Cryptocurrency is increasingly gaining popularity as a method for payments. It is pretty similar to paper currency as both are a means of payment or a store of value. However, Cryptocurrency is in digital form. The currency is also stored digitally in online wallets. Accessed by unique “private keys.” But where does the word cryptocurrency come from? ‘Crypto’ is derived from a technique known as cryptography. Which ensures secure communication between people. In this case. Cryptography allows secure monetary transactions between traders or investors and the trading platform. You might have heard of the most popular cryptocurrency. Bitcoin. As even billionaires are investing in it!
Recovering Cryptocurrency With Global Payback!
Whenever money is involved. There is an element of risk regarding its protection. Despite using techniques like cryptography. Cryptocurrency is still susceptible to scammers. My mother had invested in Bitcoin last year. However. She suspected she was being scammed two weeks after her first investment of $10.000. I searched for the most recent scams to find out whether she was being scammed or not. However. Some scams were overlapping or had very technical terminology. Making it difficult to understand them. I continued searching for more scams on Google when I came across the website for Global Payback.
I was cautious because getting money back from scammers was rare. However. I read multiple success stories of previous clients and decided to take a chance. The company website had a form for a free consultation. So I immediately entered the required details and got a response within 48 hours. Fortunately, they identified the type of fraud and informed us that we could begin building the legal case against the scammers. By the end of that month, the Global Payback recovered my mother’s total investment. I highly recommend Global Payback because they were not only supportive but also transparent throughout their dealings with the case.
Here is A List of The Top 4 Crypto Scams
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Blackmail and Extortion Scam
Scammers send blackmail emails claiming they have data about the illegal web activity of the user. They threaten to expose the user unless they share their “private keys” needed to access the cryptocurrency.
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Rug Pull Scam
Rug pull is similar to another scamming method called ‘pump and dump.’ The prices of the cryptocurrency coin or tokens are increased artificially or ‘pumped.’ Then scammers disappear with the investors’ funds while investors are left with a useless token. Moreover, a type of rug pull called DeFi rug pull has been rising. DeFi is short for decentralized finance, which decentralizes transactions by removing any restrictions on them. However, scammers have been able to join DeFi platforms and steal money from investors without these restrictions.
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Airdrop Scam
Scammers might airdrop tokens into your online wallet in exchange for interacting with a specific platform or software. However, the platform or software will not be legitimate. Consequently, scammers can access your online wallet when you use the airdropped tokens on the trading platform.
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Crypto-Based Investment Opportunities Scam
New crypto-based investments such as Non-Fungible Tokens (NFTs) and Initial Coin Offerings (ICOs) have emerged. However, scammers can create fake websites for ICOs which require investors to transfer their cryptocurrency into the wallet offered by the website. As a result, the cryptocurrency is at risk of being stolen.
How Do We Identify and Avoid These Scams?
The Federal Trade Commission has given ways to identify scams:
- Free money – if you are promised free cash without much effort, it is a scam
- Risk-free returns – cryptocurrency is part of a digital market that is highly volatile; hence it is not risky, and you may suffer financial loss.
- Guaranteed profits – testimonials or promotions by celebrities may be used for increasing credibility; however, scammers can easily create fake ones for trading platforms.
Similarly, AARP.org has suggested methods to avoid these scams:
- Don’t invest in cryptocurrency at all or invest small amounts if you are not aware of how it works
- Don’t invest in cryptocurrency based on advice from others but do research instead
- Don’t fall for cryptocurrency giveaways advertised online through social media
- Don’t share your “private keys” with anyone
