Bitcoin Scams on Social Media The Dark Side of Bitcoin

1. Bitcoin Scams on Social Media: The Dark Side of Bitcoin There are four primary forms of Bitcoin scams, each of which uses a different payload to defraud victims of their money. First, malware is downloaded via bogus Bitcoin wallets. One approach for obtaining a victim's trust and credibility is to imitate the Bitcoin brand. This one uses Bitcoin's allure to get consumers to download malware-infected software. These are the four most common bitcoin scams on social media. Scammers utilize social media to reach out to thousands of unsuspecting victims. Although some schemes are harder to detect, the result is the same: the fraudster steals the victim's Bitcoins. For the first time ever, the price of a single Bitcoin overtook the cost of an ounce of gold in 2017. This revelation, along with the rapid popularity of its underlying technology – blockchain – outside of the banking sector, attracted many new clients, investors, and entrepreneurs to the new cryptocurrency market. However, Bitcoin's sudden rise has attracted a new breed of Bitcoin coin artists and Bitcoin scams more than the new traders interested in earning legally. There are four significant Bitcoin scams, each utilizing a different payload to steal Bitcoin from victims; 1. Malware downloads hiding in fake Bitcoin wallets: Several tactics attract individuals to click through URLs posted on social media. This one leverages the appeal of Bitcoin to entice users to visit a URL that then tries to download a malware-infected program. And also, malware is frequently distributed through fraudulent Bitcoin surveys, so be cautious when meeting any social network URL that is either truncated or not secured with an HTTPS connection. 2. Imitators of Bitcoin phishing: On social media, impersonators abound, and impersonating the Bitcoin brand is one strategy for gaining a victim's trust and credibility. This phishing website offers a search service that entices users to enter their private Bitcoin key to see what's in-store in their database. The private key will phish once entered, allowing the scammer to spend directly from the wallet of the interested Bitcoin owner.

2. 3. Scams involving Bitcoin flipping: These scams may include promises to instantly trade Bitcoin for cash after paying a small setup fee or doubling your initial investment overnight. The other side of the deal is never fulfilled, and Bitcoins are instantly stolen. Scammers succeed because they can use social media to publicize their cons to thousands of naïve victims. 4. Bitcoin pyramid schemes: These scams are more difficult to spot, but the result is the same: the fraudster steals the victim's Bitcoins. High-yield investment programs and multi-level marketing schemes are at the heart of this tried-and-true concept. A small initial payment can be quadrupled by promoting and joining up more members utilizing referral links in these evil schemes. Then new members are urged to do the same, and so on. Hundreds of victims are quickly recruited by the operation. The initial con artist leaves later, and the pyramid falls apart. These are the four popular bitcoin scams that take place on social media. So, be aware of these scams and protect yourself from the scammers.