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Rise In Crypto Scams Is A Matter Of Concern | Money 2.0 Conference

With a vast interest in the cryptocurrency market, scammers are trying their ways to make a benefit out of the crypto world.

Cryptocurrency crime broke records in 2021, with a new report analyzing that the scammers took $14 billion worth of crypto last year. In early 2022, Wormhole, a cryptocurrency exchange platform, lost $320 million after a cyber attack. We're only a few months into 2022, and billions of dollars in cryptocurrency have already been raided.

Without much delay, let's talk about how these scammers are tricking people into crypto scams.

Rug Pull Scams

In these scams, scammers pump up a new project, nonfungible token, or coin to gain funding. After getting enough money, scammers disappear, preventing investors from selling the bitcoins after making a purchase, leaving the investors without any value.

Ukraine rug pull scam is an example of an insidious crypto scam. Ukraine's government announced accepting donations in the form of a crypto airdrop. But after considering the whole scammers' opportunity of invading in between the donations, they pulled it off. It was an excellent gesture to prevent scams, but this is how rug pull scams work.

Investment Scams

In investment scams, scammers promise victims millions of money with promises that are actually not that mere. Scammers trick them into paying upfront fees, followed by requests for personal information for transferring funds.

Scammers also use celebrity endorsements to convince people to invest by promoting a company. Fake accounts look honest and convincing, thus trapping people into investing in such a scam. At many top finance conferences like Money 2.0 Conference, financers and insurers have discussed how these investment scams prove genuine to the victims and take away a lot of their investments.

Romance Scams

Dating apps are a new hub of crypto scams where long-distance relationships are more prevalent. A scammer usually takes longer to build trust; once it's done, they convince the other person to invest and give away the money in cryptocurrency. After getting the cryptocurrency, the scammer would disappear.

Phishing Scams

These are the most common type of crypto scams but are still used by scammers to trick people. As observed at global finance events, this scam is done by collecting the victim's personal information, crypto wallet information, or account details and then getting away with the victim's money or funds.

Fake Crypto Exchange

Sometimes, scammers attract the victims by offering them crypto or bitcoins. In reality, there is no exchange but a one-sided gain of money, and the victims get to know about it after depositing the scammer.

Employment Scams

Another common way of tricking unemployed people is offering them their desirous job opportunities in exchange for cryptocurrency as training fees. People agree and pay the fees to discover that those cryptocurrencies tricked them.

These are just a few examples of cryptocurrency scams; you can explore more about crypto scams and ways to protect yourself by attending upcoming finance conferences like Money 2.0 Conference in the USA and UAE. With the growing dependency on cryptocurrency, one needs to educate themselves to stay safe from such crypto scams.

07/19/2022 - 12:48
Author Image
Author Name
Vinayak Joshi
Author Bio

Vinayak Joshi is an integral part of the Money 2.0 Conference team who is curious about the world of finance. With a keen interest in cybersecurity, internet financial fraud detection, scam investigation, and digital forensics, his passion lies in helping people traverse the internet securely. A self-declared anti-spam and phishing expert, when Vinayak is not working, he loves to read crime fiction, write, and play basketball.