HomeFake news or factScam AlertWarning Knell! FBI Warns The People Of Crypto App Scams 

Warning Knell! FBI Warns The People Of Crypto App Scams 

The crypto world again wakes up to another fraud; the FBI warned the general public to stay alert of spam cryptocurrency applications. The cyber criminals looted almost $42.7 million until now from the investors. As reported by the Federal Bureau of Investigation, the scammers created apps that look similar to authentic apps to rob people.   

The notorious criminals first steal logos and brand names of famous financial institutions and create an app which convinces people to invest a massive sum into their wallets. People complained that when they tried withdrawing from apps, they were asked to pay taxes. Well, even after you pay tax, withdrawals won’t be available.   

Looting money through fake apps is not new. A related scam involving the name of Cathie Wood and her ARK firm, whereby a fake website led victims to cryptocurrency giveaways, came to light. The crypto investors need to be extra vigilant and, before downloading any app, thoroughly inquire about its authenticity.   

The FBI issued a warning to beware of unsolicited requests to download any app or open website links. Before you download any app, try verifying it; in case of any suspicion, immediately report it to the authorities.   

How to safeguard money against crypto scams?  

Scammers are on the lookout to set bait on the crypto investors and rob their hard-earned money by creating fake websites or, any, giveaway schemes. In that case, some tricks and tips to safeguard your capital against forgery seem the need of the hour.   

  • Research before investing  

In the quest to earn a profit, most people invest their hard-earned money without adequately researching a website or app. Cryptocurrency investment requires you to follow safe investment practices; otherwise, get ready to fall prey to any scammer.  

  • Keep track of a crypto app  

After downloading an app, a safe practice is to invest a small amount in confirming legitimacy. Suppose you receive a request to pay a certain amount as tax to any website link, immediately uninstall the app. If, at the time of app updating, you may identify any suspicious activity, terminate updating function.   

  • Never share private keys  

To gain access to your cryptocurrency, the scammer would require private key details. So, when a crypto app or any website claims to offer you any giveaways only on sharing your private key information, be diligent enough to spot it as a scam.   

Be wary of any unfamiliar crypto application, and it’s wise to download any trading app from legitimate websites. Never get allured by schemes that promise you high returns because no financial investments guarantee you confirmed returns.   

As a passionate content writer, she is always eager to explore new topics. Through her blogs on cryptocurrencies, blockchain technology and non-fungible tokens (NFTs), she intends to help newbies gain a better understanding of the crypto world.


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