Crypto scams have flooded the crypto market in recent times. In fact, there have been various attempts to stop these scammers from looting the investors. But each time they come up with innovative strategies to scam crypto users. In fact, there are so many scamming strategies active in the crypto market, that it really becomes difficult to track the down properly. However, there are people like Serpent, a Cybersecurity analyst who keeps people updated about the various new types of crypto scams in the market.
It always helps if you know beforehand the threats that await you in the crypto market. In fact, Serpent, a Cybersecurity analyst has taken on himself, the job of warning people about various crypto scams. Recently, he took to Twitter to let people know of eight different types of clever scams that are plaguing the crypto market at the present. If you wish to know about the new scams in the crypto market, then this article is the perfect stop for you.
Keep reading this article for detailed knowledge of the ongoing scams in the crypto market.
Serpent Discloses Eight Sneaky Crypto Scams
For those who do not know, Serpent is the founder of Sentinel, a crypto-threat mitigation system that is powered by artificial intelligence and community. Serpent has around 253,400 followers on Twitter and the analyst uses this huge follower base to warn people of various crypto scams. On the 21st of August, Serpent posted a 19-part thread on his Twitter handle In this post, the analyst warned the crypto world about how scammers are targeting users.
One such sneaky scamming strategy for scams is the Crypto Recovery Scam. This, in fact, is really a worrisome strategy that the scammers are using for phishing scams. Serpent states that through these Crypto Recovery Scams, the scammers are actually targeting those people who have recently lost their assets through scams.
According to Serpent, these scammers contacted the recently scammed people and introduce themselves as blockchain developers. Then they state that they can recover their lost funds in exchange for a certain fee. However, after taking the fee, these scammers just vanish. In fact, earlier this month, Heidi Chakos, warned people of this new trend of scamming.
Yet another scam that Serpent informs us about, is the Fake Revoke.Cash Scam. In this scam, the scammers warn the users about an impending danger on their crypto assets. Thereby they compel users to visit a phishing site and click on a phishing link. Another strategy that the crypto scammers use for crypto scams, is making a phishing link using Unicode Letters. These links look almost identical to real links. In addition, the scammers also hack verified Twitter accounts. Then they change the names of these accounts and use them to impersonate influential persons and trick people into scams.
According to Serpent, most other crypto scams make use of fake get-rich-quick schemes. In addition to all these scams, the scammers also use a Honeypot Account to phish users. Yet other scams ask high-value NFT collectors to “beta test” a new play-to-earn (P2E) game or project or commission fake work to NFT artists. In both cases, the users are scammed.
These are the few scams that Serpent informed us of via Twitter.