Avoid Scams

Defi scams are, unfortunately, all too common. This article looks at popular Defi scams, how they operate, and how to protect yourself. We'll also provide tips on what to do if somebody scammed you and how to report a scammer. Finally, we'll discuss the implications of DeFi scamming and present examples of successful prosecutions. What Are DeFi Scams, and How Do They Work? Decentralized Finance (DeFi) is a term that has gained enormous popularity over the years. DeFi is the…

As the popularity of NFTs (non-fungible tokens) continues to grow, so does the potential for scams.  This article examines popular NFT scams and offers suggestions for avoiding them. We'll also discuss the future of NFT scam prevention and how to report one. A Closer Look Into NFTs and Their Popularity The past year has seen a surge in the popularity of non-fungible tokens. These digital assets are unique, and nobody can replicate them, making them ideal for collectors and investors.…

While crypto scams and hacking schemes continue growing more sophisticated, industry newcomers are increasingly put at risk. A crypto stealer can swiftly confiscate your crypto holdings within three clicks alone. Please read below to learn about this efficient yet dangerous attack and how to avoid falling victim to it. The Three Click-Confiscator 1. The Hook The scheme begins with a “hook” – an alluring message that expresses its victims’ sense of urgency. Samczsun, the Head of Security at Paradigm, provided…

The phenomenon of Initial Coin Offering (ICO), whose popularity has been growing fast, involves raising capital for new blockchain projects by selling underlying crypto tokens. The process is similar to Initial Public Offerings (IPO), although ICO is unregulated. Its freedom from regulation makes it a perfect option for bypassing the tedious and regulated process imposed by financial institutions and venture capitalists. However, it comes with a set of risks. As an unregulated activity involving financial resources, you would expect some fraud. …

An Initial Coin Offering (ICO) is an easy way of investing in a blockchain-based project that is still developing. With good research, intuition, and luck, you may buy into a future cryptocurrency with global recognition. The next ICO could be the one that brings you a substantial ROI. However, it could also be one of the many that fail or turn out to be a hoax. Despite their continuous loss of credibility, ICOs remain widely popular. Today, we focus on the…

The emergence of COVID-19 pandemic has disrupted the activities planned for this year, such that there have been postponements worldwide including the Olympic Games which was suppose to hold in Tokyo. The postponement of the Olympic Games has prompted various online scams related to cryptocurrency. This includes emails from alleged members of the International Olympic Committee in which scammers solicit donations from unwary victims. According to a report by Trend Micro on April 30, scammers are soliciting for cryptocurrency donations towards Japanese organizers’…

Scammers continue to leverage the current pandemic to perpetrate their malicious activities. It is such that the national internet authority shut down more than 2,000 online scams associated with COVID-19 last month. A deeply shocking 471 fake e-commerce stores selling fake Coronavirus materials were shut down. They have also taken down numerous phishing scams and advance-fee frauds. Due to the rising scams, the United Kingdom’s National Cyber Security Centre (NCSC) is still raising awareness and warning citizens regarding the risks. According to the U.K. Minister for Security,…

Every new technological advance has two sides to its success story. One tells the tale of economic and social benefits that derive from it. The other one bears the ugly face of scamming, theft, and hoaxing. One clear example of this unofficial axiom is the surge in cryptocurrency scams that occurred throughout 2019. According to a CypherTrace report, hackers managed to steal more than $4.4 billion from cryptocurrency owners and entities last year. It is a staggering increase from the…