How to avoid some scams in crypto

How to avoid some scams in crypto


Scams in crypto are rife and I have to be honest and say I have been scammed. The main thing to do is be alert and dont get caught off guard and do something stupid that you wouldnt normally do. The following are a couple of scams I was caught with.

(1) My most recent scam was when I was stupidly caught off guard when trying to get into COTI staking. COTI staking does pay quite well and I was on their telegram group asking about their new 2.0 staking. Someone messaged me directly with a Tech Support logo and said I needed to send tokens to a staking address. I stupidly did so without checking they actually were COTI technical support. Of course they were not - they were scammers and what made it worse was i transferred from one wallet which did not have enough coins for minimum staking and they came back saying I had not transferred enough for staking so I transferred more from another wallet. After coming to my senses I started asking the questions I should have asked and realised they were scammers.

So ignore telegram contacts. Just use telegram for info. and dont take actions based on info. supplied on this forum.

(2) I entered into an ICO called Titanium TBAR mainly because the guy heading this ICO Michael Stollaire had advised in the Electroneum project. However he scammed loads of people out of a lot of money and ended up being jailed. Dont know how this could have been avoided other than doing in depth checks on the credentials of those heading up projects or not investing in ICOs.

(3)  I had coins on Cryptopia and it was hacked and went into liquidation and customers coins were frozen. This is still going through liquidation but many still think it was an inside job and therefore potentially a scam. There is still an outside chance some coins might be received in the administration process but the main thing is to keep as much of your crypto off exchanges and on storage devices you control.

Hope this helps you avoid some scams.

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iansinc61
iansinc61

Not really a big reader but interested in crypto


My Cryptocurrency Journey (Part 1)
My Cryptocurrency Journey (Part 1)

I started in cryptocurrency in June 2017 when the last bull run was in its final 6 months big run up (although I didnt realise that at the time). My portfolio of about £3000 had reached a total of approx £27000 but unfortunately I didnt cash out so this is presently (5/1/20) worth 50% of my original investment but I am hoping an upturn is underway and I will be back in a profit. I will in next part give some thoughts and tips for newbies (who dont intend to learn technical analysis and day trade).

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