Don’t think that only fools become victims of crypto scammers. You can lose money just by following the wrong link or not checking the recipient’s wallet address. Yes, many people have already heard about some types of fraud, but many rookies are still ready to bite the old bait. And for the more hardened crypto traders and investors, the villains come up with new ones daily.
Here is a Reddit post about some examples of scams you may not have heard of.
- Cloud mining. It is common for a user to stumble upon a website promising that they can mine Bitcoin in just two minutes with the click of a button. You click the button, and two minutes later, you mine one bitcoin. One thing left to do: the site asks you to send some bitcoin via QR code to “confirm” the transaction.
- Adult website blackmail. After browsing adult content, suddenly, you get an email from some guy, and he claims he has your browser search history and is willing to show it to your family. The only way to stop it is to pay a ransom in some cryptocurrency.
- A dodgy crypto exchange. For example, you mined a Bitcoin-like coin called Nengcoin on your phone, with a market capitalization of only about $50,000. You then discover that there are only two exchanges where Nengcoin is listed. One of them is reputable and has pretty good opportunities for advanced cryptocurrency trading, while the other little-known exchange trades it at a much higher price. And so, if greed comes first, you will lose even those small coins.
- Reddit. The posts about giving away 1000x BSC gems usually come from one subreddit here: r/CryptoMoonShots. If you check the top post, you’ll find a SQUID-GAME SHIBA MOON CUM FLOKI INU token. It seems very promising, with growth already at 40% since launch with a market capitalization of less than $100,000. You invest about $1000, and it grows right before your eyes. It already has a market capitalization of $1 trillion. That’s a success. Then you go to PancakeSwap to swap SQUID-GAME SHIBA MOON CUM FLOKI INU token to BNB. And suddenly, the price of mined coins is zero. (It’s funny that this was posted on Reddit).
- Nigerian prince. This type of scam has already hit a nerve not only in the crypto world. But suddenly, an email appears in the mail with a note of high importance stating that Crown Prince Dougis IV of the House of Andrieu passed away yesterday with a huge cryptocurrency fortune that will be split between you and 17 other random people. You’re supposed to get $393,695 in bitcoins, but you have to send $1,000 in bitcoins to pay for the “gas” first.
- Market manipulation. The candle before your eyes changes color from green to red. And it seems to you that there is nothing else to do: you have to sell. A moment passes, and the red candle flashes green, heading skyward. But it’s too late…
This is the main reason you need to analyze the market and stick to a certain strategy no matter what. Let’s talk about what crypto trading strategies exist?