Bitcoin’s Growing Price Attracts Scammers To The Market Once Again

  • Bitcoin continues growing in the crypto market
  • Newcomers should be aware of scammers that try to steal investors’ funds

Bitcoin (BTC) has been growing over the last few months, and the digital currency is currently attracting new investors to the space. However, those entering the market do not have just good intentions for the crypto world, indeed scammers and attackers are on the rise once again.

Scammers Enter The Market Once Again

There are different figures in the cryptocurrency market that are already warning about the increased number of attacks that are being registered by users and different companies. Both Peter McCormack and Andreas Antonopoulos warned their Twitter followers that there are some scammers that want to steal users’ funds.

There are new users in the cryptocurrency market that do not know how scammers attack and which are their strategies to steal users’ funds. In general, when the price of the most popular cryptocurrency goes up, there are more people interested in this digital asset.

Moreover, Initial Coin Offerings (ICOs) also grow when the price of Bitcoin expands. Some of these new projects do not really have any real value or proposal. Many of them are just created in order to gather funds from users and run with them away after some time.

In addition to it, mainstream media, institutions and retail investors get also more interested in the price of the most popular digital asset. Which ends up attracting more and more users that could get involved in fraudulent investment schemes.

Peter McCormack, the presenter of the What Bitcoin Did podcast, warned about scams that are targetting the crypto community.

He shared the image of an email he received in which a user starts talking about a crypto investment that seems to be very successful. Indeed, says that this could be the “biggest” investment ever. At the same time, the email is poorly written and includes a possible investment that promises high returns.

Meanwhile, the Bitcoin supporter and writer of the book Mastering Bitcoin, has also warned individuals about these crypto scams. He said that he is getting between 10 and 15 requests a day for influencer marketing. He mentioned that he is blocking these proposals.

In another tweet, he wrote that FOMO is in the air and that newcomers are going to be falling prey to scammers. He went on saying that promises of profit are 100% Ponzi schemes, requests to recruit and affiliate are also 100% pyramid schemes and Initial Coin Offerings and Initial Exchange Offerings (IEOs) are just 99.99% pump and dumps.

It is always important to invest in companies and firms that are recognized and received support from trustworthy sources rather than in pump and dump schemes with no history at all or with a shady past.

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