It is rather unfortunate that scams related to cryptos have become common these days with many people losing their funds when they fall for such scams. In this guide, we will look into the two most common crypto scams these days that people fall victim to and some actional things you can do to make sure that you never fall for one of these scams. Read on to learn more about the 2 most common crypto scams that you need to keep an eye out for at all times!

Crypto Coud Mining Scam

This one has become a very common crypto scam in the last couple of years with more and more crypto traders and investors emerging all around the world.

Some of the cryptos are created via a procedure called mining which entails people solving complex maths problems by making use of their computers.

It needs very costly hardware and leverages too much electricity to mine just one crypto unit.

A new cloud mining platform wave has surfaced which enables folks to mine crypto without the requirement for costly computers and bills that keep piling up.

That said, criminals have made an attempt to leverage this and set up cloud mining platforms that are 100 percent fraudulent and fake as well as fake applications that steal cryptos from miners instead.

Phishing Crypto Scams

Phishing crypto scams are without a doubt one of the most popular crypto scams around that you should be aware of so that you do not fall victim to one of these!

Most of the time, phishing crypto scammers will reach out to people randomly through email and offer an unmissable cryptocurrency opportunity for investment.

These emails often link to a website that is professionally-looking with more information regarding the unauthentic investment scheme. A few ask for this investment to be made in crypto while others make a request for conventional currency.

Once they receive the payment, the criminals will stop altogether to communicate with the crypto investor and sometimes even take down their website that they had put up just to dupe them!

In other kinds of crypto phishing scams, criminals ask cryptocurrency investors to share private keys, that they use to keep their cryptocurrency wallets safe and secure, so they can gain access to the account of that person and steal all of the cryptos in that account. To that end, it is important for you to ensure that you only download crypto wallets from their original site.  If you are already signed up with a site, crypto scammers might also make an attempt to create certain clones that look very much like the ones that you are used to signing into. So make sure that you always check the name of the domain clearly and ensure that it belongs to the website you are making an attempt to access.

What you can do to Avoid Crypto-Related Scams?

The following are some of the important and highly effective things you can do to make sure that you do not fall victim to a crypto scam and that no scammer is able to steal your cryptos and you can do nothing about it!

  • Safeguard your wallet well: You require a crypto wallet with private keys to make an investment in cryptos such as bitcoin. If a certain establishment asks you to share your private keys to get involved in an investment opportunity, you can bet it is most likely a big crypto scam!
  • Ignore cold calls: If someone approaches you out of the blue regarding a crypto investment opportunity, you can be assured that it will most probably be a scam. That is why it is of critical importance and you need to keep this in mind at all times that you should never give away your personal details or transfer funds to the establishment if they do.

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