As the cryptocurrency market grows, scammers’ techniques are also evolving. Pro XRP lawyer John Deaton has warned about the increasing danger of crypto scams. Deaton emphasized that one should be careful and vigilant in protecting digital assets.
Developments in Fraud Techniques
In a detailed post on social media, John Deaton drew attention to the dangers of sophisticated scams targeting new and experienced crypto users. Deaton stated that users should never share sensitive information such as seed phrases or passwords. He stated that this information serves as the key to access users’ crypto wallets and can lead to complete loss of funds.
Deaton shared a personal story of a close call in which scammers hijacked his home WiFi and tried to trick him into sharing his login information. Scammers used fake emails and calls pretending to be customer support representatives. Deaton called this moment a critical learning experience, emphasizing that scammers often create a sense of urgency to manipulate their targets.
Amidst the rising tide of crypto scams, Pudgy Penguins NFT holders have become the latest target. Scammers direct users to fake websites through fake Google ads in order to steal their wallet information. This incident shows that attacks in the Web3 space are becoming increasingly sophisticated and security measures need to be increased.
YouTube and Multisignature Wallets
A new report from Kaspersky has revealed a type of fraud carried out through YouTube comments. Scammers pretend to be looking for help by sharing crypto wallet seed phrases under finance-related videos. These seed phrases contain cryptocurrencies such as USDT, but a small fee is charged in TRX tokens for withdrawal. These payments are directed to the fraudster’s account.
“What people need to understand is that emails not only look official, they also create a sense of urgency and fear. The email states that your funds are at risk and you should take immediate steps to protect them.” –John Deaton
John Deaton recommended that users take robust security measures to protect their digital assets. He noted the importance of enabling two-factor authentication and checking the authenticity of emails and links. He also reiterated that passwords or seed phrases should never be shared.
The prevalence of such scams highlights the importance of increasing security awareness in the crypto community. Users must constantly follow and be aware of up-to-date security measures to protect their digital assets.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
