Fake Wallets And Exchange Websitesįake wallets and exchange websites are another form of cryptocurrency scam that is so simple yet effective. Also, if a few wallets hold the majority of an asset's coins, that's a major red flag. The more time you spend on the crypto market, the easier you will be able to detect scammy projects. To avoid rugpulls, you should try to stay away from small obscure coins (even if they're endorsed by a famous person) when you're still a beginner. This process is known as rugpulls or pump-and-dump. However, as the asset reaches a good enough price, the influencer will sell all of the coins they own, making a ton of money for themselves while crashing the market price, leaving their fans and investors with a huge loss. But the issue begins when scammers take on the disguise of an authentic company and create a ' fake airdrop'.Ĭonveniently, as an asset gains value, more people are willing to buy it hoping to cash in on the profits.
#COULD MY BITTORRENT WALLET GET SCAMMED FOR FREE#
Big, legitimate companies like Uniswap, Bitcoin Cash and BitTorrent have offered coins for free to applicants in the form of airdrops. In fact, airdrop is a super common marketing technique for companies to advertise their token/services to potential users. One of the most common crypto scams comes in the form of an airdrop, yet not all airdrops are scams. Make sure every program you install/download is from a reputable source, and remember to utilize extra security methods such as hardware wallets and 2-factor authentication. Moreover, you should be cautious of clicking random links on the internet, especially through an email. Protect your computer from viruses and malware by regularly scanning your computer with an antivirus tool. Other sensitive details like your social security number or private key can also be at risk. Once the hacker knows this info, his job is pretty much done. This malware is usually a key reader that lets the hackers access your exchange or wallet's ID and password.
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