In my previous post (Part -1), I had introduced you to the concept of what exactly Market is and how it is exactly matches to crypto world.
In this post, I want to extend from where I had left out in previous post, I want to introduce you to the term Cryptocurrency Scam.
We are today in Web 3 internet, which is a precoder of Web 2 internet.
As we have seen from past 10 years in Web 2 internet, there are various types of Bank Robbery, Theft of being cheated on the Phone Calls for OTP (One Time Password), other cyber crimes are taking place. Although we now know that Web 3 is built and started in year 2009, majority of us are not aware that time. For many of us, Web 3 is kind of revolution taking place, and that's write it is a revolution taking place from Web 2 to Web 3 now a days.
Web 3 is not completely built till now, and developers are adding more things into Web 3, like adding security, ETH to ETH 2.0, with second layer of security. Plus we are not detailed educated about internet in our School Days.
Due to development and deployment each and every day to the newer version of Web, it is rightly viewed that there are Scams happening all over the world because many people are directly jumping from Web 2 to Web 3 (Translating Stage), without proper knowledge, which is leads to increase in same quality of scams that are seen in Web 2, like ATM frauds, file sharing and privacy.
Although number of frauds, are reduced because Web 3 is decentralised version of web, like you haven't hearing of these frauds like Man in Middle attack, Computer Viruses Injection, E-Mail Hacking, Wire Fraud, etc, etc. (Thanks God, these terms are not to be heard again in coming years),
But due to lack of knowledge of Cryptocurrency Scam, the scams are to be happened.
Now a days in Web 3 internet, many scams are titled as 'Loss of Money', 'Investments in Web 3 is not useful', ' $xxxx billions NFTs stolen', etc.
Means now a days scams are mostly on 'Financial Loss' topic. So, to protect from Financial Losses that are happening in Web 3, we have to understand that what causes these Financial Losses and it is termed as Cryptocurrency Scams.
Now without stating what happened past years, let's concentrate on what is and what is coming and how to protect from it.
1- Do not fall for any type of fake Crypto Giveaway Scams :-
You have probably seen out in Twitter every day, there are many tweets about giveaways, where scammers in want of fallowers, make fake accounts of giveaways which are titled as ETH giveaway, Tether giveaway, Bitcoin Giveaway.
This above tweets are very popular fake giveaways tweets on twitter and people usually got trapped in these tweets. They provide their address's to these fake account holders, they even send money to them for minting of their NFT's. These types of Tweeter account holders, then usually creates their own's Discord channel or Telegram channel and invite people to join them and promote their nft's their. While it is good, for promotion, but usually it's a time wastage if it's a fake account. People after realization reports these fake accounts and complained of their loss of money.
Some of these tweeter account impersonates themselves to a popular Crypto Leader and write tweets about them giving free giveaways, just RT and Follows them. This is some what seen now a days and if you ever fall on this criteria, you are not only one, even I had realized once.
In the third tweet, I had attached above, you can see that the account @Tether_Giveaway had attached a photo of price of Tether Balance found on block explorer, maybe that is of their tether value. When I searched for tether in Block explorer, this is what I found :-
What I wanted to tell you that you should always check if the transition account is real or cryptocurrency is real on the block explorer.
This is for today.
More schemes, I will discuss in my coming posts.
Thank you for reading.
Look at this my post, on How to setup Meta Mask Web 3 Wallet, if you haven't created till now, I have explained here in detail :-
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