Don’t Fall for a Risky Sham! Avoiding the Crypto Scam

Since the crypto boom, there have been yearly reports of crypto scammer doing their creepy deeds. In 2023, according to CoinDesk, users of cryptocurrencies lost close to $2 billion worth of crypto assets to various scams and hacks. A few days ago, it was reported that scammers stole assets worth $4 million from Solana users. Also, the United Nations announced that one of the most traded cryptocurrencies, Tether, is now the hot tool for various scammers.

These reports show that despite the immense efforts put into cryptocurrency security, there are still loopholes. But, many of these scam cases occur because users fall as easy prey to scammers. In this casino news, we will highlight a few ways by which you can identify crypto scams and avoid them. 

Shady Tactics: How a Crypto Scammer Operates 

Crypto scammers are different from hackers. Scammers often get their victims by manipulating them. Once they identify that a person lacks the knowledge of crypto or desires urgent money gains from their casino games, they bombard the individual with various offers, backing them up with fake transactions. Some of these fraudulent individuals go further by creating legitimate crypto platforms to collect crypto users’ personal information. Their goal is to gain users’ trust and then siphon their assets while it’s too late to back out. 

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Beware the Crypto Scammers: Identifying Them on Time

Below are the following things to watch out for to identify a crypto scammer. 

Crypto Scammer Offeer “Too Juicy” Deals

Do not be too quick to agree to join crypto investments that promise high returns. High-return crypto promotions are tempting because they present with little or no risk. When you find them, it’s very likely a scam. 

Unnecessary Pressure 

A crypto scammer will often present an opportunity with a sense of urgency just to make you invest without having a second thought. 

Poor or No Whitepaper at All 

Every fake crypto project either has a poor white paper or doesn’t have one at all. A white paper is a document that outlines in detail what the project is all about. Through the paper, the public learns what is the blockchain, the road map, and the entire function of the project. A crypto scammer is at work if a project does not have a publicly available white paper. 

A Crypto Scammer Lacks Real Social Media Presence or Engagement

If a crypto project’s only platform is Discord and Telegram, take caution. Genuine projects often have an active social media presence to get users. Lack of engagement from social media may signify a fake project.

Random Messages 

Be careful of emails, SMS, and social media messages containing website links or investment offers sent to you unexpectedly. They are often traps. A legitimate crypto project does not reach out to individuals by randomly contacting them. 

Staying Safe

Some actions can be taken to avoid being a crypto scam victim. They are: 

• Avoid any casino online website requesting sensitive information like your private wallet keys or username and password to your exchange account. 
• Beware of fake advertisements. Recently, there have been AI ads using the faces of celebrities like Mr Beast and Elon Musk for promotions. 
• Ignore emails or SMS stating that your accounts have been blocked and that you should call a number to unblock it.
• Do not fall for romantic scams. A crypto scammer can tell you to lend them crypto assets to be able to cash out some funds to see you. It’s all a lie. 
• Don’t fall for blackmail. Report to relevant authorities if you get texts claiming that someone has explicit materials, such as videos or pictures of you.
• Don’t fall for a social engineering post. 
• Do not go into any crypto investment without doing thorough research. 
• Ignore messages from private accounts claiming to be celebrities asking you to invest in a project they are in partnership with. 
• Only play casino games, like Trey Poker, at verified online crypto casinos. E.g., Slots Paradise Casino.
• Overall, cut down the desire to get rich via Ponzi schemes. 

Conclusion

Ensure you protect yourself in the world of digital currencies. Being cautious with tiered investments, online relationships, and crypto gaming presenting high wins is important. Verify information and conduct checks on any crypto projects. Various tools are available for independent research so that users can safeguard their crypto assets from a crypto scammer. Stay ahead of them by following multiple online casino reviews that talk about other players’ experiences in new sites, games, or currencies.

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