What are Crypto scams?

Make your research on any Cryptocurrency scam. Attach a few references to the news surrounding that scam crypto project

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First of all, I am very grateful to Professor Sahib for giving us an excellent lecture on this topic and crypto scam is a very important topic at the moment.

If we compare crypto scam with today and tomorrow, we know that The scammers have spread a scam on the internet. And looting through this net, and cheating with poor traders. Any action that helps scammers achieve their goals is called a scam. Scams are activities that thieves use to steal.

If I define scamers in my own words, I would say that people who, by misrepresentation, lies, deception and greed, by gaining a sense of information, regardless of any system or When it comes to business, investors suffer financially and mentally. Such people are called scamers.

Scamers harm investors both mentally and financially through their scam activities. Scammers do all their tricks to deceive potential investors in order to trap them and steal their wealth, whether it is cryptocurrency in any form or a bank account or any other asset, the target of the scammers.

We all need to realize that we allow scammers to access our wallet. Here I will explain with an example that if the four walls of our house are safe and we do not share the secrets of our house with scamers, then our house will be safe from thieves in every way.

There is a strong possibility that we are making our home unsafe if we share more information about the rooms in our home with scamers and strangers.

So is the case with cryptocurrency wallets. Because scammers always try to access information that will help them unlock our cryptocurrency wallet. This is why scammers commit fraud on the internet through which they deprive investors of their wealth.

I will share some facts from my life experiences here on how I handed over my cryptocurrency to scammers and in what ways scammers harmed me.

But these are the facts. I lost thousands of dollars of cryptocurrency that were looted by scammers but I think it was my own fault that I got caught in the trap of scammers. I had a wallet on a very old bitcoin blockchain and I kept active keys in email.

But I didn't know enough about bitcoin in 2015 that it would one day be worth thousands of dollars. I used the same password and email whenever I registered on a cryptocurrency website. But when the price of bitcoin went up, I saw that all my bitcoin sacmers, which we also call hackers, had been stolen.

I was holding a stellar coin. And I still get regular stellar press reports. But I once received a link that was like a stellar blockchain.

I accidentally opened it for transaction and logged in with master key but login failed. Moments later, I noticed that all my stellar coin scammers had transferred it to their wallet.

I had a lot of mental anguish and anxiety at that time. At the time these coins were worth close to two thousand dollars and it was also my lifetime earnings which I was very upset when it was stolen, but how did I get caught in the scam of scammers, because scammers cheated me through duplicate stellar URL, and so on,I fell into their trap.

Scammers deceive investors through fake websites. Scammers deceive investors through fake ICOs. With fake crypto coin, scammers lure investors to make huge profits.

Scamers use various social media to reach the investor. scamers reach investors through facebook, twitter, youtube, whatapps telegram group. They lure people for profit through advertisements and social campaigns on these social media.

Then, through fake users, scammers show themselves as investors, thus becoming fake investors, scammers try to win investor's trust, make videos on toutube and encourage investors to invest on fake crypto websites. deceive people using facebook, twitter, whatapp and telegram group. These are all sources that scammers use to gain access to investors.

We can protect ourselves from scamers by taking the following precautions. First of all we should use our e-mail address differently for each website. We should always use different passwords. To login to any wallet, we should check the URL again and again and then use the master key when satisfied.

Don't rely on high-profit crypto websites. Fake app or moblie app about which you are not fully aware, should not be installed in mobile till then.

Fake mining apps and websites that demand a withdrawal fee or a master key should not be trusted. Always keep yourself safe and never share any information anyone asks for online.

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Crypto pump-and-dump schemes

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If we investigate the scams on the internet that have taken place in crypto in the past, we know that not one but thousands of frauds have taken place. But today I have read this latest article which explains how the crypto investor is being deceived by the scam system and pump snd dump schemes.

Thus in this article it is stated that FaZE organization has suspended many scams user accounts. Because through pump and dump schemes, scammers increase the price of any coin and then when the investor starts buying, they sell it by accepting the uptrend. This causes a lot of damage to the investor.

references 1

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'We lost our life savings in a cryptocurrency scam'

in this news we can easily understand that how scamers are thefting the money of people so this new is really very much sad, that can open our eyes to understand this

Citizens Advice said that 36 million adults had been targeted by a scammer so far this year. Of those, 12% were by someone offering a fake investment or get-rich-quick scheme.

image & references 2 source

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To what extent have Crypto scams affected the Crypto space

It is important to have confidence and capital security in any business. If a person thinks about investing in a business, he should first confirm that he should invest in a safe place. So crypto scammers have done a lot of damage to the crypto industry.

The investor, big or small, is afraid to invest in the crypto market. Scammers are listing in fake coin exchanges and that is why no one believes in the crypto industry at the moment. The way I told the story of a man above is how he was robbed by a scammers scheme.

If we look, the banking system is currently freezing the accounts of people doing business in cryptocurrency. That's why these are scammers. The reputation of the crypto industry will remain down until we take legal action against these scammers. We have to take legal action on dump and pump schemes. In order to increase the interest of investors.

At the moment, if we talk about the crypto industry on the Internet, 70% of people consider crypto a fake and scam project. The only reason is the spread of scams.

There are many people who have lost money by buying scams. So in these circumstances, scams are causing a lot of damage to the crypto industry.

A person who has fallen into the hands of scamers tells people in the society that this is how people's trust is destroyed. So I would say that many investors are avoiding investing in the crypto market because of crypto scams. Which is a huge loss. We have to restore investor confidence.

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Will regulations in Crypto add value to the Crypto space?

We argue that cryptocurrency should be decentralized and many people are in favor of it. Some people prefer a centralized crypto project.

But I think both projects exist at the moment. Both projects have harmed the investor by using scamers. So there are scam coin lists on centralized exchange.

Scammers are also active on such decentralized. regulate is not the solution. The only solution is awareness. And I think we and the popular blockchain like steemit and steemit users have to run awareness campaigns again and again again through facebook, twitters so that the public is aware that whenever they invest in a cryptocurrency, first research and then invest.

And only a decentralized crypto system can take the crypto market to new heights. I think the regulations will benefit the scammers even more, while it is very important at this time to attract investors towards awareness and research.i feel it is the method to gain the trust of invest to crypto currency .

Thank you professor @yohan2on for this course

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Thank You.

@yousafharoonkhan