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Cryptocurrencies, block chains, non-fungible tokens, and decentralised currencies these are all the buzzwords going around the world.
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As NFT scams proliferate online, crypto sleuths are fighting back
Cryptocurrencies, block chains, non-fungible tokens, and decentralised currencies these are all the buzzwords going around the world. But in reality, they are much more than just internet hype and could might as well be future of finance. NFTs are non-fungible tokens which are digital assets representing real world objects like pictures, art, music, in game items. NFTs are bought and sold online. Each token has its own unique identity unlike cryptocurrencies which are fungible. In the recent years NFTs have skyrocketed because of large interest from celebrities. According to a report from Chain analysis, NFTs have increased their investment from 102 million dollars to 44.2 billion dollars in 2021. But the Chain analysis report also found that "as is the case with any technology, NFTs offer the potential for abuse." The report also revealed that these sellers reportedly made 8.9 million dollars from the sale of NFT to those buyers who believe that the NFT they are purchasing is still rising in value.
But online scams have well been there since the introduction of online transaction of money let alone the digital assets in which the value and volume is far more. Nik Horniacek is the cofounder of Rug Pull Finder, a private intelligence company that investigates NFT projects. He fell for his first NFT scam back in 2021 December when he was exploring a popular NFT venture that was launching in February. He clicked on the social media link which was supposed to lead him to the project site but instead drained all his cryptocurrency. From then to this date his company has exposed nearly 200 scams worth more than 1.3 billion dollars. Nik is one of the many NFT ‘investigators’ that track and analyse NFTs as more and more big personalities are getting impressed by it.
These activities only continued to rise which is why federal agencies are developing their efforts to fight against crypto crime. The US secret service also launched its crypto currency awareness hub and announced the first director of national crypto currency enforcement team. The first ever NFT case was brought forward in march by DOJ about the NFT collection called Frosties. Two defendants were charged with a million-dollar fraud scheme after investors were promised the benefits of that collection. All the money which was received from the sales of tokens was transferred away after they allegedly shut down their website. They were also planning to launch a second set of NFT which would have made around 1.5 billion dollars. Daniel Brubaker, inspector in charge of US postal inspection service also stated that "The rise and popularity of various cryptocurrencies have changed the landscape of buying and selling investments, leading to ample opportunities for new fraud schemes,"
NFTS ARE GREAT ASSET THEY CAN BE REALLY SUCCESSFUL BUT THIS ALSO MAKES IT IDEAL FOR DANGEROUS SCAMS. THERE IS NO ENTITY WHICH REGULATES THE TRANSACTIONS SO FUNDS CAN BE EASILY MOVED WITHOUT MONITORING. KRAKEN KRAKEN IS A UNITED STATES BASED CRYPTO CURRENCY EXCHANGE. KRAKEN IS A CRYPTOCURRENCY EXCHANGE WHICH OFFERS VARIOUS CRYPTOCURRENCIES FOR USERS TO TRADE. THE CRYPTO EXCHANGE ALLOWS USERS TO PURCHASE AND SELL CRYPTO CURRENCIES USING VARIOUS FIAT CURRENCIES. KRAKEN ALSO OFFERS YOU TO TRADE BETWEEN CRYPTOCURRENCIES. KRAKEN IS ONE OF THE OLDEST AND MOST TRUSTED CRYPTO EXCHANGE IN THE WORLD. IT HAS BEEN THERE SINCE 2011. IT OFFERS TRADING IN MORE THAN 175 COUNTRIES AND PROVIDES MORE THAN 90 CRYPTOCURRENCIES.
HOW TO START BEGINNERS DO SIGNIFICANTLY WELL WITH KRAKEN EXCHANGE. TRADING ON KRAKEN CRYPTO EXCHANGE IS FAIRLY EASY BECAUSE OF THE USER-FRIENDLY INTERFACE. SIGNING UP ON KRAKEN IS ALSO NOT COMPLICATED AT ALL. YOU ARE REQUIRED TO VERIFY YOURSELF AND PROVIDE LEGAL DOCUMENTS FOR THE SAME. WITH A VERIFIED ACCOUNT, YOU CAN QUICKLY BUY CRYPTOCURRENCY FROM A LINKED BANK ACCOUNT, AND IT’S JUST AS EASY TO SELL OR CONVERT BETWEEN CURRENCIES IN YOUR ACCOUNT. CUSTOMERS ARE REQUIRED TO ENTER THEIR PERSONAL DETAILS ALONG WITH A GOVT ID PROOF. ONCE YOUR ACCOUNT IS CREATED AND YOU’VE LOGGED IN, IT ONLY TAKES A FEW SECONDS TO ENTER AN ORDER USING A STRAIGHTFORWARD FORM. KRAKEN ALSO OFFERS 2 FACTOR AUTHENTICATION WHICH PREVENTS ANYONE FROM LOGGING INTO YOUR ACCOUNT WITHOUT YOUR DEVICE AND A
RANDOMLY GENERATED CODE IN HAND. HOW TO TRADE IN EITHER CASE, THERE’S A PLATFORM SUITABLE FOR ANYONE FROM BEGINNERS TO EXPERTS. DEPENDING ON YOUR CRYPTOCURRENCY AND ACTIVE MARKET TRADING EXPERIENCE, YOU MAY PREFER KRAKEN OR KRAKEN PRO. KRAKEN CRYPTO EXCHANGE OFFERS MORE THAN 90 CRYPTO CURRENCIES AND ACCEPTS TRADING IN FIAT CURRENCIES LIKE US DOLLARS, JAPANESE YEN, CANADIAN DOLLARS, EURO, BRITISH POUNDS, SWISS FRANC ETC. IN OVER 180+ COUNTRIES. SOME POPULAR CURRENCIES AVAILABLE ARE • BITCOIN (BTC) • ETHEREUM (ETH) • CARDANO (ADA) • DOGECOIN (DOGE) • LITECOIN (LTC) • POLKADOT (DOT)
• POLYGON (MATIC) • RIPPLE (XRP) • STELLAR LUMENS (XLM) • SOLANA (SOL) • SUSHI (SUSHI) • UNISWAP (UNI) A KRAKEN TRADING ACCOUNT OR WALLET CAN BE MADE. KRAKEN OFFERS DIFFERENT MODES OF TRANSACTIONS LIKE MAKE BANK TRANSACTIONS, WIRED TRANSACTIONS OR DIGITAL WALLETS SUCH AS PAY PAL ETC. THE ACCOUNT MANAGEMENT IS ALSO QUITE SIMPLE. YOU CAN MANAGE YOUR ACCOUNT THROUGH WEBSITE OR APP WHICHEVER IS PREFERABLE FOR YOU.
