[SECURITY] Three Most Common Cryptocurrency Scams You Should Be Aware Of

By McAlex7 | Stand-by | 17 Apr 2020

The world of cryptocurrency concerns everything that directly or indirectly affects digital and so scams are possible, and I will show you which are the most consistent. It is very common that users question themselves and have very concrete questions about security or what they present as a potential scam.

Let's start with ransomware. Ransomware exist and hit both individuals and businesses on a daily basis. In concrete terms, this is a malicious software that blocks access to personal data. To achieve this, it will encrypt the data in question and then require the owners of this data to send a ransom for the key that will enable them to be deciphered. If the company has a outsourcing contract, it may require the company that secures its network to pay the requested amount or resolve the problem. Otherwise, it is unfortunately very difficult to find a solution, because once the data is blocked, you cannot do anything about it. According to some research, hackers are asking their victim between $10.000 USD and $20.000 USD, most of the time in Bitcoin.


Let's move with the phone scam, it is a classic in every scam so unfortunately it also happens in cryptocurrency. Scammers create a website which is an empty interface behind which there is nothing. The website can invite people to invest in Bitcoin and provide their phone number. Once the number is recovered, they will press the victim by reminding her every day until the victim invests with a promise of return on investment : 20% guaranteed over three months for example. Those who take the bait make a bank transaction in exchange for some kind of contract and once the money is transferred, scammers run away and the victim will never see his money again.


And let's finish with another classic : blackmail. This scam takes place most of the time like this : the victim receives an email telling him that a hacker has installed a virus (or a malware) on his computer, which allowed him to have access to the user's data or his webcam. The hacker claims to have caught him browsing illegal or compromising website and starts blackmailing the user. If the victim does not pay the requested amount in cryptocurrency, the "hacker" threatens to post data, online photos and videos involving the victim. Most of the time, the scammer didn't install anything at all and doesn't have access to anything : it was a bluff. It might seem obvious for you but emails are being sent massively, some people will unfortunately believe it and be afraid of the consequences. A ransom is then paid while the pirate has absolutely nothing concrete, the estimation of the amount of ransom concerning this method is around $400 millions USD worldwide.


Like I said It might seem obvious for a huge majority of you but it is just to warn you that you should pay attention to every suspicious thing stranger can propose you, use a specific email for your crypto activities, make your own research, and don't believe everything you hear or see. In the same way don't forget to protect your wallet (I wrote an article about it if you're interested), we can't be too careful. 

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