How to avoid new crypto scams
Published February 7th, 2025 - 10:45 GMT
ALBAWABA – Amid the ongoing release of new cryptocurrencies—digital currencies in which transactions are verified and records are maintained by a decentralized system using cryptography, rather than a centralized authority, many scammers are constantly seeking to exploit investors. In this article, we will walk you through some tips and highlights to help you better protect yourself and your investments. Also Read Crypto market sees massive losses, over $188B wiped out Cryptocurrencies scams
The cryptocurrency market is growing by the minute, especially with the constant surge and release of new currencies. This has led to an increase in scams, with scammers constantly attempting to exploit investors.It is important to note that cryptocurrency transactions are typically irreversible, meaning once a payment is made, it cannot be reversed or refunded in the same way. Therefore, experts advise investors to double-check the sources they choose to invest their money with.
Gabriele Asaro, Head of SEO, and Research at Instaxchange.com, a licensed provider of financial services, offering fast and secure fiat-to-crypto, crypto-to-fiat, and online exchange operations, says users and investors must follow a simple and vital list of precautions before they decide to invest their money.
Notably, around $575 million was lost between 2021 and 2022 due to investment scams. (Shuttertsock)
'Crypto can be a safe and secure currency. Millions of people are beginning to use and become knowledgeable about how it works, yet there will always be scammers looking to make money maliciously. Fraudsters love jumping on popular coins as it is a great way for them to trick citizens out of their hard-earned money,' said Asaro.
1. Examine pump-and-dump Cryptocurrency scammers often manipulate the prices of cryptocurrencies or stocks to convince people to invest.Once the price is artificially inflated, they suddenly drive it down significantly, leaving investors with substantial losses.
2. Do not send cryptocurrency to strangers Asaro further advises users and investors to never send cryptocurrency to strangers or people they do not know.Many scammers establish fake relationships with others and ask for money to cover hospital bills or travel expenses.Asaro emphasizes that people should never send money to someone they do not know or have met in person, no matter the circumstances.
3. Be cautious of investment scams Notably, around $575 million was lost between 2021 and 2022 due to investment scams.These scams typically involve fraudsters posing as high-profile celebrities or figures, convincing people to invest their money and cryptocurrencies.Investors must exercise caution and carefully verify the identities of the individuals they are dealing with.
'It is unfortunate that many fall victim to scams and even more so that experienced users would dedicate time to taking advantage of those newer to crypto. However, it is easy enough to ensure you do not lose money by remembering to verify sources, check if a site is trustworthy, and never send money to a person you have not met in real life,' added Asaro. Also Read Trump launches new $TRUMP cryptocurrency
© 2000 - 2025 Al Bawaba (www.albawaba.com)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Jordan News
6 days ago
- Jordan News
Stability in Global Oil Prices - Jordan News
Oil prices remained steady on Wednesday as concerns over a potential increase in output by the OPEC+ group were balanced by a decline in Canadian supply due to wildfires, amid ongoing global trade tensions. اضافة اعلان Brent crude futures fell by 18 cents, or about 0.3%, to $65.45 per barrel by 09:05 GMT, while U.S. West Texas Intermediate (WTI) crude dropped 19 cents to $63.22 per barrel. Janiv Shah, Vice President of Oil Market Analysis at Rystad Energy, noted that the market decline was driven by the anticipated easing of 411,000 barrels per day in OPEC+ cuts starting in July, despite some relative support from the halt of 344,000 barrels per day in Canadian production due to the wildfires. Both crude benchmarks had climbed about 2% on Tuesday, reaching their highest levels in two weeks, amid concerns about supply disruptions and expectations that Iran would reject a U.S. nuclear deal proposal, potentially delaying the lifting of sanctions on one of the key producers. Amarpreet Singh, an analyst at Barclays Bank, said, 'Geopolitical tensions continue to simmer in the background, pushing underlying risks to the upside, with Russian and Iranian oil exports remaining elevated.' In related news, U.S. President Donald Trump and Chinese President Xi Jinping are expected to speak this week, just days after Trump accused China of violating agreements to reduce tariffs and trade barriers. Additionally, the Organisation for Economic Co-operation and Development (OECD) lowered its global growth forecast on Tuesday due to the growing impact of Trump's trade war on the U.S. economy. – Reuters
Ammon
7 days ago
- Ammon
Sweden tries terrorist over Kasasbeh burnt, eyebrow scar identifies him
Ammon News - The trial of Swedish terrorist Osama Karim begins Wednesday, in the Swedish capital, Stockholm, for his role in the 2014 capture and subsequent killing of a Jordanian pilot burned alive in Syria. The case is considered unique as the other involved in the brutal killing, which sparked international outrage at the time, are presumed dead, Swedish prosecutor Henrik Olin told AFP. He now faces charges of "serious war crimes and terrorist crimes" for the killing of the Jordanian pilot, with his trial due to open at 9:00 am (0700 GMT) at Stockholm's district court. On December 24, 2014, an aircraft belonging to the Royal Jordanian Air Force crashed in Syria. Bringing the case to trial was the result of extensive cooperation with officials in Belgium, France and the United States, prosecutor Olin said last week. Eyebrow scar It was thanks to a scar on the suspect's eyebrow, visible in the video and spotted by Belgian police, that Krayem was identified and the investigation was opened, said another prosecutor on the case, Reena Devgun. Other evidence includes conversations on social media, including one where Krayem asks a person if he has seen a new video "where a man gets fried", according to the investigation, a copy of which has been viewed by AFP. "I'm in the video," Krayem said, pointing out the moment when the camera zooms in on his face. The other person replies: "Hahaha, yes, I saw the eyebrow."
Ammon
7 days ago
- Ammon
Oil slips on rising OPEC+ output, despite Canadian supply concerns
Ammon News - Oil prices slipped in Asian trade on Wednesday, weighed down by concerns of increasing OPEC+ output and tariff tension that threatens the global economic outlook, though worries about Canadian supply provided a floor. Brent crude futures dipped 23 cents, or 0.4%, to $65.40 a barrel by 0318 GMT, while U.S. West Texas Intermediate crude was down 25 cents, or 0.4%, at $63.16 a barrel. Both benchmarks climbed about 2% on Tuesday to a two-week high, driven by worries over supply disruption from Canadian wildfires and expectations that Iran would reject a U.S. nuclear deal proposal key to easing sanctions on the major oil producer. Reuters
