Where money is concerned, scams always follow, the same is true with cryptocurrency.
In February 2022, a cryptocurrency exchange platform lost $320 million after a cyber attack. In addition to this attack, Prolific Scammers have stolen more than $1 billion since 2021, according to a report by the Federal Trade Commission.
Digital currency is a form of currency stored in a digital wallet, and the owner can turn currency into cash by transferring it to a bank account. Cryptocurrency, such as Tezos, is different from digital currency. It uses blockchain for verification and does not run through financial institutions, so it is harder to recover from theft.
Even though cryptocurrency is a newer trend, thieves are using old methods to steal. Here are some of the common cryptocurrency scams to watch out for...
- Tezos investment schemes
- Rug pull scams
- Romance scams
- Phishing scams
- Man-in-the-middle attack
- Social media cryptocurrency giveaway scams
- Ponzi schemes
- Fake cryptocurrency exchanges
- Employment offers and fraudulent employees
Thank you for reading and helping our community keep Tezos community fraud free.
Regards, Prof. NOTA!
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