How do crypto currency scams operate?

[Bookwormlux]

I have seen some people talking about the possibility of losing one's crypto currencies to scam and I am confused as to how that could be possible, I usually think crypto currencies are already safe and cannot be hacked or lost by any means.
Do you know of how crypto scams operate?
It could be a personal experience or one you read, I would be glad if you share any.

 

[Joshua Farrell]

Well, if you look up scams, there are quite a few different types of them; and with that, there are quire a few that are common, even among crypto currencies. Really the only way to know if something is a scam, is to look it up. The alternative, is if it sounds too good to be true. If it sounds too good to be true, it is probably a scam of some sort, like a Multi-Level Marketing Scheme. Now, not all MLM's are scams, but most of them pretty much are, because it requires people to put in, with the hopes of getting money, when the early adapters really are the ones getting the money in return.

 

[Josemendez]

There is a cryptocurrency investment called HYIP , high yield investment plan where people puts 1 to gain 1.5 or 2 . This is one of the way to lose your cryptocurrency to scam . Also when ones wallet is not secured , he can lose his crypto too

 

[Niftyyem]

I recently read of those who lost their coins because of an update they installed on their devices. I guess the hacker put some malware in the installed updates that was able to steal their passwords and the likes.

 

[Josemendez]

I recently read of those who lost their coins because of an update they installed on their devices. I guess the hacker put some malware in the installed updates that was able to steal their passwords and the likes.

Yeah. That's the possible case here . This is why it is essential to download updates from trusted sites.

 

[Niftyyem]

Yeah. That's the possible case here . This is why it is essential to download updates from trusted sites.

Since I read that news, I must confess that I have become wary of updates especially when it come to my important apps.

 

[Peterlight]

The hackers that hack crypto wallet normally uses someone transactions (as I have read) to connect to the wallet or gain access to it. And withdraw all the fund from the wallet.

 

[Braga13]

Hackers have become more cunning and malicious as they are making applications that become official and perhaps even approved in Google Play so that they can penetrate users' devices and know their account passwords

 

[Kamon c4]

They probably hit people up in their Dm and convince them to invest in bitcoin while claiming an expert in the field

 

[Ehizzy1]

I think most crypto scams do come in form of hyip sites and people do lose money from them daily i have seenb
different instances like that

 

[Bookwormlux]

There is a cryptocurrency investment called HYIP , high yield investment plan where people puts 1 to gain 1.5 or 2 . This is one of the way to lose your cryptocurrency to scam . Also when ones wallet is not secured , he can lose his crypto too

Those hyips are the easiest ways to lose one's coins. I don't know why people still fall for them. I personally don't consider them at all.

 

[Dubai]

I wonder why you would want to know how the scam operates. Well, no knowledge of a waste and it will help you be mindful of how to relate with business associate or partners.

 

[Sincerem]

HYIP investment sites are among them, mining are also among them, lastly telegram bot is among them. Those three coupled with others that didn't ring on my mind are ways of scamming people off their hard earned coins. Because they act very suspicious and higher unregulated platforms.

 

[Suba]

Apart from hacker attacks with viruses or malware, there are also several types of scammers that are often used to trick users into getting cryptocurrency, including: Phishing, Fake Crypto Exchange and Wallets, Fake Giveaways, Mining Scams and Ponzi Schemes.

 

[Ralphjoe]

Most cryptocurrency scams that I know about operate by setting up a fake investment platform whereby they will be demanding a certain amount of cryptocurrency from you in which they will double it for the next week or so. If you have to fall victim to them and you are to invest your cryptocurrency in such a platform you will lose your investment and there's nothing you can do about it.

 

[Patrik]

there's not one only type of scam people can face, there are some related to your wallet and some related to your transactions, just like normal money

 

[Kunkun]

Apart from hacker attacks with viruses or malware, there are also several types of scammers that are often used to trick users into getting cryptocurrency, including: Phishing, Fake Crypto Exchange and Wallets, Fake Giveaways, Mining Scams and Ponzi Schemes.

Well said really did justice to it, and I must add if it sounds too good to be true then it probably is, crypto isn't a get rich quick scheme so you have to watch out and do your research prior

 

[Alexandoy]

There is a cryptocurrency investment called HYIP , high yield investment plan where people puts 1 to gain 1.5 or 2 . This is one of the way to lose your cryptocurrency to scam . Also when ones wallet is not secured , he can lose his crypto too

It used to be cash for the HYIP and now there is also an HYIP for crypto. Indeed those scammers have always been one step ahead with their scamming techniques. But as the saying goes, when the scheme is too good to be true then most likely it is not true. Just moderate your greed so you will not be scammed.

 

[btaliat]

Those people that are fond of participating in various airdrops can also have their accounts hacked by hackers. When you click on their malicious links, your account is prone to hacking.

 

[Setfragil]

There are different methods in which people adopt to scam others through bitcoin. I have heard that they hacked wallets of users while some deceived people to releasing their wallet private keys.