Seeing how popular it is right now, it’s not a surprise that there are a lot of scams and frauds that happens regarding this cryptocurrency. Some of them would be obvious to most people, but it might be less obvious to newbies and beginners that have just stepped into the cryptocurrency world. Obviously, this is a problem, and as such, here we are with the 3 most common scams that happen in Bitcoin.
The first in our 3 most common scams that happen in Bitcoin, is of course, phishing. This method of scam usually comes in the form of a link through various sources such as email, phone, or SMS with them pretending to be a big and named companies.
Phishing will usually aim to take vital information about the user such as phone number, bank address, credit card details, blockchain wallet details, and lastly password. The purpose of this obvious and that is to get your cryptocurrency assets that you have in your wallet.
2. Exchange or Fraud Wallet
Second in our list of most common scams in Bitcoin is fraud wallet. Usually, scammers will have a site with title claiming to be an exchange service.
This once happens in South Korea in 2017 where a crypto exchange ‘company’ named BitKRX managed to trick and steal their users’ crypto assets.
Not only that, there’s also scammers that went out of their way to create an application with a fake wallet attached to it in order to scam their user. Thankfully, this application was found quickly and have been frozen from spreading by Google in 2019.
3. Fake Giveaway
There are a lot of giveaways that happen on the internet. Hardware, software, anything you can name exist in the internet as a form of giveaway, and this include cryptocurrency. Some giveaways are indeed legit, but most of them unfortunately are scam.
Let’s take the scam that happened on July 2020 as an example.
Hackers managed to hack famous individual Twitter accounts to ask for Bitcoin sent to their wallet with the lure that they’ll pay back what was given twofold. A lot of people took the bait, and as such sent their Bitcoin into these scammers.
It’s very convincing after all when someone like Barrack Obama, Bill Gates, and other famous, very rich people decide to give out money to you, especially if one of them is a philanthropist like Bill Gates. Thankfully, Twitter acted swiftly and shut downs their service for a couple of hours in order to prevent more victims getting scammed.
That’s all for the 3 most common scams that happen in Bitcoin. As a user and enthusiast of these everchanging platform, it’s best for us to keep a vigilant eye into what’s offered in the Internet, and take everything that they say with a grain of salt in order to protect ourselves.
Keep your private wallet and password to yourself, and don’t ever tell them to anyone, even officials from that platform. That’s all from us, we hope this article is helpful in preventing any more people to be scammed in the future.