Cryptocurrency: 10 Most Common Cryptocurrency Scams To Watch Out For | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #ransomware

With the growing popularity of cryptocurrencies comes a surge in scams targeting unsuspecting users. This article outlines the top 10 crypto scams, as scams evolve, staying informed and exercising caution are crucial defenses in the crypto world. Always verify and approach enticing opportunities with a discerning eye.

10 Most Common Cryptocurrency Scams To Watch Out For

With the increasing adoption of cryptocurrencies, there has also been a surge in the type and quantity of scams related to this market. Common cryptocurrency scams can range from rug pulls and giveaway scams to more traditional scams like Ponzi schemes and phishing scams. Scammers are constantly on the lookout for new ways to steal cryptocurrencies from unsuspecting users. They particularly favor the crypto industry due to its decentralized nature, where no one person or entity owns, manages, or controls the network.

In other words, the absence of banks or centralized authorities to flag suspicious crypto transactions, coupled with the irreversible nature of crypto transfers, compounds the vulnerability of the industry to fraudulent activities. For perspective, between January 2021 to June 2022, more than 46,000 people reported losing over USD 1 billion in crypto to various scams, according to the Federal Trade Commission (FTC). While the figure only includes people who willingly shared this information with authorities, it is still alarming.

In order to safeguard their assets, crypto investors need to know the different types of crypto scams. In this article, we explain the top 10 most common crypto scams.

Phishing scams involve deceptive emails or messages posing as trusted entities to steal user data. In the crypto realm, scammers often target users to obtain private keys, providing access to their funds. Users should exercise caution with unsolicited communications and avoid clicking on suspicious links.


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