Bitcoin & Cryptocurrency Scams – Get Your Money Back!

Cryptocurrencies are investing heavily all over the world. Litecoin was at $184.92 (Rs 9,306.75) in early 2021. After this, the price of this digital currency has increased significantly. On Wednesday, the price of Litecoin (LTC) declined again. Let us know that the price of this digital currency has come down by Rs 667. With this fall, its price increased to Rs 11,103.

2021 was the biggest year for crypto since the launch of bitcoin in 2009. This year crypto and blockchain projects received more funding than all previous years. However, it was also a great year for crypto scammers.

According to data from blockchain analysis firm Elliptic, crypto scams cost $7.7 billion this year. If we also count the scams and hacks in the overall decentralized finance (DeFi) sector, this total amounted to about $12 billion. This exceeds the GDP of more than 70 countries.

Compared to the previous year, crypto scams increased by over 80% in 2021. Most importantly, about 40% of these crypto scams were caused by ‘vein-pull’. For users actively following the crypto and DeFi space in 2021, the rig-bridge is quite a known phenomenon. This is the event when the developers of a crypto project drop it in the middle and run out of investor money.

Most pull-ups are recognizable, as they often have several red flags that any investor should consider. Although cryptocurrency and blockchain is a relatively new space, most investors fail to notice these red flags and eventually lose their investment to scammers.

Security remains a major issue in the DeFi space in 2022. Major blockchain protocols and crypto exchanges are making significant changes to their DeFi security framework. However, as long as investors pour their money into crypto projects without proper knowledge and caution, scammers and hackers will continue to take advantage of it.

Here are some short and specific recommendations that investors should consider in 2022 to avoid potential scammers and hackers:

-Do research about a new project before investing.

-Get to know the developers behind the project, their true identity and their past experiences.

-Only use popular crypto exchanges that offer insurance on hacks. Like – Binance and Coinbase.

-Invest only 5% of your portfolio in crypto.

-If you are investing in a new project, check if it has been audited.

-See if the project has a proper exit/sale mechanism

-If there is a liquidity time-lock in a project, it is better to be cautious.

Keeping this information in mind when investing in a new crypto project will reduce your chances of getting scammed and losing your investment. Cryptocurrencies have great potential in 2022, but investors should always be cautious and smart to protect their assets.

Cryptocurrencies are investing heavily all over the world. Litecoin was at $184.92 (Rs 9,306.75) in early 2021. After this, the price of this digital currency has increased significantly. On Wednesday, the price of Litecoin (LTC) declined again. Let us know that the price of this digital currency has come down by Rs 667. With this…

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