What Are the Cryptocurrency Malpractices That You Need to Be Aware of?

People are getting scammed like this. We bring you this article because we assume that you will never fall victim to such a scam. This article will, one way or another, help you learn about the many crypto scams out there. Largely attributed to fraudulent activity by certain key players in The macroeconomic situation is also not helping.

The price of Bitcoin, which accounts for about 41% of the cryptocurrency market, has fallen sharply over the past year. Starting at $64,400 per Bitcoin on November 12, 2021, the price is currently hovering around $16,500. Other smaller cryptocurrencies have seen similar price declines. How did the crypto market get devastated like this? Said Sharon Nair, co-founder of POOR, a services company. He is also part of the founding team of unicorns, and He Coins Switch.

“However, there are some factors that have a huge impact, such as the 3AC case and the latest FTX,” Nair explained. The FTX crash is massive. I would say FTX was responsible for about 70% of today’s crashes. Since then, the company has built a reputation as one of the most stable and respected companies in the cryptocurrency industry. This reputation is largely based on respect for our founders, both within and outside the industry.

European Union rules known as the Crypto Market Regulation (Mica), due to come into force in 2024, will stop FTX-style mismanagement, officials said Wednesday — whether the new rules are in effect. Becomes law upon entry into force, despite lawmakers' skepticism about

The collapse of cryptocurrency exchanges, has raised calls to strengthen or bring forward rules requiring cryptocurrency firms to register with authorities and meet governance standards that other types of financial firms must follow. .

These are types of cryptocurrency scams -

Giveaway Scams

It is very unlikely that someone has a legitimate giveaway that requires you to transfer your own money first. Be careful with this type of text message on social media. They could be from accounts that seem to know and like them, but this can be part of the trick. For many of the replies thanking the particular generosity of the accounts mentioned, they are just fake corporate accounts or deployed bots that were involved in giveaway scams. If you install an app with, everything may appear to work as intended. These programs, on the other hand, are specifically designed to steal cryptocurrencies. In the cryptocurrency industry, there are many examples of customers downloading malicious apps whose developers pretend to be major cryptocurrency companies.

In such scenarios, when a user is presented with a transaction, usually to fund a wallet or receive payment, the user is actually transferring cash to an address owned by the scammer. Increase. Of course, there is no undo button when the money is transferred.

Pyramids and Ponzi Schemes

Ponzi schemes allow you to find investment opportunities with specific returns, the first red flag. We usually see this particular program masquerading as a portfolio management service. In reality, there is no magic formula in the office. The "return" made here is other investors' money.

A new pyramid scheme needs a little more work from stakeholders

At the top, the pyramid is usually the coordinator. They recruit a certain number of men and women to work at a certain level, each with their own number of men and women. The result is a sizable structure that grows exponentially, creating new levels and disguising them as pyramids.

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