How common are Crypto Theft and Fraud?
Cryptocurrencies are known to be relatively safe when it comes to scams. No one can trace the purchases because of the very secure nature of transactions. But, the frequency of the release of a new currency every other month also caught the attention of scammers and hackers.
What’s even worse is it gets impossible to trace the hackers in a network that advocates anonymity. So before you fall under the trap of any lucrative offer, it is advisable to be aware of the type of fraud that commonly happens in the world of cryptocurrency.
Fake ICO: Initial Coin Offerings are a marketing scheme used by a company to raise funds for developing a new cryptocurrency. People are offered ICOs to buy the new cryptocurrency from the company. They are equivalent to stocks.
It has been observed through research that most of the ICO currently offered are either fake or can’t be exchanged for goods and services. The scammer will make…