Deception schemes in crypto | Vladimir Okhotnikov about scam

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The Way Crypto Is Swindled Out: 5 Fraudulent Schemes - Vladimir Okhotnikov About Scam

Cryptocurrency has begun to attract a lot of attention from scammers. We increasingly hear about crypto exchanges being hacked or funds disappearing from crypto wallets. An article has just been published on this topic, in which crypto expert Vladimir Okhotnikov raises the issue of fraud in the field of digital assets.

The author wants to show how scam gradually evolved from isolated cases to large-scale operations involving large organizations with technological potential comparable to the capabilities of entire states.

“The threat of cryptocurrency fraud is becoming more realistic with the increase in the spread of digital assets. The essence of the problem is that many users, in most cases, are not pedantic enough in matters of security. Yes, it is impossible to avoid all threats, but it is quite possible to reduce risks and minimize losses,” says Vladimir Okhotnikov.

Cryptocurrency scam

At the beginning of its existence, the cost of digital assets was minimal, and the attitude towards them was frivolous. Changes occurred when the public realized that cryptocurrency had acquired real value. This process was accompanied by the formation of a regulatory framework, as a result of which states began to consider electronic currencies as a relevant asset, which opened up new prospects for fraudsters in their “business.”

The rhetoric of the article is aimed at clarifying that engaging in criminal activity does not require large resources as is the case with traditional fraudulent schemes. A computer with Internet access is sufficient. Thus, it is clear that the level of qualifications of swindlers has increased, and their activities have turned into a real industry.

Vladimir Okhotnikov emphasizes that many cryptocurrencies, including Bitcoin, were initially created on the principle of anonymity. The difficulty of identifying criminals is compounded by the decentralized nature of the blockchain, especially in the context of the limited ability to determine the real owners of digital assets and the lack of operators to block wallets.

The cross-border nature of cryptocurrency technologies makes international prosecution of fraudsters difficult, since law enforcement activities are limited to the jurisdiction of the country in which the fraud took place. The article gives an example of North Korean hackers who have repeatedly become involved in major scandals, while their prosecution remained impossible.

“The peculiarity of the blockchain makes it possible for fraudsters to steal while remaining anonymous. Their actions lead to hundreds of millions of dollars in damage,” notes Vladimir.

Vladimir Okhotnikov analyzes fraud technologies

The article emphasizes that hacker attacks are primarily aimed at hacking cryptocurrency exchanges, and only then websites and personal computers of users are exploited. A number of security measures are considered, of which VPN is not the most important tool. There are reasons for this, and they are presented consistently.

In particular, you can learn why maintaining “digital hygiene” and diversifying where you store your assets are equally important to minimize the threat of losing money. The expert also considers the method of social engineering, saying that attackers do not need to use classic hacking technologies to obtain confidential information.

An example of telephone scams is also given and information is provided about where scammers take data from clients of banks and mobile operators. Thus, the article warns against excessive gullibility, and calls for awareness that everyone can become a potential victim.

Readers will also understand the risks startups face. The mysterious disappearance of the Kage brothers, founders of the South African crypto exchange Africrypt, served as a clear signal. After attracting impressive investments, they disappeared with 69,000 btc. This case once again reminds us that even professionally organized projects are not without risks.

“One of the solutions could be the consolidation of the crypto community to protect the industry from projects with unreasonably high risk,” suggests Vladimir Okhotnikov.

In addition, this type of scam is considered as “Pump and Dump”, which is actively used on crypto exchanges. Although the tactics to counter this deception scheme are well known, investors continue to fall for the tricks of criminals. The author paid considerable attention to this issue.

An important conclusion for readers will be that cryptocurrency itself is not a catalyst for criminal actions. Many people simply do not understand blockchain technology and do not have sufficient knowledge in this area. Therefore, in the article “Vladimir Okhotnikov talks about fraud in the crypto business” you will know what happens to such people in such niches.

About Vladimir Okhotnikov

Vladimir Okhotnikov is an expert in the field of cryptocurrencies, an investor, and a developer of large-scale crypto projects. Vladimir is a proponent of decentralized financial systems and is actively involved in research in the field of metaverses.