HOW TO AVOID CRYPTO SCAM || 10% beneficiary to tron-fan-club

INTRODUCTION

Hello friends, it is another wonderful time to share some interesting things with you. I will like to discuss different ways that scamers uses to scam people of the their hard earn money and how to avoid it. Once you know the strategies, you will know how to avoid it.

WEBSITE ASKING FOR PRIVATE KEY

Scammers know that their naive people out there that are that new to the world of cryptocurrency and want to take advantage of that. When they enter a website, they will ask you for your private key. If the person is gullible enough to give them his key, they have access to the person's fund and transfer it into their wallet. What this scammer does is that they will tell you that you have won 2 Ethereum and that you should tell them your seed phrase so that that can deposit into your wallet. The scammers know that some newbies don't know the difference between a public key and a private, so they take advantage of this.

ICO SCAM

ICO is when an investor donates money to a project in return for double tokens or NFT for the price of one. Fake Initial Coin Offering works in a way that scams present a good project idea to investors and they will ask for funds from the investors who believe in the project in return with high RAI but in reality, they won't execute the project. They will run away with the money.

BURNING SOME TOKEN SCAM

This scammer would create a fake project and fake token and implement a burning feature. This means that some percentage of the token will be burned in transactions but in reality, it is a scam. That does this to make people that the token someday be scarce due to the burn feature. What some people don't know is that for a token to increase value, other people also must be interested in it.

SMART CONTRACT BUG SCAM

The scammer would create a token that you can only buy but sell you can not sell. They would create a bug in the token that will prevent from selling it and they would create a rebate in the code, which means that if you want to sell the token it will be redirected to the developer.

ASKING YOU TO INVEST FOR YOU

Some of you might have seen this because it is a very common scam on the internet. This is how it works, scammers will create a profile to impersonate a real project team member or a social media influencer and they message privately. For instance, they will ask you for 500, promise to invest it for you and give you back 5000. It sounds interesting. They also use discord but you look at the discord username and check very well to see if matches the impersonated person.

PHISHING WEBSITES SCAM

These scammers will create a website that looks like a decentralized finance website or some crypto project you won't invest in and there will be only two differences between these websites. The domain and contract address. They will code the contract address in such a way that any money you deposited will go into their wallet.

SEED PHRASE SCAM

The scammer would DM you on discord or telegram to tell you they want to get rid of the crypto and will send you a real seed phrase with real crypto. You might be wondering, why would a stranger send you a real sees phrase with real money inside. It is a trick to scam you. For instance, they will give you a seed phrase with $5,000 USDT in it. They know some people will be greedy to want to withdraw the money from their wallets.

In other to withdraw the $5,000 USDT, you have to have some Ethereum in it. The fee to send tokens is $50 and the fee to send Ethereum is $10, so the scammers will make a profit of $40. Once you send your $50 Ethereum into the wallet to withdraw the $5,000 USDT, your money will be gone almost immediately because they have a computer running a program that checks crypto has been deposited into that wallet and automatically send it into another wallet.

HIDDEN WHALE SCAM

A whale in the world of crypto is someone with a large number of tokens and this person can use the advantage of a large amount of money in his wallet to crash the price of a token. What they would do is they will create a token and wait for the price to rise due to people buying it and then selling their token tokens, causing the price to crash.

Scammers are now smarter, they know that investors will check the token contract address, so they have to find a way to trick investors by slitting the initial tokens into many different wallets instead of having them on a single wallet.

SMALLER PRICE SCAM

The scammer has now found a new way to scam people by a project token and setting it low to make people think the price of the token will Skyrock. For example, they can create a token and set its price to be low by printing a huge amount of the crypto. But in reality, they want to trick people's minds to believe that as the price is $0.0001, it will be very easy to reach $1.

CONCLUSION

Be sure to check the link of website very well because there is a potential that it is a phishing website or better still, you can use a website like coingeko and coinmarketcap. I will encourage you that when you want to invest in any project, you should look at the good white paper and tokenomics in other not to fall victim to scams.

Regards:
@olatunde1❤