You might have come across the word scam at least once in your life. But what about crypto scams? You may be familiar with cryptocurrency if you are interested in digital currencies, but we’ll tell you all you need to know. Cryptocurrency is similar to the paper currency we use in our everyday lives, but all transactions are made online instead.
I wondered why not call it digital currency instead of “crypto” currency. The word crypto comes from cryptography, which allows safe transactions between people. Have you ever noticed messaging features on social media apps saying there is end-to-end encryption? The same technology is used, but the digital currency and transactions are encrypted instead of messages and calls.
Now that you know the cryptocurrency basics, why don’t we go back to crypto scams to ensure that you know all there is to know about crypto currency scams so you can protect yourself and your assets from the frauds.
Top 3 Crypto Scams of 2022:
- Fake Wallet
A digital wallet is needed to store the digital currency and data required for the encryption process. However, scammers can set up their own digital wallets and encourage people to keep their cryptocurrency in those digital wallets. Once the cryptocurrency is deposited, the scammers will disappear with the obtained currency, while victims suffer significant losses.
- Fake Investment Schemes
Scammers may also set up legitimate-looking websites and advertise previous clients who profited by investing in the offered schemes. Although the company will seem authentic, the people behind it intend to carry out fraud. After a client has invested their cryptocurrency, the company might claim to be unable to meet the promised demands, such as profits on the investment; hence people are scammed.
- Pump and Dump
This scam is common among beginner investors because they are misled by false information provided by scammers regarding the prices of cryptocurrency owned by the scammers. The scammers pump the currency and portray it as highly profitable, more than its actual value, and dump it when its value falls. Consequently, the investors are left with a worthless digital currency they had purchased at inflated prices.
Recover Cryptocurrency With Chargeback Way!
Before writing this article, I was unaware of these crypto scams until I came across the consultancy company ChargebackWay My mother’s close friend recently invested in cryptocurrency and encouraged my mother to invest. The investment process seemed to be going smoothly until last week, when I suspected my mother was being scammed. I doubted the possibility of getting my mother’s cryptocurrency back, which was approximately worth five lakh rupees. But ChargebackWay was precisely what I was looking for. I filled in the required details of the contact form on the company’s website and received a response within the next 12 hours. I was provided free consultation, which is rare with consultation companies; however, I was provided details of the scam and what steps to take next. It seemed like a worrisome and lengthy process, but the company reassured us every step of the recovery process. Fortunately, after two days, we recovered all of the cryptocurrency.