The ocean of cryptocurrencies moved to new heights with Bitcoin and other altcoins jumping to cling to new price hikes. However, the hidden sharks in the deep sea have started poking the cryptocurrencies and crypto firms. Yes, scammers are finding their ways to exploit and breach several crypto platforms in the current crypto tailwind. The price of coins is up; investors find more profit than before! This triggers scammers to steal more wealth than before.
Ripple CEO warns of rising crypto scams
Ripple CEO Brad Garlinghouse puts his thoughts on bad acts this way: “With success and market rallies, scammers ramp up their attacks on the crypto community.” He also tells XRP users to be cautious of the latest scam targeting crypto users on YouTube and fraudsters impersonating Ripple’s official account.
Ripple’s X post also shows an uptick of XRP scammers on YouTube, who steal accounts and fake them. The post further reads: “Ripple or our execs will NEVER ask you to send us XRP.”
Social media is one of the key advantages for scammers
When the price of crypto booms and blooms, several new investors show interest in buying coins. This is the moment where scammers wait for the new prey. Although new investors are aware of scammers, they can less often identify what’s true and what’s not. Such investors easily fall into the lion’s den.
Bull market indicates more activities and opportunities, such as an increase in new tokens, DeFi protocols, and NFT launches. As the crypto market glows with such activities, scammers may create fake versions of the real crypto platforms or even impersonate influencers to snatch funds.
Social media is one of the key advantages for scammers. Even in the traditional world, hackers use social media to guise their true identity and steal millions! Crypto platforms inform their token launch, giveaways, new token launches, and price surges across different social media platforms, enticing hackers to mimic them and grab money.
When crypto activities increase in response to market uptrend, rug pulls may potentially turn to active mode! Scammers unnecessarily create hype around a crypto project or memecoin, amass huge funds from investors, and then turn to escape mode!
How to protect yourself from crypto scams?
Several crypto experts and platforms have already introduced steps to protect from crypto scams or hacks. And, they all unanimously echo one significant method: double confirm the websites or URLs of crypto projects! Know the fact that no crypto companies will request investors to send coins to their wallet. Ignore DMs from traders and investors on social media platforms, who impersonate celebrities or crypto firm executives. Never share seed phrase or private keys. Do proper research and always read the whitepaper of projects you approach. Always educate yourself to avoid jumping into traps.
