Don’t Get Burned: A Beginner’s Guide to Protecting Yourself from Crypto Cons

Cryptocurrency scammers had a field day in 2022, raking in a staggering $4 billion from unsuspecting investors. That’s a lot of money.

The most significant loss was from the failure of a company called FTX, which lost investors around $2 billion.

But there have been other significant losses, like Axie Infinity’s Ronin Network, which lost $615 million, and the scam, which lost $273 million.

The survey also found that hackers have stolen about $1.9 billion worth of cryptocurrency from people between January and July this year.

That’s a 37% increase from the same period in 2021. Cybersecurity experts say that scammers often use social media sites like Instagram and Facebook to trick people into giving them their money.

They also say that younger people (aged 20 to 40) are more likely to fall for these scams.

  • Do your research: Before investing in any cryptocurrency, comprehend how it works and do your due diligence. Don’t just take someone’s word for it – read reviews and articles from trusted sources to get a well-rounded understanding of the investment.
  • Be wary of guaranteed returns: Be skeptical if someone promises you guaranteed returns on your investment. In the world of investing, there are no guarantees, and anyone who promises otherwise is probably trying to scam you.
  • Stay away from dating sites and influencers: It might seem like a no-brainer, but you’d be surprised at how many people get scammed through dating sites or by following the advice of social media influencers. Be cautious if someone you don’t know well is trying to get you to invest in cryptocurrency.
  • Use established cryptocurrencies and tokens: Trying out the latest and greatest new cryptocurrency can be tempting, but it’s often safer to stick with established coins like Bitcoin and Ethereum. These have been around for a while and have a track record of stability.

So, if you’re considering investing in cryptocurrency, do your research and be careful not to get scammed!