Protect Yourself from Crypto Scams: Tips to Avoid Losing Coins
Loading fake wallet apps on search engines is why many people lose coins. According to Bitrace, Telegram often implements malicious backdoors that identify surrogate addresses and cause funds to be sent to malicious addresses. The reason is that the anonymous nature of the blockchain network makes it difficult for ordinary investors and investigators to establish a connection between an on-chain address and a real person. Thereby, they miss the opportunity to freeze losses promptly. “Investors and investigators need to consider how to perceive threats before risky activity occurs, and monitor and promptly recover losses after they occur,” says Bitrace.
Fake Websites and Clipboard Hijacking: Common Crypto Scam Techniques
Experts note that various search engines are fertile ground for the proliferation of fake websites. Fraudsters use SEO and SEM to promote phishing links online. Another classic attack method is clipboard hijacking, where malware takes control of the victim’s computer clipboard and replaces its contents with malicious content without the victim’s knowledge.
Scammers often use cryptocurrency investment scams that promise “high returns and low risks” to lure users into investing. They may ask users to download well-known software like OKXweb3 Wallet and Trust Wallet to add credibility, claiming support from institutions such as OKX and Binance.
Monitor Suspicious Transactions and Stay Alert
In conclusion, experts advise users to carefully monitor suspicious transactions in order to avoid falling for scammers. It is important to stay vigilant and take proactive measures to protect your cryptocurrency investments.
Hot Take: Decrease in Cryptocurrency Fraud Schemes
A report from startup Immunefi revealed that in Q3 2023, the cryptocurrency market experienced losses of $685 million due to fraudulent schemes. However, compared to the previous year, the number of scams decreased by almost 24%. The primary attack vectors targeted Ethereum (42.7%) and BNB Chain (30.5%). While this decrease is promising, it is crucial for crypto users to remain cautious and educated about the risks involved in order to safeguard their investments.
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