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Cryptocurrency has long ceased to be something difficult for people to understand. Crypto owners can pay with it in some restaurants or cafés, place bets in the best Canadian casinos, or donate to charity. That is why the number of scammers who encroach users' crypto savings is increasing all the time. Knowing their fraudulent schemes will help save your cryptocurrency. Let's take a look at the most popular scam methods.
Phishing
Scammers create fake sites to steal the personal data of crypto owners. One has only to go to such site and enter their username and password on it, as this info falls into the hands of scammers and is used so that scammers can log into the user account 'with all conveniences'. A fake site may differ from the original one in extension, or a letter may be spoofed in the address.
Fake crypto wallets
Any cryptocurrency can be stored in a crypto wallet. One of the options for counterfeiting such wallet is a scheme when fraudsters create fake websites, register new crypto wallets and offer some bonuses for replenishing one of these wallets. Also, a wallet that looks harmless but actually contains a special soft that steals user passwords.
Fake exchanges
Scammers create a fake crypto exchange, but it doesn't arouse suspicion among users, since it looks no different from the real one. The user may not even suspect anything, but at the moment when they want to withdraw the cryptocurrency, the fraudsters will formulate for them a whole list of reasons why it is impossible to do this. For example, to state that it is needed to verify the identity of the user. A gullible crypto owner will provide the necessary documents, and they will be 'under review' for a very long time and eventually not be approved.
Ponzi scheme
In fact, cryptocurrency fraud can hardly be called a classic Ponzi scheme, since the essence of the scheme, but sometimes the name 'Ponzi scheme' is used in relation to cryptocurrencies, when scammers offer users to double their crypto contribution in a short time. That is, the user is bought on the promise of a 'freebie'.
How to play cryptocurrency safely
In order not to suffer from fraudulent attacks, it is important for gamblers to remember a few recommendations for saving their funds.
Play at an online casino with good reputation
If a casino gaming site is little known to the general public, this doesn't mean that it is a scam. But most often, high-quality online casinos are on everyone's lips: they are written about by respected review sites in the iGaming industry and players discuss them on forums. Carefully study the information about the online casino where you plan to play.
Look for Provably Fair games
Games with an algorithm based on a cryptographic method guarantee the transparency and honesty of the game result. Such games are available in all reputable crypto-casinos, as well as in hybrid casinos in a separate section or with special mark on the game icon.
In conclusion
Fraudsters have come up with many ways to steal crypto, and they keep adding new ones every day. But knowing the ones that already exist will help you, at the very least, avoid the most common crypto scams and keep your crypto holdings safe.
Author Bio
Richard Hayes is Senior Editor Mybestcasino.ca.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.