How Cryptocurrencies are taking Advantage of the Vulnerable.

What is CryptoCurrency?

     Cryptocurrency is digital currency that is created and stored electronically. Some of the biggest Crypto Currencies Include BitCoin, Dogcoin, and Etherium. This article will explore the new ways crypto currencies are scamming the vulnerable. As Cryptocurrency begin rise, we can see that the victims are usually people who don't know much about cryptocurrency. Its important that you learn the types of scams in this industry that way you can avoid them. These scams take advantage of people's lack of knowledge and target them with fake currencies and fake exchanges as well as using other shady tactics. 

Common Scams in Crypto

One of the most common scams in cryptocurrency that takes place when someone offers to buy bitcoins from another person at a price that’s too good to be true. The seller sends the bitcoins, but then never receives payment for them because it was all just an elaborate ruse to get their hands on some free bitcoin.

Phishing Scams

Phishing scams are also very popular among criminals who want to steal your money. They send emails pretending they're from popular companies like Amazon, eBay or PayPal, asking you to click on links or download attachments which will infect your computer with malware designed to steal your login details and passwords so they can access your account and empty it out.  Cryptocurrencies are not as secure as they seem, and people are being scammed every day.



Fake Links

A common type of scam is the "Rug Pull" scam. This is where someone advertises a cryptocurrency on social media, and when they get an interested party they will give them a link to follow. When the victim clicks on the link, it takes them to a fake website that looks like a legitimate site but it's actually just trying to get their personal information.

Romance Scam

Another popular scam is the "Romance Scam." This is where someone sends messages to victims pretending they are from another country and tries to build up an online relationship with them before asking for money or other items in return for sending over some of their money or other items.

Fake Exchanges

Fake cryptocurrency exchanges also exist which will steal your money if you send it over. They deceive a person into thinking that they are a legitimate cryptocurrency exchange and then run off with the money once they receive it.

Goverment Involvment

The government should get involved in stopping crypto scams. One way to do this is by regulating the crypto industry.

A recent report from the U.S. Senate Committee on Banking, Housing, and Urban Affairs found that there are more than 1,000 cryptocurrency-related scams worldwide. Scams are not just a problem in the United States, but also in other countries such as China and South Korea.

The government should also educate people about how to spot a scam as well as how to protect themselves from them. This will help people have a better understanding of what they are investing their money in and what they can expect out of it.


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