The world of cryptocurrency has seen its fair share of success stories, with many individuals turning their investments into substantial wealth. However, alongside the crypto boom are also stories of individuals who have lost their hard-earned money to fraud and scams. According to a report by blockchain firm Chainalysis, cryptocurrency crime reached an all-time high of USD 14 billion in 2021, with crypto investors losing funds amounting to USD 3.5 billion in 2022 to scams alone.
As an investor in the crypto world, it is essential to know the risks and how to protect yourself from becoming a victim of fraud. Here are some tips to keep in mind:
- Keep your wallet in your pocket: A crypto wallet with private keys is necessary for trading, but be sure to keep your private keys secret and away from anyone, even employees of crypto companies.
- Only use wallet apps from trusted companies: Avoid downloading wallet apps from unknown sources. Instead, use reputable companies such as Coinbase Wallet, SafePal, and Crypto.com Defi wallet. Before using a wallet app, research reviews on reliable sources like Forbes Advisor and Investopedia.
- Only invest in crypto when you understand it: As Warren Buffet once said, “don’t invest in something you don’t understand.” Make sure you understand how the crypto industry works before investing.
- If it looks too good, it is likely a scam: Be wary of advertisements promising huge returns in a short period. If it seems too good to be true, it probably is.
- Do proper research: Before investing in a cryptocurrency, research the company behind it and read its whitepaper and up-to-date reviews on authentic websites.
If you have already fallen victim to a crypto scam or fraud, don’t despair. Lionsgate Network, a professional recovery service for lost or stolen crypto money, can help you retrieve your lost funds. With a team of experienced blockchain analysts, including former cybersecurity experts from the Israeli military, Lionsgate can provide you with the support you need to reclaim your assets.
Remember, as with any investment opportunity, do not put money into crypto that you can’t afford to lose. Cryptocurrencies are highly volatile financial instruments, so be prepared for potential losses. By following these tips and utilizing the services of a reputable recovery service like Lionsgate Network, you can protect your crypto assets and mitigate the risks of fraud and scams in 2023.
