Crypto scam doing rounds in internet mainly focused in twitter.
Crypto, and its domination is clearly the most talked about topics around the world. A tweet from billionaires like Elon Musk, or crypto exchanges like coinbase makes the market go crazy. As we all know, cryptocurrency is said to be the next big revolution in the financial sector across the globe. With the virtue of reducing the complexities and giving a good return on the investment, cryptocurrency also comes with certain features that could be exploited. The volatile nature of the currency is something that needs to be taken under consideration. Also, there have been a lot of hackers, scamsters doing rounds around the internet. They don’t miss a single opportunity of cheating people by introducing them to new schemes and plans and loot all of their money. CEO’s like Elon Musk have been dragged into crypto scams.
It is clear that, a deepfake video of Elon Musk talking about a new investment project that people should be diverting their funds in to make at least 30% dividends everyday for the rest of their life is getting viral in twitter. Fortunately, Elon Musk was quick to react saying it was not him and probably saved millions of people from the scam.
Scams in the crypto world.
Picture Credits: Time
Scams in the crypto world are consistently occurring. In one of the instances recently, a phising scam hacked verified accounts to loot over $1 million in a fake airdrop of apecoin, the native token of the Bored Ape Yatch Club NFT. In 2020, scamsters went on to hack accounts of celebrated personalities and influencers like Elon Musk and tried to promote a Bitcoin Scam. Such scams have been consistently popping in twitter. Absence of technical cyber department and a good statutory body to regulate the crypto market has caused major of the down run. But, the emergence of bodies such as SEC has definitely reduced the incidents of scams on the internet.
A battle that’s far away from victory!
Even though the SEC and other bodies have emerged to regulate and have a check on the functions of the crypto market, the battle of eradicating crime and scams from crypto market is not won yet. There’s a lot to achieve in terms of technological advancements to curb cyber crime and to help the crypto market grow with out any scams. Already the crypto market implosion has caused a big stir in the trust’s of investors, scams and crimes would only add fuel to the fire and burn the entire market down.
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