As more crypto investors start to hold their own assets, they should also be aware of ways scammers try to take advantage of users.
Cybercriminals in the cryptocurrency industry often aim to steal self-held assets by taking control of high-profile accounts. “Between May and August 2022, social media account takeovers — involving Twitter, Discord and Telegram — have wreaked havoc. Scammers post malicious NFT phishing links during those attacks, compromising high-profile social media accounts,” said Boucher
The end goal is to gain access to self-custodied assets and steal the cryptocurrency held by the individual. “The volume of scams, hacks, blackmails and other fraudulent activity has been growing exponentially over the last few years. Most fake platforms appear to be either Ponzi schemes or payout scams with the following characteristics: They advertise fake returns, have referral incentives that resemble pyramid schemes or impersonate existing legitimate trading platforms.”
If the contract contains errors or is designed to take advantage of people, users may end up losing their tokens. For example, if it allows its creator to take possession of tokens to sell them, users may lose cryptocurrency by signing it.Congress may be ‘ungovernable,’ but US could see crypto legislation in 2023
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