How to Avoid Crypto Scams: 4 Best Practices to Be Safe and Secure in the Cryptoverse

Biggest Cryptocurrency Scams From the Past

  1. Onecoin — this was a project that seemed to have it all; a lot of hype surrounded it due to BBC’s Missing Cryptoqueen podcasts . However, what nobody predicted could happen is that the Onecoin project was actually a scam, which made off with an estimated $25 billion. Interestingly, the scam never had a cryptocurrency, and it was a big hoax from the very beginning.
  2. Bitconnect — this is yet another, a bit more bizarre yet famous crypto scam that occurred. Bitconnect was a scam that took $4 billion in a multi-level, marketing-led Ponzi scheme, which lured investors with claims of having an unbeatable trading algorithm, which ultimately did not exist. However, one scam just wasn’t enough, so they also launched a second scam known as BitconnectX.
  3. Squid Coin — this is one of the latest cryptocurrency scams. Throughout 2021, Squid Game became one of the most popular Netflix shows that truly took the world by storm. However, this led to an enormous rug-pull scam in 2021 . Even the media fell for the coin. However, it was ultimately a malicious maneuver where the crypto developers abandoned the project and escaped with the funds they initially received.

Top 4 Tips to Avoid Crypto Scams

#1: Be Aware While Using Your Wallets

#2: Use Multi-Factor Authentications

#3: Use Password Managers

#4: Use Hardware Wallets for Assets That You Hold

Common Crypto Scams in the NFT Industry

Customer Support Scam

Minting Websites Scam

Projects Without a Purpose

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The Cryptocurrency Exchange for Professionals

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