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Going About Tracking Your Cryptocurrency
Some of the most exciting things about cryptocurrencies are also the things that make them more susceptible to scams and criminal activity. As you probably know, cryptocurrency is decentralized. It is not regulated by any government or central bank. That means no one has control over it—which can be really exciting for people who like the idea of freedom from government oversight.
The cryptocurrency industry is known for being volatile and rife with scams, so it’s no wonder that the people behind these scams have a harder time getting away with it.
Cryptocurrency can be a dangerous investment without the right skills. Trustworthy and skilled individuals like yourself will find this article helpful in combing through all the scams out there on the web. We’ve seen people track down criminals using simple methods and make sure that they don’t get away with it. Check out our latest blog post if you’d like to find out how it’s done today!
How Cryptocurrency Scam Works
Cryptocurrency scams range from social media schemes where you’re asked to send cryptocurrency to someone in exchange for more—which is never delivered—to more sophisticated attacks on wallet software or exchanges. It’s important that you and your loved ones stay informed about the different kinds of scams that can pop up. Here are some of the most common ones:
Sharing your private key
Cloud mining scams
Fake customer support
How To Not Fall For Cryptocurrency Scam
- Watch out for exchanges that don’t have any regulations. Make sure they’re registered with the SEC and that they follow the guidelines set by the IRS.
- Keep an eye out for scams that want you to “invest early” or give you bonuses for investing early, but which don’t have any proof of concept or working product yet. The most reliable companies will already have something built and working before they start soliciting investments from the public—and if anyone pressures you into investing early, walk away.
- Don’t engage with accounts that promise absurd returns on investment, such as those that say you’ll earn over 1000% return per month. These are almost always scams, and even if they aren’t, the returns are so implausible that there’s not much point in engaging with them anyway.
- Set up a separate email address that you use for cryptocurrency exchanges. In the past, if your main email got hacked, the hacker could easily get access to your bitcoin wallet and drain it. If you use a separate email only for your cryptocurrency-related activities, then even if they hack into your main email, you’ll still be protected.
- 2FA Everything; we do recommend the use of authentication apps like authy or google authenticator rather than using SMS or email for 2fa verification codes.
- Hackers and phishers are targeting individuals by creating fake cryptocurrency exchanges and trading platforms, luring users with promises of high returns. They may also reach out to you directly via email or social media. The best way to avoid getting caught up in this kind of scam is never giving out personal information or clicking any links that you can’t verify as safe.
- A lot of people who trade in cryptocurrency get emails and messages saying they can be part of something called “pump and dump.” Don’t fall for this—it’s basically a scam where someone tricks people into buying stock in a company that doesn’t actually exist.
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Here are some more tips
- Never invest more than you can afford to lose.
- They should have a whitepaper or a roadmap that clearly explains their product or service, who’s on their team, and what kind of security they use. If they don’t have one, or it’s unclear or poorly written, it’s not worth investing in.
- Never accept an offer or payment directly into your bank account—scammers can easily cancel those transactions and leave you with nothing.
- Remember: cryptocurrencies are only decentralized if you’re using paper/hardware wallets or another offline wallet option. If you’re trading on a regular exchange (i.e., Coinbase or Kraken), then your money is just as safe as it would be if you were doing a regular trade on the stock market.
- Cryptocurrencies backed by fiat currency (like Tether) are no safer than the average currency itself—in fact, some of these currencies are even less stable because their value is determined by the issuer rather than traded on an external and independent market.
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