Ethereum Blockchain technology, which is a decentralized ledger technology, has the potential to transform the global trade industry by storing information on digital ledgers. Platforms offer bitcoin trading features like accurate and précised strategies for becoming an independent trader. Moreover, you will get live customer support. While blockchain will cause immense disruption to how supply chains work and usually yield substantial benefits, digital currencies such as Bitcoin are also creating havoc among specific sectors of the blockchain ecosystem. Experts share guidelines to keep you safe from scams in cryptocurrencies like Ethereum. You can trade Ethereum in the official trading platform ethereum-trader.io.
Ethereum Scams:
Scammers have a way of figuring out what they can do to take advantage of people and make them poorer. Scammers are clever and will use any tool to help them make money from their unsuspecting prey. The most common scams in Ethereum cryptocurrency include:
- Scammers asking for wallet information: Scammers always want to know your wallet address or some private details about your Ethereum wallet. It’s a good practice not to share these details with strangers. Be wary of emails or social media posts that ask you for personal information in return for free Ethereum. Bitcoin is another cryptocurrency that some scams have used in recent times, but the chances of being scammed by Bitcoin are lesser than those involved while dealing with Ethereum cryptocurrency
- Love scams: Criminals pose as men or women in a love scam and offer to meet them in different places to get to know them better. After getting the victim’s number and other personal information, they demand money from the victim for dating expenses.
- Online job scams: Scammers often use job opportunities where they post fake job advertisements on social media sites regarding cryptocurrencies. The scammers usually want the victim to pay thousands of dollars before they can receive any work opportunity at all.
- Ponzi schemes: Scammers create a website or initiate a cryptocurrency that looks legitimate with some attractive features and then asks people to deposit money into it with the promise of returns on investment.
- Crypto currency faucets: These are websites where you can earn cryptocurrencies by viewing advertisements. Scammers set up these websites and ask for the private keys of your bitcoin wallet in exchange for Ethereum cryptocurrency.
- Imposter and Giveaway Scams: Scammers will impersonate someone, giving them bogus information about their background so that victims trust and give money to them. All the scammers need to do is steal the information of a natural person or a business and get money from the victim.
- Fake cryptocurrency exchanges: These are websites where they create fake trading accounts and use them to launder money. They created the fake accounts to get the credentials of other people’s bitcoin wallet keys and then rob their funds in exchange for Ethereum cryptocurrency
- New Crypto-Based Opportunities: ICOs and NFTs: Countless new crypto-based opportunities are cropping up daily. Most of these opportunities are scams, and people need to be very careful about investing in them. Before investing in any digital cryptocurrency, you must do thorough research and contact information of the companies behind the projects
- DeFi Rug Pulls: Defi (Decentralized Finance) platforms on Ethereum allow parties to trade crypto tokens by setting up escrow accounts where the funds are stored. The platform takes a small fee for each transaction, and the only way to access your money is by fulfilling certain conditions. Sometimes these conditions are unrealistic and are set up to take money from you without any legal backing
How to handle scams in the ethereum cryptocurrency smartly?
When it comes to cryptocurrency scams, there are no hard-and-fast rules. It is because scammers have many ways of scamming people. While it’s not easy to find a foolproof way of dealing with a scammer, you can follow some steps to make sure that you handle Ethereum cryptocurrency scams smartly:
- Never share your wallet address or private details about your Ethereum wallet with strangers.
- Always double-check the website address before clicking on links or entering sensitive information into the website address bar. It is because some scammers set up websites similar to popular cryptocurrency exchange sites and then get payment details from people by enticing them through fake job offers and other schemes.
- Keep working on independent research, and do not trust anything you read on the internet about Ethereum cryptocurrency.
- Never send money to individuals or organizations via cryptocurrencies unless you have done a background check on the person or organization.
- Do not fall prey to the love scams, Ponzi schemes and fake job offers in this industry; instead, focus on research before investing your money in cryptocurrency portfolios like Ethereum cryptocurrency.
