The crypto-craze is bigger than ever, and millions of people are investing in cryptocurrencies. However, this acts as an opportunity for criminals to scam people, and they are doing just that. Hence, you need to be careful if you too are planning to join the craze and invest in some crypto. Knowing about all this helps, and in this article, we will help you with just that.
What is Fueling the Crypto-Craze?
Pop culture is one of the main driving forces behind the crypto-craze. Apart from being overused in various plot points in movies and TV shows, many people come up with their own cryptocurrencies that are based on popular pop-culture elements.
Take Dogecoin as an example. You have probably heard of the Doge meme if you have been on the internet anytime in the last decade. The Dogecoin crypto started as a joke, but now has a market capitalization of around $34 billion. The meme-culture drove this crypto this far. However, what really helped fuel its growth is when billionaire Elon Musk came out in its support. So you see, celebrities are also chiming in on this craze, and are fueling it even further.
How are Scammers Taking Advantage?
Of course, just because the crypto holds some pop-culture reference or was promoted by a celebrity does not mean it is legit. Scammers manage to take advantage of such situations and use it to scam clueless people.
Korean TV series, Squid Game, became the most-watched show on Netflix earlier this year. The show gained a lot of popularity worldwide and almost got itself a cult following of sorts. Then, out of nowhere, came Squid Coin – cryptocurrency based on the Korean show. People were very hyped about this and immediately started investing in these coins. Sadly, it turned out to be a scam. Over $30 million was lost in this Squid coin scam.
Then you have hackers who are also trying to take advantage of this craze. They will first pose as a legitimate figure or personality, usually by hacking the said person’s social media accounts. Then, they will ask that person’s fans to invest in some sort of crypto to get lucrative returns. Coming from an authentic account, the fans will believe the scam, not knowing that the account is hacked.
This is exactly what happened in 2020 when three youngsters managed to hack the Twitter accounts of people like Barack Obama, Bill Gates, Hillary Clinton, and many more. They then Tweeted from those accounts asking people to send Bitcoins to a certain wallet which will then help them get back double that amount in less than a day.
What to Do If You Get Scammed?
Get in touch with a scam recovery company like PayBack Ltd. the moment you realize that you got scammed. If anyone can help get your money back, it is these scam recovery agencies. You can get the details on the recovery process by visiting their website at https://payback-ltd.com/.
PayBack Ltd. and such other recovery services will first hear your story and check the evidence you have. Post that, they will confront the scammers and pull in some legal strings to recover the money. They do all this in a regulated environment. The recovery services are also available for other trade scams like Forex.
How Can You Protect Yourself from Scams?
Firstly, do not believe everything you see online. The easiest way to avoid a scam is by avoiding the hype train. Let the craze be in its place. You make your choice based on market value as well as the currency’s legacy.
Secondly, do not follow any advice that celebrities give you. Remember, they do not care whether or not you get rich unless they are getting something out of it. Hence, they will always put their interests first.
Finally, do not opt for any get-rich-quick schemes. People will come and tell you that crypto is the quickest way to get rich and that you should invest in it right away. However, there is no way to get rich that quick, even with crypto.
So be alert as you enter the crypto market. There is already a lot going on here when it comes to scams and frauds. Think twice before making any decision, and make sure you do not regret them once you make decisions.
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