Sirwin
Sirwin

The most lucrative ventures in crypto?

By Dzoelx | Cryptocurrency Scripts | 18 Jul 2022


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Through seasons and cycles, cryptocurrency investors place their ‘bet’ on projects with hopes of making some “quick bucks”; a term this space has become notorious for. The money comes fast, three-digit percentage gains in 24hrs, no other investment sector offers that currently…none that I know of. Successful cryptocurrency investments can be life-changing, otherwise… The reality is, money is lost as fast as it is gained. Analysts go a distance further to consider certain events and apply some metrics to their decision-making process. This works; sometimes. It is a wild space and even the most brilliant punters lose out badly.

It’s the struggle; the race to the easy bucks isn’t as easy as predicted. But the profits and the losses are part of the thrill. Apart from trading, the crypto space is home to a long list of earning opportunities. Developers earn life-sustaining salaries by working on personal projects or getting hired by blockchain start-ups. Popular artists and even less popular ones have made seven-figure returns from selling their digital multimedia on NFT marketplaces. The bull season saw traders and Holders make jaw-dropping gains from their old and new investments. Cryptocurrency has created an incredible number of billionaires.

Depending on the cleverness (and luck) of an investor or any of the role players mentioned above, every season presents opportunities to make profits; and losses. Relatively, one season offers more of the former. The bull season is considered a fertile season and price volatility is at its peak, positively. You could see investors flash their gains and send in that feeling of success. This doesn’t last forever anyway.

These legal involvements reward you for your efforts and persistence, but they are bound to seasons and sometimes the rewards aren’t really so great. A special set of participants have a different story to tell – Hackers and Scammers.

I have a habit of leaving the best for the last. Through seasons and cycles, millions of dollars worth of cryptocurrencies are lost to scammers and hackers in numerous ways. Phishing attacks, giveaway scams, exchange hacks, protocol exploitations…you name it. As technology advances and space grows, the security of assets dwindles as well. Tricks to strip holders of their investments are evolving every day and these sets of people are seeing more success than everyone else; regardless of the season.

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You might be counting your losses due to the bear market, but hackers and ‘exploiters’ are carting away with life-changing figures in their successful plays. Old Optimism users smiled home with a few thousand OP tokens as their airdrop rewards, a certain exploiter has an even bigger reason to smile. Over 20 million OP tokens gained, no thanks. Depending on when you read this article, this could be worth some pretty figures.

I’d have taken coding more seriously if anyone told me there are millions of dollars in it for me. Quick ones and grossly easier. Well, the easy part is arguable. These exploitations are carried out by taking advantage of some loopholes in underlying codes through complex processes. These events are always traced down to a vague figure while the affected team finds a fix. The majority of DeFi protocols have suffered similar ‘exploitation’ and each time, this is not traced back to the project teams. But exit scams have dropped in frequency…well, I don’t like coincidence!

Pre-Defi era was unarguable a safer time. The advent of DeFi, the sudden and uncontrolled proliferation of DeFi projects have further reduced the frequency of the traditional exit scams. Well, it probably has a new name… “Technical exploitation”

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Anyways, the perpetrator(s) can go about their business knowing that blockchain technology makes direct recovery almost impossible. Victims of hacks usually run into recovery scams in an attempt to recover their lost funds. Smart contract projects’ popular solution is minting on a new contract, invalidating the old contract, and requesting the old token be delisted. Centralized Exchanges proceed to blacklist the concerned wallet. But yeah, the deed has been done…and thanks.

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Dzoelx
Dzoelx

Drinking coffee and writing about cryptocurrency.


Cryptocurrency Scripts
Cryptocurrency Scripts

Discussing crypto and blockchain. Follow us: https://linktr.ee/cryptoscripts

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