CryptocurrencyTech News

Elon Musk raises alarm over cypto scam

Elon Musk, CEO of Tesla and Space X, expresses concern about the widespread proliferation of cryptocurrency spam on Twitter. The business magnate and entrepreneur responded to a screenshot of a giveaway scam posted by Dogecoin co-founder Billy Markus. It is stated that this has been broken for a long time.

Scammers worldwide earned a record $14 billion in cryptocurrency in 2021, according to data from blockchain analytics firm Chanalysis. Losses from cryptocurrency-related crime have increased by 79% since 2020.

This was a major worry because bitcoin theft surged by 516 percent from 2020 to $3.2 billion in value. Crypto spammers aren’t just on Twitter; they’re also on Instagram and Facebook, offering gullible people giveaways in order to defraud them. One of the methods to convince people to commit to them so they can steal from them is to use these tactics.

Scammers are finding new methods as cryptocurrency becomes more prevalent. The most common are investment and business opportunity scams, in which phony companies promise large sums of money and financial independence in a short period of time.

This is not new, as this isn’t the first time Elon Musk has called out a crypto-scam. Sometimes in 2018, way before he showed interest in cryptocurrency, he had drawn the attention to Ethereum spambots. And also, in July 2020, Elon Musk, Kim Kardashian, Bill Gates and some other influential people became the targets of Bitcoin fraudsters thereby regarded as the biggest Twitter hack ever. It was recorded that, according to data published by the Federal Trade Commission in 2021. The crypto scammers that impersonated Musk went home with about $2 million.

These scammers suggested that naive victims pay in bitcoin in exchange for the right to enroll others into a program. Others, for example, send out unsolicited job offers to help recruit cryptocurrency investors, sell cryptocurrencies, mine cryptocurrency, or assist with the conversion of cash to bitcoin. They even went so far as listing scam jobs on job websites, promising jobs in exchange for a fee, but then stealing the victim’s money and personal information.

Traders, investors, and newcomers are advised to be vigilant and sensitive in order to avoid becoming a victim of a scammer’s nest. For those who are new to investing, it is necessary to understand how investments work. Read to gain adequate knowledge, monitor the processes, and track the money. You should be aware that genuine investment schemes and advisors always share this information with their clients. Offline and online research saves you from avoidable mistakes and stress. Before investing or making that deal, make sure you do your homework. Look up the company name and the cryptocurrency name, as well as words like “review, scam, complaint.”

Thoroughly go through what others are saying, then read more about other common investment scams. Cryptocurrency scams and other suspicious activities can also be reported to the cryptocurrency exchange or platform which are used for the transaction.

How To Avoid Crypto Scammers.

You can significantly lower your risk of participating in the crypto asset sector if you follow and adhere to fundamental security concerns and learn to recognize red signals. If you spot a scam, let the community know and report it to the proper authorities. Do not participate in crypto MLMs, HYIPs, or any other kind of program where returns are guaranteed.

Get yourself a hardware wallet.

The best approach to store your cryptocurrency is in a hardware wallet. If you can avoid it, do not leave Bitcoin on an exchange for an extended period of time. This is due to the fact that exchanges are hacked on a daily basis. And if you are hacked, you may or may not be able to recover your funds. It’s time to transfer your Bitcoin from the exchange to your hardware wallet.

Ensure you only use large, local, regulated exchanges.

Smaller, unscrupulous foreign exchanges should be avoided. You’ll be ahead of the information security curve if you follow these guidelines, and you’ll sleep better at night. These rules are a must-have for anyone interested in getting into the crypto world.

Do not expect returns without risk, and be wary of anyone who seems to be offering this. Do not leave your funds on an exchange for longer than you have to. Get yourself a hardware wallet and learn how to use it (and make sure it’s backed up). Notify the community if you come across a scam. You might save someone a lot of suffering, and in the process, you’ll be doing all of us a favor by exposing these deceptive plotters. The crypto asset market is risky. There are ways to reduce your danger in this environment, and if you’re serious about participating, you should do your research and take the required safeguards.

Be alert, Be safe!!!!

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