Preventing Encryption Asset Scams: Insiders Reveal Scamming Techniques and Protective Measures

A cryptocurrency researcher recently interviewed a person involved in cryptocurrency scams to gain insight into their methods and strategies. This article will reveal the inside story of these scams and provide some practical self-protection advice to help users better safeguard their cryptocurrency assets.

Fraud Targets: Anyone Can Become a Victim

Although inexperienced users are more likely to be deceived, anyone can become a target of scams. Scammers often use various psychological tricks to gain trust, making it easier for victims to fall for their schemes. They frequently entice users to download specific software or share sensitive information such as passwords and mnemonic phrases for various reasons.

The interviewed scammer claimed to be a programmer who committed fraud by selling victims so-called programs that could "make money quickly."

Fraudulent Earnings

The profitability of scams varies depending on individual skills and techniques. It is understood that even scammers with only six months of experience can easily earn $5,000 to $10,000 per month.

Data Theft Scope

Although scams mainly target encryption assets, scammers may also engage in other illegal activities such as extortion and personal information theft. Once a user's computer is infected with malware, all data may be stolen and spread online, subsequently being exploited by other criminals.

For example, if a user installs malware, hackers may gain access to all their computer data and attempt to crack passwords for wallets like MetaMask. However, setting a complex password of more than 15-20 characters can significantly increase the difficulty of cracking.

Money Laundering Techniques

Fraudsters often have various methods to convert illegal gains into cash. A common way is to use certain wallets and trading platforms:

1. Deposit funds into the BSC network
2. Exchange the token for XRP
3. Transfer to centralized exchanges by falsifying KYC
4. Withdraw tokens from another exchange
5. Finally, exchange the tokens for cash in US dollars.

Self-Protection Measures

To avoid becoming a victim of fraud, users can take the following protective measures:

• Use reliable antivirus software
• Avoid saving passwords in the browser
• Restrict internet download permissions
• Use strong passwords for wallets and important websites
• Do not take screenshots or save photos of mnemonic phrases/passwords.

In addition, users are advised to refer to some authoritative security guidelines to understand how to:

• Handle data and devices that may be infected with malware
• Change the passwords for social media, trading platforms, and email accounts
• Correctly set up two-factor authentication (2FA)
• Reinstall the operating system

Conclusion

In the world of encryption, earning tokens is certainly important, but ensuring the security of assets is even more crucial. It is hoped that the information provided in this article can help users stay vigilant, take necessary protective measures, and effectively protect their encryption assets from fraud.