Follow On Google News

Scammer Activities Increased in Crypto Amidst Lasting Crypto Winter

  • From phishing attempts to wallet frauds, users have to defend themselves from all the sides amidst crypto winter

  • Around $250 million worth of Australian funds are already stolen using orphan paper wallets

  • Crypto users must be made aware of the functioning of blockchain networks and they should safeguard themselves against common crypto scams.



24 Nov 2022 By : COIN GABBAR
Scammer Activities I

The crypto market is undergoing a lasting crypto winter with new challenges hitting the bays every other day.

One of those challenges had been an increasing number of crypto thefts and frauds that crypto users are facing worldwide. 

From phishing attempts to wallet frauds, users have to defend themselves from all sides. Crypto transactions are also irreversible and without any proper regulation, strong legal actions cannot be taken against those who have conducted the crime. 

Aussies Lost Around $250 Million in Crypto Frauds

Recently, a new kind of crypto fraud is being reported in Australia where unknown paper wallets were found in public places. These paper wallets come with a QR code that takes the user to a phishing website that mimics to be a reputable exchange. These wallets showcase a balance of $10K worth of Bitcoins and when the user tries to withdraw these funds by entering a wallet address, those wallets are emptied in no time. 

Around $250 million worth of Australian funds are already stolen using these orphan paper wallets and authorities had to declare an official warning to crypto users not to use any of these heirless wallets. Even though enough damage has been done, the crypto community must acknowledge the fact that they are not supposed to share their wallet information this easily with anyone. 

How to Avoid Crypto Frauds

Cryptocurrencies operate on blockchain networks making all the crypto transactions irreversible. This fact once entwined with no proper regulation in the space - burdens all the responsibilities to the users. Crypto users must be made aware of the functioning of blockchain networks and they should safeguard themselves against common crypto scams. 

They should know that they are not supposed to share the login details of their crypto wallets to anyone or enter it on any website that is not trustable. 

If you want to know more about personal privacy and crypto phishing read these blogs on CoinGabbar.

Read Also - Sam Bankman-Fried assets seized by Turkey

WHAT'S YOUR OPINION?