Beware of Common Crypto Scams in Emerging Bitcoin Bull Market

Cryptocurrency scams are on the rise, with the FBI’s Internet Crime Complaint Center reporting more than $5.6 billion in losses last year alone. Scammers are taking advantage of the current bitcoin bull market to prey on unsuspecting investors, leveraging the hype and urgency around cryptocurrency to steal hard-earned money.

Eva Velasquez, president of the Identity Theft Resource Center, warns that scammers love to create confusion and urgency to deceive people. With the price of bitcoin soaring, cybercriminals are circling the wagons, ready to strike. Legitimate sources discussing strategies to make money with bitcoin, combined with advancements in AI, make these scams seem more real and convincing, even to sophisticated investors.

It’s essential to be vigilant and recognize the signs of cryptocurrency scams. Beware of fake promotions offering bonuses in exchange for investments, phishing emails or texts from untrustworthy sources, Ponzi schemes, and scams using well-known figures like Elon Musk to lure victims. Remember, Elon Musk is not going to double your money if you send him crypto.

Coinbase, a popular cryptocurrency exchange, warns that scammers use fear tactics to trick victims into giving up sensitive information. If you receive a text or email claiming your account has been compromised, do not click on any links. Instead, contact your provider directly to verify the information.

Scammers also target unsuspecting individuals with one-time promotional offers for crypto investments. These offers may look legitimate, but they often lead to fraudulent websites where investors unknowingly expose their credentials. To protect yourself, bookmark the websites of trusted providers and only use reputable exchanges like Coinbase and Gemini.

Remember, if an investment opportunity sounds too good to be true, it probably is. Stay informed, stay cautious, and protect your hard-earned money from cyber scams in the cryptocurrency market.