Bitcoin scams

INVESTMENT/ICO SCAM

Investment is the ultimate scam, and 90% of the scams do occur by means of this style. Investors predict investment in new cryptocurrency will be a great chance and call it the next Bitcoin of the era! Without much idea about the new altcoin, you make the investment, and you may catch in a scam. Here is a recent report on such scam,

A 22-year old millionaire became a victim of such an investment scam where his loss was high in figures. About 5,500 BTC coins where used to invest on a new coin and got nothing in return. Back in 2017, the millionaire transferred these Bitcoins as an investment for a new digital coin. And good returns are offered for the investment, and he considered this as a good investment. Months went past, and there is no word on returns yet, so he requested an investigation and found this as a scam.

Later on, during the investigation period, they have found out about the group of people who were involved in this scam business. The group has liquidated BTC and deposited money and is estimated to be around $24 million. This scam points out one thing - how far one must be aware of before making an investment on a digital coin? The investigation is going on to find the fraudsters and get back the money.

Yet another sort of scam and yes, ICO is another investment based platform and known as "Initial Coin Offering" or "token sales event". This scam is not that far different from the above-mentioned investment scenarios. It's a scam and stays as a scam! Raising fund with BTC tokens is an effective ICO method, investors follow up a process, and if the opportunity is found perfect then, they make the investment. ICO is the new way of crowdfunding, and as per the digital records, about 90% of the ICO events are fake in nature.

HOW TO AVOID INVESTMENT/ICO SCAM?

Never fall for false investment schemes which offer you fast returns.
Fast cooking investment promises will mesmerize your eyes but, never fall for such fast-growing scams.
Crowdfunding is yet another event to make you fall under the investment threat.
Before making the investment in a token sale make sure the ICO is valid.
Check whether the campaign team is genuine or not before making the investment.
6 - SOCIAL MEDIA/MALWARE SCAMS

Promotions are the best way to market your product and business in a steady manner. There is no replacement for such an effective digital marketing process, henceforth the chances for you to fall under the fake wall is high. Social media scams are always on the high note, and it seems to be like – "Use the opportunity, and make good returns", "Get free BTC coins by joining into this scheme", "Make the least investment, and get a regular income without any stress".

A twitter war, Facebook hash tags, trending subjects, etc. deal with these scams and the world together proves to be effective in all sense. Well, this has been considered as - "the dark side of social media". News reports are flying in and out about these instances. Malware URL's are another way of BTC allegation; certain online surveys can also act as malware, and the sensitive data is exposed and explored! Always keep preventive measures and parallelly, a caution alert have to consider when involved in such cases.

HOW TO AVOID SOCIAL MEDIA SCAM?

Avoid getting trapped under fake social media profiles and similar scams.
Several social media communities or chat rooms remark you with such promises, avoid at any cost.
Never download any files from unknown sources attached via email or other media related to Bitcoin.
Avoid unknown mining offers before losing your money.
An unknown link might take all your valuable assets, so be aware of such instances.