Can you get scammed on crypto com?

To start with, scammers ask for a down payment. Then, instead of making money, the thieves simply steal the initial fees. Scammers can also request personally identifiable information, claiming that it is to transfer or deposit funds and, therefore, gain access to a person's cryptocurrency. There are many types of blockchains and variations in this model, but a central idea is that transactions are irreversible.

Once a transaction is completed on the blockchain, there's no going back. The second basic type of cryptocurrency scam simply uses cryptocurrency as a payment method to transfer funds from victims to fraudsters. All ages and demographic groups can be objective. These include ransomware cases, romance scams, computer repair scams, sextortion cases, Ponzi schemes, and the like.

Scammers are simply taking advantage of the anonymous nature of cryptocurrency to hide their identities and evade consequences. Financial experts advise most passive investors to keep their cryptocurrency assets below 5% of their portfolios and to never invest in cryptocurrency at the cost of saving for emergencies or paying off high-interest debts. Also, don't forget to report fraud to any cryptocurrency exchange you used to complete the crypto transaction whenever you suspect or have proof that bad actors are at play. Detecting violations in the crypto space could, in theory, be possible since cryptotransactions are publicly listed in blockchain transactions.

And while major cryptocurrency exchanges have better anti-fraud security measures than lesser-known exchanges, there is still no guarantee that investors will recover stolen cryptocurrencies. This practice, known as a “pull the rug”, has become especially common as DeFi protocols have become popular among crypto investors interested in increasing returns by searching for cryptographic instruments that generate returns.

Alexander Osario
Alexander Osario

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