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Security

Crypto scams have been on the rise recently. The United States Security and Exchange Commission (SEC) has recently come up with an investor alert on that issue.
In an interview with Atlas, a social media personality in the crypto space, the focus was on a 19-year-old who said he is a millionaire crypto scammer. A young person who prefer not to be identify provided information on how crypto scams work and how profitable they can be.
<blockquote class="twitter-tweet">
 This guy is a crypto scammer. He is only 19. He is already a multimillionaire. I interviewed him, and was shocked… Here's his story, how much scammers make, how they do it, and how not to fall for a scam <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9f5.png" alt="🧵" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/p3TdDRcUxa" rel="noopener noreferrer nofollow">pic.twitter.com/p3TdDRcUxa</a>— Atlas (@crptAtlas) <a href="https://twitter.com/crptAtlas/status/1810659898478178545?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 9, 2024</a>
</blockquote>
During the interview, the respondents confirmed that there are more than a thousand scams per day in the world of <a href="https://www.thecoinrepublic.com/2024/06/23/the-fundamentals-of-market-depth-in-cryptocurrency-trading/" rel="noopener noreferrer nofollow">cryptocurrency</a>. Those scams are carried out through different tactics, including hack attacks, fraudulent projects, and social engineering.&nbsp;
They mostly aim at the naive users in the cryptocurrency community and designed to make them fall into the trap of a crypto scammer. The scammer stressed that those who are not well-versed in the security procedures are easy targets. Thus, raising awareness among the public on these scams is essential.
<h2 class="wp-block-heading" id="h-scamming-methods-and-prevention-tips">Scamming Methods and Prevention Tips</h2>
The young crypto scammer provided step-by-step information on how the schemes work and how the victims are cheated, including the case of hacking the popular Metamask wallet. They shared insights emphasizing that users’ negligence and scammers’ software are the most critical factors for successful cryptocurrency thefts.&nbsp;
Some techniques include persuading users to download and install malicious software that can compromise a wallet’s security, for instance, through fake investment opportunities.
The example shared in the interview is software that can try to guess and hack Metamask passwords. The scammer also elaborated that the Metamask wallets with weak and short passwords, especially those less than 15 characters, are prone to risks.&nbsp;
It is highly recommends that the users protect themselves from this risk by creating strong passwords that are hard to crack.
To prevent these threats, the scammer listed some crucial preventive measures. Some recommendations include checking that all security options on the cryptocurrency exchanges are turned on. Which including the use of authenticators and setting up a withdrawal password.
Additionally, they discouraged linking main wallets to unverified apps. They also urged people to do their due diligence when dealing with any crypto platform. These measures are pertinent in protecting digital belongings from existing scams.
<h2 class="wp-block-heading" id="h-the-sec-s-warnings-and-preventive-measures">The SEC’s Warnings and Preventive Measures</h2>
Due to increased cases of cryptocurrency fraud, the SEC has been working to enhance investor awareness of risks. They note that fraudsters employ technological sophistication and social influence to mimic genuine investment opportunities. Some tactics include designing complex websites and endorsing the products through deep fake technology with celebrities and other reputed personas.
<blockquote class="twitter-tweet">
 NEW INVESTOR ALERT: 5 Ways Fraudsters May Lure Victims Into Scams Involving Crypto Asset Securities<a href="https://t.co/0Ag6l8hEbj" rel="noopener noreferrer nofollow">https://t.co/0Ag6l8hEbj</a> <a href="https://t.co/QsmSJvui1R" rel="noopener noreferrer nofollow">pic.twitter.com/QsmSJvui1R</a>— U.S. Securities and Exchange Commission (@SECGov) <a href="https://twitter.com/SECGov/status/1795865151133859852?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 29, 2024</a>
</blockquote>
The most common of these is the pump-and-dump schemes any top crypto scammer would use. The fraudsters buy low-quality or speculative coins and artificially inflate their prices to sell them at the peak when other investors have acquired them. Another widespread scheme is to ask for additional fees for unlocking or releasing investment accounts due to allegedly taxes, fees, or regulation charges.
Investors must be cautious and carry out due diligence when it comes to the investments that they make. That encompasses checking the credibility of the people and companies involved. They rigorously examining the truthfulness of the promises about possible profits. The SEC also encourages the public to report any suspicious activities that may be associated with these fraudulent schemes.
 
The post <a href="https://www.thecoinrepublic.com/2024/07/10/19-year-old-millionaire-crypto-scammer-shares-scamming-tricks/" rel="noopener noreferrer nofollow">19-Year-Old Millionaire Crypto Scammer Shares Scamming Tricks</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.

19-Year-Old Millionaire Crypto Scammer Shares Scamming Tricks

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