Unfortunately, the Criptomundo has been quite fertile ground for all kinds of scams, since it takes a lot of education on various topics, and the possibility of profiting at the expense of the users is quite large. This reached the point where many people came to consider (or even still consider) Bitcoin and Criptomonedas as scams, not knowing how to differentiate between unscrupulous initiatives and legitimate projects.
Although the Criptomonedas are used mostly legally, they have also become attractive treasures for criminals, who are quite creative when it comes to setting all kinds of traps to unsuspecting owners.
Therefore, it is essential to educate yourself when you are a user of Criptomonedas: There are many ways in which a scammer can seize them. As stated by Jeff Schmidt, CEO of the JAS Global Advisors security consulting firm, “in any system where humans play an integral role, the vulnerabilities due to human nature them with education.
Below, we describe the most common scams, taking into account that the scam is a type of deception and malware and hackers belong to another category.
The initial currency offerings (ICO) quickly became the preferred method of financing for a large part of the Criptomundo startups. With them, a project can raise funds by creating a new token prepared to be sold at the market price, whose value will be backed up in the future with the value of the project in question, when it is launched.
The problem arises that literally anyone can launch an ICO, because hardly any requirement is needed. This gives the opportunity to many fraudulent ICO builders, backed up in projects that do not really plan to materialize, because their intent is only to escape with as many funds as possible.
The ingredients of a false ICO tend to be excessive publicity, a vaguely described project, ads too good to be true and anonymous or unreal administrators (they usually put famous people as part of the project when it is not true).
Examples of these events are confido, with losses of 370,000 dollars for the buyers of the token; Tech Center, who even counted on the advertising of Floyd Mayweather and who raised in his ICO more than 32 million dollars; And the one that is perhaps the biggest scam in the history of the Criptomonedas: Modern Tech, alleged company that, through the ICO of the supposed tokens of IFan and Pincoin, managed to steal up to 600 million dollars.
Unfortunately, a study by Statis Group also showed that up to 80% of the ICO’s 2017 were fraudulent. In the same way, another research by the Institute of Computer Science Research in the cloud and microdata said that among legitimate projects up to 92% fails. The legitimate and successful ICO is scarce, so it should be invested only after thorough research of the project and taking into account that it is a risk investment.
It is worth remarking, moreover, that there are also the ICO parodic, such as the Useless token, where the same administrators warn that no return should be expected and any investment will be lost. In this case, it can not be considered a scam, because the ICO parodic not usually hide its nature.
It is the simple exchange of criptomonedas directly between the parties involved, without the help of a trusted broker, as a house of exchange. The success or failure of such an exchange depends, of course, on the circumstances and the parties involved.
In social networks and chats, exchange announcements abound, offering to buy or sell Criptomonedas with different payment methods. Some may be legitimate, but others will ask you to send the funds first and disappear with them. Therefore, when trading with Criptomonedas, it is necessary to resort to a reliable part. If it is not a friend or acquaintance, this does not have to be necessarily a house of exchange as such: some groups develop a system of reputation among their members and there exist platforms like LocalBitcoins, that offers its own system of guarantee, although they are the Same users who negotiate with each other.
In the same line, it should be taken into account that physical exchanges, such as the purchase of Bitcoin with cash, are especially risky. Thus, a couple of brothers in Dubai who sought to buy BTC in an alleged office, were snatched 2 million dollars in what ended up being an armed robbery.