Avoiding Scams Within The Crypto Currency Space

I'll start out by discussing "false equilibrium."

When someone displays to you that they have some cryptocurrency in order to offer social proof that they are "gurus," that person is using a fake balance scam.

Scam is a subject that should never be underemphasized. It happens on a daily basis.

Cryptonites have experienced it and continue to experience it.

After Dess's presentation, I would contribute as well.

Many people fall for this scam and hire a subpar mentor or instructor to train them. "157m thats not mine, I'm showing it off as mine."

I display 157 million naira's worth of Ethereum in this video.

That isn't mine.

Others can accomplish it with less money.

particularly all of those Forsage, Lionshare, and Million Dollar Boys

Anyhow, they present you with a fictitious account balance before asking you to pay for a training session or some other secret skill.

2. OTC scammers

This one is very popular

3. Middle man scammers.

For instance, bundle.africa does not conduct business on telegram.

We have a group of people here that can provide us advice and support.

However, we have a trading app that operates as a completely legal firm in Nigeria and adheres to all relevant financial regulations.

Some of you might have discovered yourself in these Telegram communities below.

In order to obtain personal information from victims, the fraudster frequently assumes the identity of another person or business. It can happen across a variety of channels, including the phone, email, phony websites, or messaging applications. Scams involving messaging apps are particularly prevalent in the world of cryptocurrencies.

People can add you to groups on Telegram even if you are not in their contact list, which is a concern.

In most cases, the top of the website will say "report spam and leave" if someone adds you without your consent.

Although Telegram occasionally takes action by placing a "scam" warning next to groups, it is VERY ineffective at doing this.

Therefore, if you discover that you are a member of a trading group that you did not join on your own, please REPORT AND LEAVE the group.

There are enough reports, and Telegram will act.

So what are the answers to these problems?

1. Be vigilant.

2. Request for kyc, With anyone you want to trade with, I advise setting up a video call. For instance, if you want to buy 2BTC, don't rush; instead, make sure you video call the seller first, check that you can clearly see their face, and request identification.

That way, if you get conned, you would know who to contact.

Most con artists will choose a plausible target.

such as $8,000 or $5000.

sufficient to demonstrate that "I have experience," but not so substantial as to be unbelievable.

Because a video call will show their face and an ID will verify that the face matches what is on paper, 90% of con artists will refuse to participate in a video call and ID evidence.

Please follow this advice while dealing with large sums of money; it will help you learn a lot.

Since 2016 until today, I've learned a lot.

Giveaway fraud is obvious, and only avarice will lead you astray.

Only a con artist would offer, "Give us 1 Bitcoin and we will give you 2 Bitcoin."

If you trip, it's your own fault.

How the middleman scam operates

You want to acquire Bitcoin, so a scammer meets a seller using your information. They drop off your information for the seller and pick up the BTC from the seller.

Your head will be on the line when the wahala busts, but the con artist has already fled

I witnessed this in person, and the person was imprisoned for months due to a scam he was unaware of.

This one is quite risky.

This is how you can make sure your chances of being conned are lower.

Ask the admins of a group you both belong to if they are familiar with anyone who enters your DM to sell or purchase bitcoins.

Do KYC and any other checks and balances on the individual you're about to trade with if the admins decide against it.

But this one. When it comes to money, err on the side of caution. The day after joining this group, I discovered myself in another Bitcoin community.

One or two times, you'll be the victim. It's like getting initiated into cryptocurrency; practically everyone eventually falls victim to fraud when they let their guard down.

The "kyc," "id card," and "vouch from admin" approaches, however, lessen your chances of being conned.

You should conduct much more study if a freebie seems too good to be true.

So I hope everyone stays safe and that I was able to assist one or two people here.

I appreciate your time.

Check the next post for the next class:

Cryptocurency Terminologies