In recent years we’ve been introduced to the blockchain technology which is an immutable store of data that can be overwhelmingly efficient and can execute tens of thousands of transactions per second.

Running operations on such sophisticated, efficient and secured technology feels like a privilege as every holder has absolute control over their assets. Blockchain technology makes you the boss as it allows you to control the management and security of your funds. On the other hand, it is your job to do your research and keep those assets as secure as possible. Luckily, we’ve got you covered and you’ll learn everything you need to know right here.

How to stay completely safe in crypto space? Stay out of it. That’s a bit extreme but you get what I’m saying. There are no safe investments out there and the crypto world is not an exception. As soon as you invest in crypto you are exposed to some kind of risk. Social engineers and scammers are on the look-out at all times. Imagine they’re the Lion and you are a helpless little Gazelle.

You don’t stand a chance. Be that as it may, the Eagle sees the Gazelle struggling so he decides to stop by and help the tiny gazelle. He teaches her how to fly (yes, we’re the Eagle coming to save your buttocks) and escape the hunting Lions. NewsCrypto will teach you about all the risks and preventive measures that can minimize the risk you’re exposed to and potentially save your funds.

Which are the most common ways scammers attempt to steal your funds?

Data sniffing

Data sniffers are software or pieces of codes used to acquire your data from your devices without you even knowing about it. Most commonly they are embedded in malicious websites and then the viruses sneak on to your computer.

Data sniffers can be programmed to monitor your clipboard and take the information stored on them. For instance, when you copy your password and paste it to a login of a whatever website, data sniffers can detect your password and then the hacker can easily exploit your account.

Spam tokens

Have you received any unrecognized tokens in your wallet? You could in the future. These tokens appear to be trading on different decentralized exchanges (Uniswap, Pancakeswap, TraderJoeXYZ etc.) but when you want to swap them, you’re unable to do so. Swapping then will require you to visit the project’s website to “activate” the token through various shady means. These websites are stuffed with phishing links and smart contract tweaks to allow them to access your wallet’s contents once you approve the contract or interact with their website in certain ways.

Scam giveaway programs

You’ve probably seen some of these “giveaways” that are usually found in tweets and posts by reputable cryptocurrency companies and social media influencers. One example of such giveaways is that if you apply, you double your money. Sounds great right? Remember, there is no easy money and there are no shortcuts in this industry. Be careful and stay alert at all times. Click only on reliable sources only and always double check if the link truly is the right one.

Smart contract scams

Smart contracts are the foundation of the crypto space and are essentially paperless digital codes that contain the agreement between different parties on predefined rules that self execute. You always pay a transaction fee that is usually a small percentage of the total transaction amount. However, a scammer might hide a 99% buy or sell fee in the token’s smart contract that instantly wipes all your money. Or, they could hide a function that blocks you from selling your coins at all.

Email scams (fake customer support)

In this instance, you receive an email from Metamask or Trustwallet or any other well established crypto company that looks real and legit. They are trying to “help you” but the only problem is that it’s fake. These emails more often than not require you to provide your wallet details for some procedures. That is enough information for them to hack your wallet. Please, don’t fall for these and stay safe out there.

We’re just getting started and warmed up here. That is why we encourage you to check out our new Premium content titled Surviving Cryptocurrency Scams and Hacks: A Cybersecurity Masterclass written by a team of experienced cryptocurrency writers Cryptocurrency Scripts.

What else will you learn?

  • a detailed guide on how to safely store your crypto assets

  • types of wallets and how to keep your wallet(s) safe

  • how to interact with DAPPs

  • what are encryption habits and how to adopt them

  • social approach to security

To conclude, everything you need to know in order to keep your funds safe in this dynamic world of crypto is in the Cybersecurity Masterclass. Cryptocurrency Scripts are experienced and really know what they’re talking about.

Purpose of the article is to capture all the relevant information and to keep it as simple and knowledgeable as possible and I honestly think they did a fabulous job. On a final note, always double check the link you’re clicking and don’t trust anyone in this space. It can become lonely sometimes, but let me tell you: it will all be worth it, keep learning, keep pursuing your dreams and check the link below.