How To Avoid Cryptocurrency Scams

Scammers are always finding new ways to steal your money using cryptocurrency. A sure sign of fraud is anyone saying they have to pay in cryptocurrency. In fact, anyone who tells you to pay via bank transfer, gift card, or cryptocurrency is a con. Of course, if you pay, there’s almost no way to get the money back. What scammers rely on Here are some cryptocurrency scams to look out for.

Investment Scams And Business Opportunities

Some companies promise that you can make a lot of money in a short time and achieve financial freedom.

Some scammers tell you to pay in crypto to get the rights to recruit other people to a program. Doing so, they say, will reward you for hiring paid in crypto. The more cryptocurrencies you pay out for, the more money they promise you will make. But these are all false promises and false guarantees.

Some scammers start with unsolicited offers from so-called “investment managers”. These scammers say they can help you raise money if you give them the cryptocurrency you buy. But once you log into their “investment account” you will find that you cannot withdraw your money unless you pay a fee.

Some scammers send unsolicited job offers to help recruit cryptocurrency investors, sell cryptocurrency, mine cryptocurrency, or help convert cash into bitcoin.

Some scammers list fake jobs on employment websites. They promise you a job (for a fee), but end up taking your money or personal information.

Look for statements like these to help you identify companies and people to avoid:

Fraudsters guarantee that you will get money. If they promise you that you will make a profit, that’s a scam. Even if there is a celebrity endorsement or testimonial. (It’s easy to fake.)

Fraudsters promise big payouts with guaranteed returns. Nothing can guarantee a fixed return of, say, double your money. Especially in a short time.

Fraudsters promise free money. They promise it in cash or cryptocurrency, but the promise of free money is always wrong.

Fraudsters make big claims without details or explanation. Smart entrepreneurs want to understand how their investments work and where their money is going. And good investment advisers want to share that information.

Before investing, check it out. Search the internet for company names and cryptocurrencies, as well as for words like “review”, “scam” or “complaint”. Look what other people have to say. And read more about other common investment scams.

Blackmail Email

Scammers often send emails claiming they have embarrassing or harmful photos, videos, or personal information. Then they threaten to go public unless you pay for them in crypto. Do not do it. This is an extortion and criminal extortion attempt. Report to the FBI immediately.

Social Media Scams

If you read a tweet, text message, email, or receive a message on social media telling you to send cryptocurrency, that’s a scam. That’s true even if the message came from someone you know or was posted by a celebrity you follow. Your social media accounts may have been hacked. Report the scam immediately to social media platforms and then report it to the FTC.

Also Read: What is a Technology? – Functions, Methods, Professions, and More.

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