Scam much bro?
Growth and success attract both the good and the bad
The Web3 Wild West is not an exception to the rule. No sir! Here the phenomenon is actually way more visible than anywhere else. Even though only 5 to 10% of the population is into crypto (the ones that are/were/will be struggling mentally), is undeniable the surge in popularity that the crypto sector felt in the last 5 years. As digital assets continue to try to revolutionize our daily routine, so do malicious actors.
And make no mistake, these “actors” (not to be confused with Hollywood/Bollywood personalities) are dying to exploit you, your friends, your family, and even your pet (don’t you dare come at my dog)! The annoying thing is that somehow their basic-looking scams are working, and worst of all they are evolving. From fake ICOs to phishing scams, the damage is being done, and substantial losses are unfortunately a reality in the crypto landscape.
Scammers 2.0, gonna scam 2.0
They are evolving man, be careful! Seriously, it’s like everyday scammers come with something new. And it’s something super elaborated (imagine if they use this energy to do good, what awesome World we would live in).
They vary from phishing scams to the classic “send me 1$BTC, I will send you 2”. Numerous scams and rug pulls, left a lot of investors empty-handed, and it’s sad actually, because these scammers know who to target. Is like these evil people are keeping up with the maturity of the crypto-verse. The more the Web3 space evolves, so do them.
How many times have they reached your X DMs, trying to get your private keys?
How many fake websites did you connect your wallet to and were at risk of losing your funds?
And the pump and dumps…Dude, is not even funny with the amount of f*ckery going around there.
Do what your parents taught you: Use protection
So, since I went through the bad, is time to go through the good. Even though this space is ruthless, you can indeed do something about it, and protect yourself against fraudulent activities.
Are you familiar with the term DYOR? Basically, it stands for, “Do Your Own Research”, and even though it takes time, you will have to do a lot of it ( A LOT), if you want to be “safer”. Scrutinize every little thing about the project you are interested in. The team, the whitepaper, the legitimacy of their partnerships, the feasibility of their vision, the exchanges where they are listed (CEX, DEX)…everything! And still, you won’t be 100% of the hook (shrugs in apathy).
Make sure to have the same attitude, girls kept towards you in the 8th grade, and be skeptical (yes, shots fired)! The more skeptical you are about exorbitant returns and such promises, the safer you will be. After all, it’s the same thing in the Real World! Ponzi's everywhere. What do you mean? Why aren’t you selling AVON products yet?
And always, and I mean always, be sure to protect your digital assets, by regularly updating security software! Also, think about the possibility of getting a Ledger wallet, or a Trezor (you see what happened with FTX right?) Don’t be amateur enough to reuse passwords, especially ones of a simple nature (password123, 1234567).
So, all of these measures won’t grant you ultimate immunity, but you can look at them as your digital condo! Avoid unexpected and undesired outcomes.
Tomorrow will be better
We have a big journey ahead, and scams will keep repeating themselves, from time to time, and even though they are evolving, the frequency of these unfortunate situations will decrease. The first step is education, of the users, that by staying informed, and exercising caution, are “fighting” the scammers out there. The rest will come along.
As we continue to embrace the transformative potential of cryptocurrencies, it is essential to remain vigilant and understand that all of this is part of the bigger picture.
Without setbacks, there is no evolution. Also, the more you learn how to move in the space the more prepared you will be to not interact with scams. I read somewhere that the more knowledgeable you are, the more intuitive you will get. And when it comes to detecting scams this will come out as a handy skill.
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