Anatomy of a Scam

By Keith Thuerk | New to Crypto's? | 8 May 2021

Anatomy of a Scam

Yesterdays news was ripe w/ BTC ATM & Wallstreetbet (WSB) scams.  The old adage 'there is a sucker born every minute' might still be true

Let's peel back the anatomy of a scam,
Someone sits back and plots how to take what is yours or from many, instead of putting that energy and brain power into something productive.

Components of a scam

  • False info or misdirection - trigger for action
  • Victim(s)
  • Action asking you to send them money or crypto in exchange for something or even nothing for a chance at exclusivity
  • Inside info or an airdrop to yet listed item
  • Impulse to respond

STOP and think! 
Does this make sense? Why would they send you $10K in exchange for you sending them $1000? It would take 10 people to make this work              Does it sound too good to be true? If yes, it probably is!                                                                                                                                                            How did they get your info?
Why are they reaching out to you?
Did you recently fill out something that they leveraged to capture your info?
or was there a new hack where your data showed up on the dark web?
What are they pumping? Did you research it or just take their info at face value?
Do you do that from influencers? Why would you do it with an unknown?                                                                                                                      

Alarm Bells

It is so easy to go to setup a website and also to check stuff out; but is that a system of truth? Can you validate that info from three other sites?  You have no way to tell how long they took to setup the scam and to pass several layers of validation. Waiting, is that is too much work to prevent theft? I think not!

Always Trust but verify!


Summary - stop and get valid info from several (3+) sites, then sleep on it, try to avoid making impulse decisions that might place some if not all of your money at 100% loss risk.




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Keith Thuerk
Keith Thuerk

Currently learning about Crypto's and DeFi to combat the Inflationary Tidal wave coming our way!

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