Scam

The COVID-19 pandemic and global economic crisis triggered the increase in illegal activity related to cryptocurrency. However, law enforcers also keep themselves busy to fight the growth and put as many criminals behind bars as possible.

The outbreak of COVID-19 pandemic triggered the growth of various kinds of fraudulent activity, including that involving cryptocurrency. Despite such activity harming people from all over the world, the citizens of developing countries seem to be more vulnerable.

On July 31, the architect of the infamous Twitter hack was arrested by the US police. It is a 17-year-old teenager from Florida with a good track record of other scams.

YouTube seems to proceed with its Crypto Purge as another blockchain and cryptocurrency channel was blocked for 3 days citing “promotion of illegal activity”. On the other hand, the platform often allows cryptocurrency scams, demonstrating that its security policy has a breach.

The trend to use fake endorsements from celebrities seems to gain momentum. Scammers from the Philippines now exploit local celebrities as well as global giants.

Related to the growing number of Bitcoin (BTC) and other cryptocurrency scams using fake advertising, it becomes obvious that the industry needs regulation. Advertising influences people's purchasing decisions, therefore, good social engineering can turn it into a great instrument for luring customers into various digital currency-related scams.

When it comes to cryptocurrencies, there are just heaps of viewpoints from the general public, some of which paint a terrible image of digital currencies, while others are stimulating. But it is difficult to start any crypto business without understanding what is true and what isn’t about digital currencies.

After PayPal’s letter to the EU Commission was revealed, many news outlets started speculating that the company confirmed their plans on cryptocurrency implementation. However, the letter has no details on any cryptocurrency-related activity except for research, which only proves the company’s interest in cryptocurrency.

Choosing cryptocurrency might sound a great idea for both short-term profits and long-term investments, however, there are a lot of scammers in the industry striving to take away one’s money. So one needs to take all precautions before putting in a penny.