What Are The Common Cryptocurrency Scams?

Introduction

Everyone is fond of money. The world is crazy about money and that can be earned only by working hard. Hard-earned money sounds great. But at the same time, some people love to sit idle and enjoy the money of others by not work a bit. These people rely on scams and pranks to get that money. They deceive ordinary people and take away their money in one way or the other. As the digital field is vast and there is no direct contact between the scammer and the person involved, the scammers find this easy go-with thing. They attack the users by making them fool by posing lucrative offers and as a result, an average person falls into their prey. If a person is not active on his wits, he will be easily deceived by the call of scammers. In this article, we are going to discuss those scams that can happen to an amateur or professional investor. Like Bitcoin, it is also interesting to know about Ethereum. 

Decentralized finance (DeFi) offers

By the word DeFi, we mean decentralized finance. As the whole cryptocurrency chain is decentralized in nature, scammers try to fool investors by offering very bright returns on some currencies. The offers are created by the scammers in such a way that they look as real as an official statement. As soon as an investor invests its money in the project either the project vanishes or any contact with the broker could not be established. The scammers enjoy the spent money and the investor feels pity for his decision.

Fake portals

In this type of scam, scammers usually make a bogus website that looks like a genuine platform for buying and selling. They even start their customer support to look legit. The inexperienced users who have less knowledge commonly click on these sites or they come across these websites on their social media or chatting handles. The users invest through these websites thereby exposing their important details.

Ponzi schemes

This type of scam poses like you are investing in some multinational firm or some celebrity so that you cannot feel anything fishy about the organization. Many Ponzi schemes are active right now at the time of writing this article. The scammers also provide you with the so-called benefits of a long term! It is suggested that if you ever come across such schemes, immediately report the scheme to the real owner or concerned department to stop yourself and others to get harassed by this mental torture.

Job offers

In this type of scam, some random message pops on your screen saying that they require an active and fresh person for the post of miner or developer. Those who are desperate to get the job without enquiring about the company first will quickly fill up their details thereby leaking their physical database to the scammers. In this modern world where your identity is the dearest thing over, digital platforms can get leaked and fall into the hands of not-so-good deed people. So, it is a risk for you to rely on unknown links and suspicious activity over the internet.

SIM Cloning

These scams are most common and the people who feel prone to this scam had their details available online. The scammers create a fake profile of you thereby copying or issuing a new sim on your name without your information or consent. If that SIM will be used for illegal purposes, it will be you and not the person responsible for the act.