Bittrex, a popular bitcoin exchange site, released a set of guidelines to avoid bitcoin pump-and-dump scams.
I’m afraid, we don’t have a review page for Coinbits Exchange. Their website looks legitimate though, using the checklist above looks like the website connect securely over https and I can see the word “Secure” or an image of a padlock in your web browser’s address bar. No mispelled words and they have an About us page.
Other scammers have turned their attention to creating quite sophisticated fake wallet apps which, once downloaded to a user’s smartphone, can be used to steal critical account details. These apps have even made it into official, legitimate app stores like Google Play, so it pays to do your research before downloading anything to your phone.
If you are worried about becoming the target of a sextortion scam, disable or cover the camera on your computer.
In January 2018, a fake Twitter account purporting to belong to cybersecurity guru and crypto enthusiast John McAfee tweeted support for the GVT cryptocurrency, naming it “coin of the day”.
However, while Nakamoto was the original inventor of Bitcoin, as well as the author of its very first implementation, over the years a large number of people have contributed to improving the cryptocurrency’s software by patching vulnerabilities and adding new features.
One type of scam that’s common to many large sites and social media platforms is a celebrity impersonation giveaway scam. Here, the scammers will impersonate a celebrity or other notable person and announce that they’re giving away a lot of cryptocurrency for free, as long as you send them some cryptocurrency first.
Long gone are the days when you have to provide the personal information and have to worry about the porn name appearing on your bank statement.
A rug pull can be very difficult to spot before it happens as they typically originate from profitable projects that function as intended, unlike a Ponzi scheme or ICO scam which are illegitimate from the outset. Furthermore, because of the rapid and dynamic nature of DeFi, users often enthusiastically "pile in" to new projects early in their life-cycle while profits are highest, which may give the project an unwarranted degree of trust.
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You can also help by reporting any scams you see on social media, using the 'report' button provided by most platforms.
Cloud mining allows you to mine cryptocurrencies like Bitcoin without having to purchase the expensive hardware required to do so. There are several legitimate cloud mining services that let users rent server space to mine for coins at a set rate. There are also some legitimate ways to invest in Bitcoin mining companies and share profits from them.
One type of scam that's common to many large sites and social media platforms is a celebrity impersonation giveaway scam. Here, the scammers will impersonate a celebrity or other notable person and announce that they're giving away a lot of cryptocurrency for free, as long as you send them some cryptocurrency first.
