Crypto Scams

Any area that involves cryptocurrency is usually linked to a scam. But none affected and is still affecting the market like the PlusToken scam. Let us follow up on one of the biggest events in the history of cryptocurrency. What was PlusToken? Sometimes called the “Biggest Scam in the History of Cryptocurrency,” the PlusToken Scam shook the entire crypto market. The remnants of the scam can be felt to this date. Building upon a Ponzi scheme's age-old tactics, the people…

Cryptocurrency got its name because it uses advanced coding and encryption to transmit data. It was created to remove reliance on banks and necessitate peer-to-peer payment transactions. Heavy encryption and coding are necessary to provide secure transactions for purely digital currencies. Crypto transactions require a two-factor authentication process, making it harder for hackers to tamper. However, even with the securities set in place, cryptocurrencies aren't entirely unhackable. One of the most recent hacks was South Korea's Bithumb exchange, where $30…

On Sunday, BTC saw its worst daily loss since September 2019, declining from $8,900 to $8,000, almost a 10% decline. The decline has continued today, currently trading at $7,705according to CoinMarketcap.  Although the price drop was parallel to a lousy day in trading traditional stock, analysts claim that there could be more factors driving the BTC crash.  For instance, a trader named Kevin Svenson on Twitter claimed that this sudden crash could not be attributed to sell-offs since the market…

Pump and dump schemes are typical in the microcap stock market and are now making their way into the cryptocurrency industry. Although these schemes provide an excellent way of making a quick profit, they are risky. Unfortunately, new crypto investors don't know much about these schemes and often fall prey to the scams.  Trading in cryptos is risky; therefore, it helps to know what to avoid and how. This article will delve into the details of the cryptocurrency pump-and-dump schemes. What…

The Commodity Futures Trading Commission (CFTC) recently filed charges against Denver Local Breonna Clark and Venture Capital Investments Ltd. As per CFTC’s statement on the 14th of February, the two firms defrauded investors and did not register with the agency. Additionally, there were claims by Clark and Venture Capital Investments Ltd on the management of a forex and cryptocurrency trading pool, persuading US participants to involve themselves in it for alleged financial gain. More on What the Fraud Involved CFTC…

Elon Musk, the chief executive of Tesla and SpaceX, got tired of online cryptocurrency scams. On the 1st of February, Musk warned his Twitter followers of cryptocurrency scams which are attaining new levels each day. Scammers involving non-digital currency scams hijack Twitter accounts with an official ‘verified’ seal, and then change usernames to look like renowned individuals’ names in the tech space. These scammers then manipulateTwitter users to send them bitcoins to spurious accounts. How Some Cryptocurrency Scams Occurs and…

There has been a constant breakthrough in the news about organizations and individuals being scammed or robbed of their digital currency holdings. Digital Currency, in general, is a developing and scam-intensive area. People are still trying to find their way across all the complexity. Thus, in light of these events, we consider it our duty to help our readers figure out their Crypto Adventure. What is Scamming? Scamming is the elaborate process of taking advantage of uninformed individuals or organizations…

The word scam is often applied to dubious startups and Initial Coin Offerings (ICOs)/Initial Exchange Offering (IEOs) within the cryptocurrency community. When the project lacks practical usefulness and the business idea behind it is suspicious, such projects are often referred to as scams. Compared with other ways of stealing money, the main feature of a Bitcoin scam is that it usually takes advantage of people's trust and negligence. Currently, the cryptocurrency market is not regulated enough to protect people from…