You’ve probably heard these horror stories countless times.
About people losing thousands or even millions of dollars worth of cryptocurrency after being a victim of a crypto scam. Scammers are becoming more and more sophisticated and it seems that they’ll never go away.
Various researchers have dealt with this topic, and recently, a new report published by MyCrypto, an open-source, client-side tool for generating ether wallets gave us some new information about victims of crypto scams.
So, let’s find out more about that.
MyCrypto report – tracking crypto scams
With the help of Dune Analytics, the team at MyCrypto monitored Bit.ly URLs since June 2018, and analyzed click-throughs for about 118,302 sessions. Keep in mind that all these click-throughs represent potential victims of a crypto scam.
Here is what they found out.
What are the countries with the highest number of crypto scam victims?
The team at MyCrypto found out that the regions with the highest number that clicked through are:
- Nigeria – 14%
- Indonesia – 11%
- United States – 9%
- Vietnam – 8%
- India – 7.8%
The report also states that in most cases, victims would be lured into the scam after providing sensitive information such as their private key.
What are the most common methods scammers use?
According to the report, scammers use different methods for deceiving people to give away their private information. In some cases, it’s an unregulated airdrop promising unreal amounts of money. For example, kinetictokenforms.typeform.com is a popular airdrop scam.
Hackers also use email, SMS, and in high percentages, direct clicks to compromise people’s funds. Users were asked to provide data such as their phone number, email address (for email phishing), and Ethereum address.
New scamming methods are continuing to surface in the cryptocurrency space and it seems that they are becoming a common part of the industry.
To avoid scams, you have to educate yourself, do the research before investing, and never, ever, give away personal data such as private keys.
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