The U.S. Securities and Exchange Commission (SEC) issued a warning to cryptocurrency investors. The SEC stated that fraudsters tend to exploit advanced investment technologies to perpetrate fraudulent investment activities.
These fraudsters specifically aim to capitalize on the hype surrounding artificial intelligence (AI) technology to lure potential victims. They may use common enticing words to advertise their fraudulent activities.
Moreover, these bad actors may also rely on advanced AI technology to impersonate their identities. The rapid development of AI has made it much easier for fraudsters to impersonate government agencies as well as prominent individuals (such as Ripple CEO Brad Garlinghouse).
SEC also cautioned about pump-and-dump schemes related to digital assets. This warning comes amid the increasing popularity of meme coins, with many celebrities jumping on the latest cryptocurrency craze by launching their own tokens.
Can there be things we can do as individual cryptocurrency supporters to help in limiting the reach of these ever adaptive and enticing scams? Or should we resigned to accept that this is already a normal way of life in this industry?
Can there be things we can do as individual cryptocurrency supporters to help in limiting the reach of these ever adaptive and enticing scams? Or should we resigned to accept that this is already a normal way of life in this industry?There's always a way to help no matter how small or insignificant the effort is. I get some private messages sometimes asking me what I think about a certain project or a trading platform and give my 2 cents. I find most of these projects referred to me as fishy/shady and so maybe I was able to help some of them avoid losing their money.
~Warnings, advice, tips, guides.
Can there be things we can do as individual cryptocurrency supporters to help in limiting the reach of these ever adaptive and enticing scams? Or should we resigned to accept that this is already a normal way of life in this industry?
Can there be things we can do as individual cryptocurrency supporters to help in limiting the reach of these ever adaptive and enticing scams? Or should we resigned to accept that this is already a normal way of life in this industry?
Can there be things we can do as individual cryptocurrency supporters to help in limiting the reach of these ever adaptive and enticing scams? Or should we resigned to accept that this is already a normal way of life in this industry?You can only help to educate the people around you or people you know about how these scammers operate, there are a lot of articles online and crypto forums that people can join and learn how to protect their funds from scammers. I believe that for someone who owns crypto, they should try and stay updated on all possible ways to avoid losing their coins to scammers.
~SEC can give many warnings to us, but the reality is, like GameFi, Memecoins, and others, SCAMMERS ARE HERE TO STAY. :D
This is the reality of it, so it's either you tackle it and work your way and learn everything or experience it first hand before you learn the hard truth. SEC can give as many warnings to potential investors, but still the burden is still on our side here and I will say that we shouldn't blame the market if ever we lost our crypto to scammers. Due diligence is needed.
This will be very helpful if the SEC can name names those fraud crypto exchange and other forms of fraudulent groups and teams so the people will take a distance as we knew(https://azc.news/wp-content/uploads/2024/05/AZCNews-SEC-Issues-Urgent-Warning-on-Cryptocurrency-Fraud.webp)
~SEC can give many warnings to us, but the reality is, like GameFi, Memecoins, and others, SCAMMERS ARE HERE TO STAY. :D
This is the reality of it, so it's either you tackle it and work your way and learn everything or experience it first hand before you learn the hard truth. SEC can give as many warnings to potential investors, but still the burden is still on our side here and I will say that we shouldn't blame the market if ever we lost our crypto to scammers. Due diligence is needed.
That's the reality of investing and whatever happens, there will always be investors that will fall, and lost their money due to scams.
The warning makes sense, although it's nothing new or unique with exception of using AI to impersonate someone.Can there be things we can do as individual cryptocurrency supporters to help in limiting the reach of these ever adaptive and enticing scams? Or should we resigned to accept that this is already a normal way of life in this industry?
Even with cautious or warning message by public figure or government, few people keep falling to such scam. So aside from reminding other people what they've heard before, i don't know other effective ways to prevent someone got scammed.
It's clear that where there's big money, scammers follow. According to this law firm (https://federal-lawyer.com/whistleblower-lawyers/sec/rewards/), crypto fraud is a serious issue, and the SEC constantly warns about risks like pump-and-dump schemes and the use of AI for scams.While there is fraud everywhere and people also use other tools other than crypto to scam, it is true that scammers are taking advantage of people through crypto. Sec's warnings does not change anything, people simply have to learn and educate themselves on how to secure their funds and not fall victim to cheap tricks.
While there is fraud everywhere and people also use other tools other than crypto to scam, it is true that scammers are taking advantage of people through crypto.it is because crypto is now one of the most profitable and most popular industries in the world scams and frauds happen in almost every industry because where money is is where the criminals go to to find their next victim in short this is the current trend that a lot of scammers want to jump in on and it might just increase over time but we should also just be smarter than them over time that is the only way we can avoid such scams and fraud
There will always be bad actors in the Cryptocurrency industry just like in all other industries but the number is so huge and the bad actors are good at doing their things that even those good at doing research fall to these bad actors.
But the only way to combat these bad actors and their dirty deeds is to moderate our greeds, these scammers thrive on investors greed to make profit, if we are too greedy we tend to forget the best practice in researching the right project to invest.
one of the ways to be free from scams is to completely avoid phishing websites, calls/sms from unknown persons, social network interactions. Let be proactive while trading, and always learn from those that had similar experiences.Yeah, it is also very important to store your funds in cold storage, that is either an airgapped wallet or a hardware wallet, because we cannot be too careful with our devices when they are online and anything online is prone to hacking. So the safer option is to only store funds for spending on the go in your online wallet.
Who bumped this?There are not so many topics to engage in, so it is normal to see old topics like this get bumped again for discussion.
If you're serious about fighting scammers, then lock them up in prison.If a few are used as examples, others will learn surely and be discouraged from getting involved with scam.
Who bumped this?And now the the government of Trump is supposedly pro-crypto, we might see less criminals charges being press against this fraudsters. Unless they are caught with their pants down and so it's inevitable. I'm not really sure though against criminals from different nationalist, could be "convict in absentia". As for rug pull and pump and dump scheme, we've seen it in $Trump, and so far no one has ever been charge. ;D
Anyway, it is a known fact that as long as the SEC doesn't press criminal charges against the fraudsters themselves, this kind of scamming will continue for a long time.
If you're serious about fighting scammers, then lock them up in prison.
We have to admit the fact that one of the big blackeyes with the cryptocurrency industry is the ever presence of scammers and fraudsters all just waiting for anyone that can be lured with their laid traps all over the place. And this has been true right from the very beginning of cryptocurrency's history...and it is because here there is really that potential to make big money with seemingly global reach as if one can be printing money out of thin air.
Can there be things we can do as individual cryptocurrency supporters to help in limiting the reach of these ever adaptive and enticing scams? Or should we resigned to accept that this is already a normal way of life in this industry?
To me, it is obvious that crypto scams cannot be completely eliminated from the crypto industry, but this news sounds positive to help reduce their number.
As it doesn't call for the carelessness of users, because a scammer would never miss any chance...
To me, it is obvious that crypto scams cannot be completely eliminated from the crypto industry, but this news sounds positive to help reduce their number.Like I'll always say, the more we have new investors in the crypto market, the more chances scammers have to pull off their scheme. Many new investors will continue to come now and in the future and there's nothing that can be done about that. It's an ecosystem that is growing continuously. What can be done is to continue educate those known to us on how they can securely store their coins and avoid being victims of scam.
As it doesn't call for the carelessness of users, because a scammer would never miss any chance...
I don't know but crypto enthusiast should be accepting the fact as early that there are a lot of criminals in this space an they really have to know how to practice security and safety hygiene first before they should invest.
This is the reality of it, so it's either you tackle it and work your way and learn everything or experience it first hand before you learn the hard truth. SEC can give as many warnings to potential investors, but still the burden is still on our side here and I will say that we shouldn't blame the market if ever we lost our crypto to scammers. Due diligence is needed.