Heres How The Most Advanced Crypto Scams Work

 

Many cryptocurrency scams are financial crimes that can easily be committed using dollars, rand or gold chains. These common scams include Ponzi schemes, romance scams, "carpet pools" - where capital is pooled and then the founders disappear with everything - and good old scams and extortion.

These cheats do not require deep technical knowledge. Basically, they use social engineering and trust to gain the trust of the victim and transfer the cryptocurrency to the fraudster's account.

Read: 'Kill the Pig' is a coded version of love tricks

According to the FBI's 2021 cybercrime report, crypto scams are the most common.

But there's another front to crypto crime that's better suited to hacker movies, where deep technical knowledge allows fraudsters to easily and quickly dupe unsuspecting victims.

fake apps

According to the FBI, fake crypto investment apps have defrauded victims of at least $42 million (R726 million) in less than a year. Creating such an application requires programming knowledge that is specific to the device for which the application is intended, for example, for the Apple Android or iOS operating systems.

These fake apps can be highly disguised; An app recently stole $1.3 million (R21 million) from a Silicon Valley programmer.

Some malicious apps do this in official app stores.

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Token fraud is an advanced cryptographic fraud that uses malicious contracts.

A smart contract is a blockchain token - usually the Ethereum blockchain - a set of programming rules that must be followed in order to successfully exchange crypto tokens.

Even if the address is not associated with a contract, a known address (for example, the address of a known token creator) can be programmatically specified in the smart contract token.

Block browsers like Etherscan then take that address and show that any transactions on the node were made to the known address when someone else initiated them.

A hacked address builds trust in the node by making people believe that the signals coming from it are from a legitimate source.

How scammers use this scam varies, but in one case, Uniswap users were redirected to a scam website with $4.7m (R81m) in exchange for genuine crypto tokens.

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More elegant legal work with smart contracts allows criminals to issue an NFT (intangible token) directly to a celebrity's wallet address and then withdraw it.

It looks like this NFT was created by a celebrity who is hiding his true identity.

This theory is supported with the description of Monsieur Personne as a Beeple Dailydays $69 million: The First 5000 Days NFT directed by Beeple's official wallet address - quite convincing.

It's called insomnia, and although it doesn't get much attention, you should be aware of it.

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The odds are equivalent to the user's private key, which allows the user to unlock the funds in their crypto wallet.

Weak security around Pedigree - unencrypted Solana wallet providers send Pedigree to a central server - means hackers can use Pedigree to open wallets.

Or, in Solana's case, 8,000 wallets.

Crypto ATMs and fake QR codes

Crypto ATMs are becoming more and more popular, but are still not very well regulated. It is also available in the US, Canada, Spain and El Salvador, a country that officially recognizes Bitcoin.

Read: Anatomy of the Bitcoin scam that infected at least four South Africans

To pay at an address, an encrypted ATM allows you to scan a QR (quick response) code.

Scammers use everything from social engineering to send hacks directly to fraudulent QR codes to victims and then make cryptocurrency payments to a fraudulent address.

Fake phishing packages

Phishing is one of the oldest fraud tricks.

Phishing is a scam that uses fraudulent emails and legitimate-looking websites to trick people into entering sensitive information such as bank details or cryptocurrency wallets.

An email designed to impersonate a well-known wallet provider asks the victim to visit a website and link the wallet to it, after which the wallet's cryptocurrency is stolen.

How to stay safe even if you're not a coding expert

All of the above attacks can be avoided if you have some programming and coding knowledge.

For people with less technical knowledge, the solution is to follow the general instructions.

Use only trusted central exchanges to convert cryptocurrencies.

Never reply to spam emails;

After reading spam emails, always check the facts by contacting the company directly;

Stick with major crypto assets if you are inexperienced with tips; And

Remember, this probably sounds too good to be true.

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