Cryptocurrency
How to protect your crypto from cyber robbers
Nairametrics proffers some vital solutions on how best to protect your crypto assets.
The recent bullish run in the crypto industry has attracted some bad actors whose motive primarily is to rob investors, crypto traders, and larger entities of their crypto-assets.
Just yesterday, India TV News reported that cyber-criminals targeted high-income individuals across India. Victims received messages through their social media groups asking them to sell and buy Bitcoin via a mobile app.
Manan Shah, Founder and CEO of Avalance Global Solutions, told IANS that the rich are not immune to these growing menace. He said:
“I have seen so many wealthy Indians falling into the trap of such fake cryptocurrency wallets in the recent past. One gentleman just came to me who lost $50,000 (over Rs 37 lakh) while dealing with one such fake platform.”
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Recall that about a month ago, Nairametrics reported that crypto scammers gained $24 million worth of BTC in H1 2020.
As the COVID-19 pandemic has kept a lot of individuals more active online, scammers are pulling various types of scams such as fake ICOs, BTC recovery, fake exchanges, giveaways, video scams, fake tumblers, Ponzi schemes, malware, and many more.
READ ALSO: Nigeria attracts more Bitcoin interest than any country globally
Nairametrics proffers some vital solutions on how best to protect your crypto assets in the midst of all the scams. They include:
Verification
Always make sure you know the individual you are dealing with. If an individual is offering you an investment opportunity, check if they have a proper website and a Linkedin account. Read the white paper, and Google the project to see what others are saying about it.
If an individual is asking you for cryptos or your money, they are probably trying to defraud you. But if you are not sure, try to verify their claims and ask for proof of their identity. If you are still not sure if you are dealing with a scammer or not, you can send an e-mail to a relevant regulatory authority.
READ ALSO: LINK, most profitable crypto-asset in 6 months, gains 451%
Be Sensitive
Always be sensitive. If it sounds or feels too good to be true, it’s most likely a scam; even when it sounds reasonable, it could be a scam. If someone claims to have a recording or something else belonging to you, ask for proof.
Do proper background checks
Before sending your cash to any crypto exchange or online wallet, make sure you are using the correct website. If an entity or individual tells you they will make you rich, ask them for evidence. Scammers don’t like to waste time, so they will probably move on to the next victim once they notice you are not easily deceived.
Never release your private keys
Never give out your private keys to anyone, including your family members, and don’t keep your private keys where others might find them. Write down your keys and put them somewhere safe.
READ ALSO: Bitcoin thieves move 3,897 BTC worth $42 million in 1 hour
If you use a crypto exchange, use as many of their security measures as possible (like an authenticator, phone verification, or others) and make sure your passwords are complex. These measures will not make it impossible to be hacked or scammed, but they will make the scammers have a very hard time defrauding you.
Using cold wallets or a proprietary smartphone is recommended. These are specifically designed tools to keep your bitcoin from falling into the hands of hackers on the internet.
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Billionaire Watch
Dogecoin could eventually hit $1
Dallas Mavericks owner, Mark Cuban is predicting the price of the Dogecoin will eventually hit $1,
Dallas Mavericks owner, Mark Cuban is predicting the price of Dogecoin (DOGE) will eventually hit $1, after few days of accepting the crypto as a form of payment.
In a recent tweet, posted by the American-based billionaire, Cuban revealed customers had used more than 20,000 Dogecoin — roughly $1,018 at the time of writing this report — in transactions for his basketball team claiming the franchise was now “the largest Dogecoin merchant globally .”
Cuban anticipates that if basketball fans were to purchase 6,556,000,000 DOGE worth of Mavericks merchandise, the price of the token touch will “definitely hit $1.”
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The @dallasmavs have done more than 20,000 #Dogecoin in transactions, making us the LARGEST #DOGECOIN MERCHANT IN THE WORLD ! We thank all of you and can only say that if we sell another 6,556,000,000 #DOGECOIN worth of Mavs merch, #dogecoin will DEFINITELY HIT $1 !!!🚀🚀🚀
— Mark Cuban (@mcuban) March 6, 2021
Cuban was known for creating the video portal, Broadcast.com with Todd Wagner in the mid-nineties and sold it to Yahoo for $5.7 billion in 1999.
Today he owns the NBA’s Dallas Mavericks and has stakes in Magnolia Pictures, AXS TV, and dozens of small startups.
According to Forbes, Mark Cuban is valued at about $23.4 billion at the time of writing this publication.
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What you should know: Dogecoin is a type of digital coin that is decentralized and facilitates peer-to-peer digital transactions. This means you can send money online with much ease. It’s usually referred to as “the internet currency.”
It is different from BTC’s proof-of-work protocol in many ways, one of which is the Scrypt technology. The fast-growing altcoin also has a block period of 1 minute, and the total supply is unlimited, meaning that there is no limit to the amount of Dogecoin that can be mined.
READ: Why Bitcoin could be worth $1,000,000
“The recent rise of dogecoin, a meme coin, should serve as a reminder to everyone in the space that the most popular use case for crypto is still pure speculation,” said Anil Lulla, a former analyst at Bloomberg and co-founder of the cryptocurrency research firm, Delphi Digital.
- Dogecoin (DOGE) is based on the popular “Doge” Internet meme and features a Shiba Inu on its logo.
- The open-source crypto was invented by an American known as Billy Markus and an Australian identified as Jackson Palmer. The crypto asset was forked from Litecoin in December 2013.
- This fast-rising crypto is being primarily used as a tipping system on popular social media platforms like Twitter and Reddit in order to reward the creation or sharing of quality content.
Crypto exchanges presently having Dogecoin listed include YoBit, BitAsset, Binance, Huobi Global.
