How the crooks steal our cryptocurrency? Popular schemes and ways of dealing with them

Fraudsters have duped millions of people around the world. In 2018 just in the United States because of cryptocurrency Scam users have lost 1.7 billion dollars. Attackers use different methods, but with all their diversity one of the most popular is the pyramid. In addition, widespread use of automated software.

In addition to fake cryptocurrency offers, scammers can also manipulate the market value of the currency, and providing false information. For example, one cryptocurrency Scam promised that investors will receive 1.2 percent of income per day, but this statement in no way supported.

Some cheaters lie even bolder — as in the case of a company OneCoinwhich advertised generally non-existent cryptocurrency. Moreover, these projects somehow most manage more effectively lead marketing.

The contents

Fake ICO

Although some primary supply of coins (ICO) can be an excellent option of investments in the cryptocurrency, many of them are outright Scam. Similar suggestions boil down to the fact that the company is creating a new cryptocurrency that asks for payments in Bitcoin, Ether, Lidoine or other proven cryptocurrency in exchange for a discount on a new it was developing a coin.


The only problem is that sometimes these companies do not generate any cryptocurrency or make no effort for its promotion. ICO-cheaters actively try to keep the cryptocurrency seemed legitimate, and in some cases things may look very convincing. Here are some tips that will help you to determine the legitimacy of the ICO:

  • read reviews to ensure no cheating, and make sure you read reviews on proven websites.
  • stay away from ICO, which guarantee that their cryptocurrency soar in price.
  • make sure you have a sufficient amount of accurate information about upcoming coin. If data about the cryptocurrency is not enough, then it may be a Scam.
  • beware of questionable practices including market manipulation and insider trading.

Schemes “pump and dump”

Schemes “pump and dump” are unlikely to touch Bitcoin because the cryptocurrency is a very large market capitalization, but the smaller altcoins such schemes are very vulnerable. The latter can be reduced to the cost of a second-rate Aldona artificially inflated through fraudulent statements. Scammers on the growth rates of the buy bitcoin in large quantities.

Source: Reddit

Earning a large sum, they sell the cryptocurrency and investors remain with cheap coins, as the public loses interest in them. Although Bitcoin seems to be a successful crypto currency, some financial experts believe that even he could potentially be vulnerable to the schemes of a pump and dump, but only on a smaller scale. Speculators may have some influence on its price, which may lead to losses for investors. Let’s learn how to recognize a scheme of “pump and dump”:

  • if you find that on an unknown aldaine there a lot of positive information, it is better to stay away.
  • if it is obvious that for a large part of investment in altain one single person or organization, it is also a red flag.

Pyramid and Ponzi schemes

Pyramids are very common in the world of altcoins. They allow you to earn those invested in the cryptocurrency at a very early stage, but not those who invested later. In fact, those who invest late, paying early investors and founders of the pyramid without even realizing it.

Source: Trustnodes

The pyramid can not detect immediately, because early investors are often not aware that funds received from later investors. But sooner or later the scheme begins to crumble.

If it is not identified by law enforcement agencies, the pyramid may collapse in several ways. In some cases, the Creator of the pyramid may just run with the money invested in the cryptocurrency. In the community this situation is known as an “exit Scam”. In other cases, the outcome of the new investors, by which the scheme could continue to work, and late investors start demanding their money back. During economic downturns, people can often claim your money, which can lead to the collapse of the pyramid.


In some cases, the alleged bitcoin simply does not exist, and the scammers collect with investors Fiat money, without offering anything in return. Such have benches moving in different ways, often luring victims online or through cold contacts.

There is no reason why someone should call to tell about the real possibilities related to the cryptocurrency, and should similarly be wary of any “offers” received by e-mail.


Sometimes scammers posing as legitimate organizations. Often they sound quite convincing. Impostors claim that offer bitcoins, esters or other proven cryptocurrency with a “discount”. In addition, have benches of this kind often use phishing, which allows you to access your passwords from purses and kryptomere.

Source: 2Биткоина

You should also be suspicious of anyone who calls you or writes an email, saying that is reputable Bitcoin exchange like Coinbase. None of the exchange will not be without an invitation to contact you by phone or e-mail and such messages – an obvious Scam.

In some cases, the scammers even claim to be “CEO” of such organizations, and they have for you to have a “special offer” or “warning problem with the account”, but this is just another variety of deception. Often such cryptocurrency have benches create fake accounts in social networks, posing as leaders of major trading platforms.

Fraudulent purses

Source: Penn Memory Center

Sometimes Bitcoin wallets can be fraudulent, and instead of giving you a safe place to store tools, simply steal them. Because fraudulent cryptocurrency wallets a lot of, it is important to only choose products from reliable organizations and read reviews online when choosing.

In our cryptodata of hontarov you will find lots of other useful information. Look.

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