Securing ourself with necessary actions.

The back-to-back Crypto scams have left the market in a very weak spot and specially the FTX incident has shaken up everyone very badly. Not sure if this is the end or we still keep going lower. As the Crypto market grows and more and more people get into it, there are more chances of these types of frauds taking place at large levels and also at small levels, hence it is important that every person acts cautiously with their stakes and not fall prey for scams and frauds. Though there will be some instances where we may never be able to anticipate. Just like the Luna and the FTX one.

There were times when there were big time scams in sock market as the regulations started setting in and introduction of demat accounts happened it got safer. We are into some similar situation right now. A lot of people retain their coins on the exchange itself. It can be for various reasons that one may have. One may not have enough knowledge or that one has very small stocks and may not find it necessary to purchase a wallet, which again is costly and for that reason may choose to leave it on the exchange.

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When our stakes are left open on the exchange there surely there is always a risk. Some of the exchanges though are very secure. Like Binance has multiple levels and layers of authentication to access so it is challenging for someone to hack. There are authentication codes send on mobile and emails at different levels of logins and operations. Even if one chose to leave it on exchange then they need to be mindful about setting up these authentication procedures.

Even on our blogging platforms we have hackers who are constantly sending links luring with different offers. Many people who are new to the system get carried away and click on these links and get caught up. In the initial days I had also clicked on one of the links, it had asked me to login, thankfully I did not login and I was safe. If I had to probably, I would have been at risk. People want easy money and they can go to any extent to do these cyber frauds and scams.

The thing is that this market is so open that everyone can see everything, all transactions are open and visible and that can get us caught up in someone's eye. Banking is such an old industry and still there are frauds happening in this space. Every day we hear of new ways that can out our accounts to risk, that's not even a decentralized platform. Crypto is a fairly new space in comparison and a decentralized one so there will be more risk also in this space.

Everyone needs to be safe by taking good precautions and not falling prey to scamsters. In a blink one can lose everything that they have made up in their lifetime. The digital world is fancy and at the same time scary also.

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