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Crypto scams are everywhere. Learn How to Avoid Them with These Tips

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The cryptocurrency ecosystem has expanded rapidly in the last few years. It is a lucrative and remunerative space to be in, but it’s also ripe with scams.

According to a new report by Blockchain Analytics firm Chainalysis, $7.7 billion was stolen in cryptocurrencies scams worldwide in 2021 alone. The figures have increased by 81% as compared to 2020.   

The report was out recently and Chainalysis wrote that Rug Pulls is a common type of scam in crypto, where developers abandon a project and leave with investors’ funds. Rug Pull accounted for $2.8 billion stolen in 2021. 

What is a Scam? 

A confident game where fraudulent businesses or schemes take money or goods from an unsuspecting person.

How to Avoid Them?

  1. Fake Mobile Apps

Scammers trick cryptocurrency investors through fake apps which are available to download through Google Play Store and Apple Store. A lot of stakeholders find such apps and get them removed but the apps are impacting a lot of bottom lines. Bitcoin News reports that thousands of people have downloaded such fake apps.

Each investor should cross check the app by checking for obvious spelling mistakes in the copy or inauthentic branding of the app. 

  1. Tech Support

Scammers are offering customers fake tech support by sharing confidential trading crypto information and posing as legitimate representatives of exchange houses. The support is offered through social media handles or phone calls.

 It is possible to avoid getting caught up in such scams by cross checking the phone numbers and social media handles of the exchanges you are using. Also, don’t give any remote access to your computer or share your security codes and passwords with random people who are posing as crypto exchange officials.

  1. Tweets and Social Media Updates

There are a lot of malicious and impersonating cryptocurrency bot accounts on Twitter and other social media handles. There are safer platforms currently in development such as Crypter and CrypTalk that will prevent you from joining the wrong accounts. You should avoid opting for any offer that comes through Facebook and Twitter, especially if the results seem too good to be true. 

It is important to understand that even if you give a small amount of cryptocurrency on these platforms, you will never see it again

  1. Giveaways

Avoid participating in cryptocurrency giveaways as they are usually fake. This is because a lot of public figures and celebrities talk about crypto on their social media accounts, which helps the scammers to organize fake giveaways using their names.

 The scammers respond to the giveaways using fake accounts which helps to make them seem legit. A lot of hackers compromised the Twitter accounts of high-profile users with bogus crypto promotions. 

  1. Imposter Websites

There are a lot of websites that have been set up to look like the original, legitimate start up companies. However, you can distinguish between them by checking the small lock icon on the URL and no “https” in the site address.

 The site will look identical to the one that you are visiting but you might be redirected to another platform for payment which will have a fake URL with a zero instead of letter ‘o’. 

Closing Thoughts

People encounter a lot of scams daily in the crypto world, and the only way of protecting yourself from the same is to keep your data safe and your eyes open, while making informed decisions. 

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Vasil Hard Fork: Cardano Metaverse Project Cardalonia Prepares for Land NFT Mint as $LONIA Token Presale Progresses

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Cardano blockchain-based metaverse project, Cardalonia, has revealed its plans to commence the Terrania Land NFT sale in the next month. The event will take place after $LONIA token holders are accepted as the first to participate in the land minting at the end of the token presale.

Participate in the $LONIA Pre-Sale

The presale has been slated for after the highly anticipated Vasil Hard Fork combinatory event that has been postponed until a couple of weeks later. The hard fork will have a significant positive impact on the Cardano blockchain’s throughput and speed.

The Cardalonia Metaverse project has partnered with Readyplayerme and other strategic partners.

$LONIA token holders who have an active stake on Cardalonia Vault and have Ada handle NFT address can create and customize their avatars.

The customized avatars will come in handy for deployment when they can access the Metaverse game when it’s available.

Cardalonia is among the trailblazers on Cardano blockchain to build a non-custodial staking vault where users can keep their assets in their wallets, stake them, and earn attractive rewards of up to 20% APY.

While writing this post, over 7 million $LONIA tokens at an estimated value of over 500,000 ADA have been staked by investors.

Cardalonia considers itself a play-to-earn (P2E) and creator-centric platform where users have access to $LONIA token-powered CNTs and NFTs. Users have a platform where they can create, customize, and have personalized experiences on the Cardalonia metaverse.

They can simultaneously mine, hunt, and extract valuable resources such as NFTs they can trade on jpg.store and other Cardano NFT marketplace.

$LONIA tokens are multipurpose digital assets that holders can use for staking to earn 20% Annual Percentage Yield APY rewards. The staking model shares some similarities with Cardano staking although it offers higher APY.

Holders can also be early birds in the Cardalonia land NFT sale provided they meet the basic requirement of $7000 $LONIA tokens.

Join the $LONIA Token Pre-Sale

Crypto investors are invited to join the $LONIA token presale and stand a good chance of paying 1 ADA coin for 12 LONIA.

Click this link to join the presale

Cardalonia’s mission is to establish itself as the leading metaverse project on the Cardano ecosystem with an impressive reputation for careful approach according to a peer-reviewed system.

As a P2E project on the Cardano blockchain, Cardalonia has continued to gain immense popularity in the crypto world, thanks to its impressive attributes such as usability, novelty, and dedicated team.

Social

Keep up with the team and the project’s development via the following social media handles:

Website: https://cardalonia.io/

Twitter: https://twitter.com/cardalonia

Discord: https://discord.gg/YChadw7fVD

Telegram:https://t.me/cardalonia

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Crypto Veterans Shed Light on CBDC and Stablecoins Including TUSD, Endorsing Competition in Money Market

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The renowned documentary series “The Future is Now” has recently shifted its focus to the blockchain industry. The team produced its first-ever crypto-related documentary titled “Aligning the Future,” shedding light on the development of Bitcoin and other digital currencies across the globe.

The show stars H.E. Justin Sun, TRON founder and the Ambassador and Permanent Representative of Grenada to the WTO, congressman William Soriano from El Salvador, and many other respected crypto leaders, who shared their insights on the future of crypto.

H.E. Justin Sun, TRON founder and the Ambassador and Permanent Representative of Grenada to the WTO

“Eventually we will have three kinds of nations. One kind of nation will still use traditional fiat, but some countries will start to evolve into CBDCs, doing central bank digital currencies. But we will also see some countries like El Salvador and Caribbean countries in the future that might adopt Bitcoin or cryptocurrency as their legal tender or financial settlement infrastructure.” said H.E. Justin Sun when asked about his view of CBDCs (central bank digital currencies) across the globe.

He also added that as a believer in Hayek’s theory, he has faith in a currency market that is open to entire competition and embraces all types of currencies. Meanwhile, as a veteran in digital currency, Sun believes that CBDCs can be listed on blockchains, including Ethereum and TRON, in the way that stablecoins such as USDT, TUSD, and USDC are listed, which will undoubtedly bring the growth of the crypto industry to the next level. He also pointed out that many underprivileged people are still denied access to traditional financial services. The elimination of the threshold to financial infrastructure will benefit the whole world’s population. Blockchains, including TRON, have already provided a relatively affordable and accessible gateway to financial services and are capable of bringing more convenience to users.

Stats about TRON’s stablecoin infrastructures

Another leader who holds the same view as Sun is William Soriano, congressman of El Salvador, who quoted local facts to prove his point. El Salvador is the first country that announced plans to adopt Bitcoin as legal tender, a seemingly unconventional move backed by ample reasons. 

William Soriano, Congressman of El Salvador

As a prominent advocate for Bitcoin and blockchain, Soriano said only 30% of all Salvadorians, or roughly 1.2 million people, have access to a bank account. In contrast, 3.8 million of them now have access to a digital wallet, i.e., 80% of the population has already been financially included, a feat on its own.

Salvadorians using digital currencies can save on wire transfer fees typically required by traditional banking systems for international money transfers. This is due to the unique operation mechanism of digital currencies, where blockchain technology is being utilized for clearing and settlement. As it stands, blockchain technology and cryptocurrencies are helping more and more Salvadorians access financial resources and are surely gaining nationwide recognition. However, value stability is still a problem that Bitcoin faces due to its volatile prices.

In light of this, recent attention has been focused on such solutions that both enjoy the benefits of blockchain technology while withstanding price volatility. Stablecoins, as previously mentioned by H.E. Justin Sun, are digital currencies deployed on the blockchain and pegged to the U.S. dollar, lowering the entry barrier to financial inclusion while offering a solution to volatility.  

Although stablecoins such as USDT and USDC might enjoy higher popularity at the moment, TUSD is arguably the best-performing and most reliable. Furthermore, as the only stablecoin attested live on-chain and audited in real-time by the renowned Armanino, TUSD prioritizes industry-leading security and transparency.

In March 2021, TUSD became the first native U.S. dollar-pegged stablecoin on Avalanche. One month later, it went live on TRON, becoming the second U.S. dollar-pegged stablecoin natively launched on TRON following the stablecoin frontrunner USDT.

In addition, TUSD has been an early mover in multi-chain deployment, now supported by a succession of blockchains that include BNB Chain, Fantom, Polygon, and Cronos, receiving industry-wide endorsement. Currently, the total supply of TUSD has surged past 1.4 billion, ranking fourth among its peers.

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Pyramid Pad Announces Upcoming Token Airdrop

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Pyramid Pad Announces Upcoming Token Airdrop

Pyramid Pad, a multi-tool project running on BNB Chain, announced an imminent airdrop for its token, $PYRA. The event will take start on April 9 and end on May 23. Also, it should kick-start the project’s growth and increase awareness.

During the PYRA airdrop, every participant will get 1,800 PYRA for joining and another 200 tokens for each referral. Also, the price of 1 PYRA will be 0,014 USD. To join the airdrop, interested members have to complete the following tasks:

  1. Join the Pyramid Pad Telegram channel and submit their usernames.
  2. Subscribe to the project’s YouTube channel
  3. Join the Pyramid Pad Telegram official chat.
  4. Follow Pyramid Pad on Twitter.
  5. Join the project’s Discord channel.
  6. Submit their information details.

PYRA is a BEP-20 token with numerous functions within the Pyramid Pad ecosystem, including staking and farming. It has a total supply of 1,000,000,000 units. The platform will airdrop 5,000,000 (5%) of it during the upcoming event. PYRA holders can use their tokens on any of the Pyramid Pad features, such as:

  • Pyramid Launchpad – A multi-blockchain supported platform where users can launch their coins and raise funds for their projects.
  • Pyramid Staking – A proof-of-stake platform running on BNB Chain and enabling users to earn a passive income from staking.
  • Pyramid Swap – A service that enables users to swap tokens from their Private Key Wallet or Trading Account. The former provides the benefit of non-custodial, on-chain settlement. Meanwhile, the latter offers faster settlement and no network fees.
  • Pyramid NFT Marketplace – This feature allows users to create, manage, buy, sell, and exchange NFTs. 

About Pyramid Pad

Pyramid Pad is an all-in-one, multi-feature project offering numerous DeFi tools and solutions. It runs on BNB Chain and aims to become a far-reaching ecosystem supporting IDO launches, staking, and an NFT marketplace. The platform launched in Q3 of 2021 and, since then, has developed its concept, tokenomics, and struck several strategic partnerships. Recently, Pyramid Pad has obtained a successful smart contract audit from the industry-leading auditor, Solidproof.

For more information about Pyramid Pad, please follow the links below:| Website | Twitter | Telegram |Whitepaper| YouTube| Discord|

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