Scam Alert

BitExplorer

Scammers are finding new ways to take #advantage of the growing #publicinterest in the sale and #exchange of cryptocurrency and the #blockchain.

Most of the cryptocurrency #exchanges are unregulated and operate only #online. This makes it hard to know who is #offering, #exchanging, #buying or #selling cryptocurrency.

It also means recovering your #money is unlikely if things go wrong.

Risks you should know:

  • Scammers use old tricks in new areas. Any unexpected #contact making an attractive #offer could be a scam. #Scammers use #email to #fool people into giving over #crypto-exchange login details — just as they do to try and trick #bank #customers into parting with #passwords.
  • Scammers make #promises about cryptocurrency to lure people into #Ponzi schemes or #pyramid schemes. In these schemes, people pay for #cryptocurrency and receive #payments which make it seem like their ‘investment’ is growing. The #money actually comes from joining #fees charged to other people tricked into the #scam. Beware of people inviting you to join cryptocurrency #groups — your friends, family members, neighbours or co-workers may be caught in a #scam without realising it.
  • Your# initial stake is not usually protected. Buying cryptocurrency is also #speculation — not only #investment. If you buy cryptocurrency, you are betting on the #value of a #digital-token-rising. If the #value falls, you may be left with nothing.
  • There are very few #regulatory #protections. People who buy cryptocurrency or use #cryptocurrency exchanges are likely to have less #regulatory #protection than those investing in a traditional #debt or #share offering. Many cryptocurrency exchanges are #unregulated and operate only #online. It’s difficult to find out who is behind them, or #recover your #money if something goes wrong.
  • Buying #legitimate cryptocurrency can expose you to #scams. Scammers create convincing #copies of legitimate #trading sites to fool people into entering #private information. This is used to take money or cryptocurrency. Always type your exchange site #URL into a #browser search bar — don’t click on #email links or ads.
  • #Websites for buying and trading cryptocurrency can be #hacked. While cryptocurrency is secured with #encryption technology, this doesn’t guarantee the safety of websites used to buy, #trade, and #monitor cryptocurrency.
  • If you’re thinking about making an #investment of any kind, take the time to do your #research. Don’t be rushed into a #commitment. #Consumer #Protection recommends seeking expert #financial advice.
If you think that you found a SCAM please provide detailed information and inform BitExplorer here.
Our #community will do the best to #figure out if it is a SCAM or not. If a SCAM is confirmed it will be listed on this page. Some of them have #petitions behind. Supported by BitExplorer or other communities.

We encourage everybody to support those #petitions to make crypto a #safer place for all of us!

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