Many people find out the hard way that it pays to do more research before investing in crypto. People often invest on recommendation from mentors, analysts, and influencers they trust. Yet even when this “sources” prove to be highly trustworthy, you can still get scammed. How, you may ask? We now have proof that not all the content released by your most trusted “sources” are actually their content or even sanctioned by them.
Earlier this morning, a mysterious video called “One World Cryptocurrency” was posted across numerous popular crypto/ finance YouTube channels – without the owners’ permission. The video has all the appearances of a giveaway scam.
“One World Cryptocurrency”
The minute-long video features promotion of a supposedly new BSC token called “One World Cryptocurrency” (Ticker: OWCY). It features a “contact address”, and a listed pre-sale price of “0.0001’ (no unit of account was given).
It then lists a number of cryptos through which “investors” can allegedly buy the token, including USDT, USDC, BNB, and ETH. It claims that OWYC will be listed on both CoinMarketCap and CoinGecko – neither of which have done so yet.
Giveaway scams are rampant in the crypto space, thanks to the potential for anonymity and irreversibility that blockchain transactions provide. These same properties have also made them popular tools for ransomware attacks. Others have been far more lucrative as well, with a fake Michael Saylor giveaway scam netting $1.1 million last week.
YouTubers Get Hacked
Numerous Twitter users reported the video having randomly appeared in their YouTube feeds from unexpected posters. One of these was Coin Bureau, a crypto-focused YouTuber with nearly 2 million subscribers.
“So our YouTube channel was just hacked,” he told his followers in a tweet. “Unless someone physically had a security key, I have no idea how they got access…”
The creator claimed that all of his accounts were secured with strong passwords and security keys, and called upon YouTube to address the issue.
Arun Maini (aka Mrwhosetheboss) – a tech YouTuber with over 9 million subscribers – was also impacted. “I think someone got into my YouTube account and posted something,” he said this morning. A screen recording shows that it was the OWCY video. He also requested that YouTube fix the problem, noting that he hadn’t even received a notification that a video was posted to his channel.
Dozens of other YouTubers were affected, including Real Vision, Ivan on Tech, and Bitboy Crypto. Most have since removed the video from their channels.
How often do you think people get scammed online?
I found some very interesting numbers on this and we will get to that but first the heart of this article.
How To Avoid Getting Scammed With Cryptocurrency Investments
Cryptocurrency investing can be a lot of fun, but it can also be a risky business. With that in mind, here are some tips to help you avoid getting scammed with cryptocurrency investments.
1. Do your research.
Before you invest in any cryptocurrency, do your research first. This will give you an idea of what the market is like and whether or not you want to take part in it. For example, if you are considering investing in Ripple, you should know that there is currently a lot of speculation about this particular currency. That means that there are a lot of people who think it is going to rise in value, and a lot of people who think that it is going to fall in value. You need to do your research and find out which group you belong to.
2. Know your risk tolerance.
Once you have done your research and decided what type of investment you want to make, you need to decide how much money you want to risk. The more money you put into a cryptocurrency, the higher the risk you take. So, if you are just starting out, you should stick to smaller investments. If you are more experienced, you can invest larger amounts.
3. Stay away from scams.
How do I avoid crypto scams? There are many different ways to get scammed with cryptocurrency investments. One way is to invest in a company that has no real products or services to offer. Another way is to invest in a project that doesn’t have any real backing. Finally, another way is to invest in a coin that is being promoted by someone who has a shady reputation. There are many ways to get scammed, so make sure you stay away from these types of projects.
4. Keep your money safe.
It is very important that you keep your money safe. Make sure that you use a secure wallet that will protect your coins from hackers and other malicious individuals. Also, you should never share your password with anyone. This will ensure that no one else can access your coins.
5. Don’t invest too much money.
When you start investing in cryptocurrencies, you might be tempted to invest a large amount of money. However, don’t do this. Investing a small amount of money will allow you to see how the market works and will allow you to learn more about cryptocurrency investing. When you invest too much money at once, you may not see the results you were hoping for.
6. Use caution when trading.
When you trade, you need to use caution. Don’t invest in anything unless you know exactly what you are doing. Also, don’t invest in anything that you don’t understand. If you don’t understand what is happening in the market, then you could end up losing all of your money.
7. Never invest without knowing your risk tolerance.
Don’t invest in anything that you aren’t willing to lose. If you are investing in something that you think is going to go up in value, then you need to know how much you are willing to lose. If you aren’t willing to lose that much, then you shouldn’t invest in that particular cryptocurrency.
8. Be careful when dealing with exchanges.
Be careful when you deal with exchanges. Some of them are legitimate, but others are not. If you don’t know which ones are legitimate, then you could end up getting scammed. Always do your research before you make any deals.
So, how often do you think people get scammed online?
In the US, one in ten adults will fall victim to a scam or fraud every year.
According to the Federal Trade Commission, this number jumped by 34% in 2018, and the majority of these scams take place online. The prevalence of fake news is contributing to the rise, and people struggle more than ever to know who they can and can’t trust online.
Have you ever been scammed? Share your story in the comments section as this might help others avoid your pain.