness but we can't totally eliminate it since new people are always coming on cryptospace.

[Mpamaegbu]

We have seen harsh regulatory policies on crypto service providers and most of them have tried to comply which makes me feel issues like this that could affect the growth and reputation of the crypto industry should be taking seriously rather than just issuing warning.

Regulations or not, scam activities won't go away as long as mankind exists. We've seen industries that are highly regulated but that hasn't stopped scam and fraudulent activites going on in them. It's there in the stock exchange. It's there in FX Trading. Scam is even there in religious circles. While I applaud the warning issued, I still believe the bulk of the prevention should come from the prey individuals involved. Many people are easily ruled by their own greed and that's why they easily fall to hyip (High Yield investment Programme). Anyone with the mindset of a quick return on their investment is prone to being a victim of scam.

[Richbased]

Fraud as a form of illicit enrichment was, is and will be. There is no escaping it. I am not saying that fraud should not be fought. But, in addition to fighting it at the state level, people need to learn to rely on their own strength in this area. Before using any services, people should learn to analyze information about the services they want to use. Otherwise, such people will lose their money.

You have just stated the real truth about fraud because inasmuch as there are legitimate ones there is definitely also gonna be illegitimate ones no matter how hard we tend to fight frauds and scams the perpetrators would still continue as their are people who just find comfort is defrauding others and feels that they are smarter than their victims.

Frauds have been in existence for a long time and it's very unfortunate that it can't be eradicated totally so it is the duty of every individual to be at alert in case they suspect any fraudulent activities and when one sees something or hear something they are not conversant with they should ask questions and confirm the credibility of whatever thing they are persuaded to do or get involved in because as days goes by that's how scammers and fraudsters are using different techniques just to convince people that what they are talking about or introducing to people are legit. And most people more especially the newbies are always too inquisitive about anything they see on the internet that's why they are mostly the people that falls victims to fraudsters and it is good to verify any source with which an information is gotten from before taking part in what they advertise or tries to bring to ones knowledge.

No matter the level of penalty that would be issued to scammers, it doesn't really make them desist from scamming people so taking more serious actions or not wouldn't change anything, even when warnings are neglected that means no amount of punishment would really affect them at all, so we all should just be extremely careful with any information we see online and not comfortable with.

[Outhue]

There are too many stupid people in crypto space this days, a clone website is easier to detect, the link is always different and even if you have no clue about which link is right or wrong, beginners only need Coinmarketcap or Coingecko to stay safe in crypto space, as these two websites will always direct you to the original links of every crypto projects and crypto exchanges that you are seeking for.

When a newbie comes seeking for knowledge through me, I always give them coinamrketcap and coin gecko, because every projects ate available there and also they consist of the safe website links and the smart contract of the tokens.

Instead, people this days will just believe that all they need is finding answers using google search engine, and this search engine have lead many people astray, they will show fake website links and ads and newbies will sign up through them only to get scammed later.

[tabas]

Think of this market as the wilderness and you're walking in the wild(scams). That's why each of us need to be vigilant with our steps and be attentive at all times. You're on your own and don't think that the regulators will save you as an individual. They are there to make policies and laws that will benefit and also most of us. But if it's about taking care of ourselves, we need to be wary that there's no government that will protect us every time that we're going to search for these exchanges or projects. And that's why I am telling you that we're on our own and you have to protect yourself from them and that's through being informed and validating each project or investment that you'll be interested with.

[Peanutswar]

It's easy to the fake ones now to create a duplicate platform like most of the time form of phishing so those people who aren't aware of the things they are doing are their victims, the reason why being knowledgeable on the internet is a must, your data now can be used for identify theft or fraud. Not in the crypto space but just casual use of the internet people easily deceive with these fake platforms and steal their credentials and if you are not knowledgeable about this you only not lose your information but also your money even more like in crypto.

Instead, people this days will just believe that all they need is finding answers using google search engine, and this search engine have lead many people astray, they will show fake website links and ads and newbies will sign up through them only to get scammed later.

Even Google now can be paid so you need to have a sharp eye if you are accessing a legit platform or not. Better you have a white listed website only in your device or ISP itself.

[Husires]

Regulatory regulations are useful in reducing the chance of misuse of customer data and in cases of simple fraud, as regulations force service providers to comply with certain conditions, which makes fraud more difficult or requires a smart project. Therefore, the fact that the platform has been approved by regulatory bodies gives it an advantage compared to unknown platforms, but do not trust it any exchange more time than you need to buy or sell.

There are bad aspects of regulations, which are that they may limit innovation or may put unnecessary restrictions on Bitcoin. using a third party and trusting it is against the idea of Bitcoin, which works to break the need for a third party to conduct transactions.

[Zlantann]

I was scanning through some news update on coin telegraph and discovered Hong kong SFC have issued warning to some imposter website defrauding innocent newbies.  https://cointelegraph.com/news/hong-kong-sfc-warning-impersonator-crypto-exchange-mexc
The action is commendable but I feel more  is needed to be done than warning cos this may be the reason we have been seeing the use of  'Scam' key words associated to crypto exchanges trending on social media.

Any event can trend on social media. Scams using fiat are popular and they can also trend on social media. I can remember several bank scams that shocked the financial system and the cyberspace of my country. Hong Kong Securities and Futures Commission took the right step to inform the people about this scam but your security depends more on you than these government regulatory bodies. The crypto space is too big to be regulated or policed, so these agencies will only do their best because they might not be able to dictate or report all scams in the industry.

We have seen harsh regulatory policies on crypto service providers and most of them have tried to comply which makes me feel issues like this that could affect the growth and reputation of the crypto industry should be taking seriously rather than just issuing warning.

Anybody who wants to adopt or invest in the cryptocurrency industry has the responsibility of doing research. The reputation of the sector will not be determined by regulatory or scam activities. We all know that the Bitcoin sector is decentralized which entails that there is always a means of avoiding these unfriendly policies. Regarding scammers, they are everywhere and we just need to be vigilant like you said.