Alongside progressively increasing prices, the range of Bitcoin scams is also rising again. Both Peter McCormack and Andreas Antonopoulos have cautioned their Twitter followers as of late of some diverse approaches taken by the crypto scammers.
With new money entering into the market, lots of newcomers to the space are completely unaware of how riddled with scams the space is. With early investor tales of ten thousand percent gains ringing in their ears, plentiful are regrettably likely to succumb to such tactics.
Protect Your BTC: Bulls Bring in The Snake Oil Salesmen!
In the event Bitcoin prices go up, more people get interested in it. The ears of the mainstream media, institutions, retail investors, and unfortunately, scammers all prick up at the indication of consistent high percentage gains. Even though the bear market of 2018 still witnessed a huge amount of sketchy ICOs and out-and-out fraudulent investment schemes, their number absolutely rockets when prices also head skywards.
Offering the most recent evidence of this is Bitcoin advocate and the presenter of the What Bitcoin Did podcast, Peter McCormack. The well-liked crypto personality who has lately been connected with ongoing legal contentions with the scandalous Satoshi Nakamoto claimant, Craig Wright, took to Twitter earlier today to reveal a scam that uses his own standing in the digital asset space to rip off trusting newcomers to the space:
This is a scam. If you receive any emails like this then please ignore. pic.twitter.com/KNlwH7aCQS— Peter McCormack (@PeterMcCormack) June 21, 2019
The post shows an email, supposedly sent on behalf of McCormack's podcast, that shills what could become the reader's “‘ biggest' investment ever”.
The majority of the email is missing from the post although various red flags such as the brazenness of the shilling, together with the poorly worded copy, imply that those instigating the scam are prospecting the most naive of new market entrants.
Somewhere else in crypto, cherished Bitcoin evangelist Andreas Antonopoulous has brought attention to the amount of projects that have started contacting him over and over to market their coins and tokens for a fee:
I'm now getting 10-15 requests A DAY for “influencer marketing” bullshit. I block anyone who sends these to me.When your favorite CT “influencer” starts endorsing or promoting something beware: they're being paid for every tweet.— Andreas M. Antonopoulos (@aantonop) June 20, 2019
This triggered him to post a PSA of sorts, cautioning newcomers hungry for the substantial percentage gains many early investors in projects realised of potential red flags with regards crypto projects:
FOMO is in the air. Newbies are joining the cryptocurrency space and falling prey to scammers.Please educate your friends and family:– Promises of profit are 100% ponzi– Request to “recruit”, “affiliate” etc are 100% pyramid schemes– ICO/IEO are 99.99% pump-and-dump— Andreas M. Antonopoulos (@aantonop) June 20, 2019
In the post, he not only decries investment schemes assuring returns but at the same time all but the smallest number of ICO projects that have been and will be launched going forward.
Judging by just some of the posts appearing on both the Bitcoin and Cryptocurrency subreddits, there is plenty of new money for scammers to benefit from currently. The sheer number of questions relating to taking up a position in Bitcoin, dependable Bitcoin storage, lengthy transfer times, and other such standard topics highlights that there are once more multitudes of most likely naive crypto newcomers seduced to try out crypto by the appreciating Bitcoin prices lately.