Scams in the crypto industry had always gripped its jaws; this time, they targeted the Instagram account of the former prime minister of Pakistan, Imran Khan. His ‘account hacked’ news spread like a wildfire and raised concern about rising scam cases in crypto. In an interview with Dawn publication, he confirmed his Instagram was hacked and used for fake crypto giveaways. On 1st August 2022, Mr Khan revealed the hacking incident; his account was immediately recovered with Meta’s help.
Former Pakistani PM handled the Instagram account himself. After he noticed a post on a cryptocurrency link accompanied by a screenshot of Musks’ tweet, he reported it.
The link shared on his account leads to a website that features Elon Musk and his firm SpaceX offering Dogecoin, bitcoin, Litecoin and ether giveaways. Crypto users receiving a website link claiming a giveaway or an offer that they can’t deny and ultimately resulting in fraud is a common tactic used by scammers. Most such websites bait people by using popular names like Elon Musk, Bill Gates, Warren Buffet and many such vibrant personalities.
In July, Twitter and YouTube accounts of the British Army’s official account were hacked, which scammers used to promote fake giveaways. To combat the rising crypto giveaway scam cases, top exchange firms like Binance created a reporting platform whereby you can warn the crypto community of frauds and hacks.
Think ahead of notorious scammers!
Trading and transactions in a crypto platform pose risks because cybercriminals treat the platform as their favorite site to acquire massive capital. We got some tips for you; let’s check them out.
- When you receive an email from an anonymous person that contains a website link, never open them as it’s just bait. It’s better to access only trusted exchange and wallet websites.
- Messages that lure you into downloading any app or visiting a website to earn rewards or cryptocurrency are fake. If any offer seems too good to be true, block the person immediately.
- Before interacting with a new website, check the relevant credentials.
Vigilance on your part is the only way out to deal with the fraudsters. Double checking a website’s credibility and not falling trap to unbelievable rewards will help you safeguard your crypto investments against scammers.
