Online security experts warn cryptocurrency owners to be wary of social media ads that ask you to join their money-making schemes but asks for cryptocurrency payments only.
Adding that alarm bells should be rung if a seemingly legitimate site is asking for payments only in cryptocurrency, it is the nature of the currency itself – which is being used for nefarious purposes such as extortion, illegal payments on the dark web, and online scams – that make the currency susceptible to fraud.
Watchlist Internet, an Austrian scam watchdog website says that there is a growing number of scams that post false promises just to get your hard-earned cryptocurrency.
“Once you wire Bitcoin, Ethereum, or Ripple to any website promising to double your money, it is probably gone forever.”
How do they work?
“The scams will often appear as ads when you’re scrolling through your Facebook timeline.”
“It is also available on video platforms and forums.”
Now, this is not your run-of-the-mill scammer kind of video either. It is usually done professionally with websites themselves appearing professional and trustworthy.
Fake testimonials will also be added to further woo you and your cryptocurrency.
We urge anyone with cryptocurrency to be wary of such sites. Let’s take everything with a pinch of salt, shall we?
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