Cryptocurrency frauds. Breaking news millions lost

Bitcoin frauds

In Canada alone there had been 1.7 million dollars stolen through crypto fraud in 2017 which is more than double 2016 which equates to 5 times more than year 2015. So if you add that to the estimate frauds in the US, China, Russia, England and Korea including all of the other countries that have fallen victim to the scams and frauds and compare it to how much money there is in the crypto currency, you would be left wondering how much of the money is legitimate and how much is fake!

Unfortunately, with bitcoin and cryptocurrencies in general there are a lot of scams and frauds out there that people fall victim too especially new to bitcoin or new to crypto currency people. Some of these people could be tempted by the get rich quick thought or the desperate or looking to better their lives. Unfortunately, there are people out there preying on people that are new and vulnerable!

Some of the scams and frauds to watch out for are on social media where a huge percentage of us spend our free time.  The posts on social media can tempt you by saying they will sell you bitcoin 5-10-even 20% bellow market price! Why would anyone sell you something for substantially less than what it is worth? Would you sell your 10,000 car for 4,000 just because? In doing this they tempt you with huge savings and it really is an amazing marketing trick to get you interested and to use their fake exchange where they can take your money.

Another red flag to look for in the crypto world would have to be the fake exchanges that offer selling your bitcoin through PayPal. On these sites you will see a web form to enter your PayPal email and the desired amount of bitcoin you would like to sell. After your submission you will be given a QR code to send your bitcoin to, but you will never receive your money, it never arrives. Most of these fake style exchanges come and go very fast, there is no way to keep up with them and because they constantly change their domain names it makes tracking them down hard or impossible.

An important or one of the most important things in your crypto experience is your wallet and you need to make sure you are not a victim of signing up to a fake wallet. I will include a link on reputable wallets and a post on them later and link the new post to this one. Fake wallets in the crypto world is a huge topic on its own! Make sure you also keep your eyes peeled for people posting on social media outlets that with as little as 10, 20, 30, 40, or 50 dollars they can make you rich or make you a lot of money but how do you get your money or how do you get your bitcoin? If they are so good, why aren’t they on the news telling everyone their tricks or why aren’t they in their rolls Royce tweeting to you about it?

Stay safe out there and keep updated on Bitcoin and all cryptocurrencies and make sound, healthy well thought out secure investments!

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