If you have been the victim of any sort of Bitcoin scam, or crypto swindles, then you should find this article very helpful. Thousands of people fall for crypto currency scams every year and it really could be avoided by using some common sense. Take Binance for example. They don’t do giveaways. No one does giveaways.
If you take the time to investigate Binance, you will find them commenting on posts, websites and videos across the web. But it actually is not Binance, it’s an impostor of Binance. If you find comments on a giveaway or something to the effect of “send me crypto currency and we will send you back a greater amount of government currency”. It’s not real. Don’t fall for swindles in the comments on websites such as Cointelegraph, YouTube, Facebook or on Twitter. Nobody is ever going to give you a fund free of charge, ever. Why would anyone do that?
There has been a Telegram chat and other targets on Reddit where pictures were allegedly shared of Binance users. The users were holding up their passport next to their face. The kind of photo that you’ll send for identity confirmation. An image that you don’t want to be on the Internet. That’s a form of identity theft. Binance commented right away. They said they’re investigating it. One of the things they pointed out was there’s no Binance watermark on the photos and that indicates that it was not an actual hack of Binance itself.
But what is more interesting about this story is that it was reported in January of this year, that some exchanges, mainly Binance and Poloniex were being extorted. Binance made a statement saying that the photos appear to be dated from February 2018, which is when Binance started using a third-party vendor for KYC (Know Your Customer) verification. They are currently investigating that merchant. There’s a suggestion that a hacker is demanding 300 bitcoin in exchange to make it private. The hacker claims that he has KYC information from other exchanges which are also back from January.
If you’ve ever had an interesting interaction with a KYC, your KYC data was probably compromised. What are you more concerned about when you sign up for a KYC exchange? When you create an account on a crypto currency platform, you may be more concerned about your investment. That is what is keeping you away from streamlined exchanges, or you are more concerned about going through the KYC process. Is that because it’s annoying and inconvenient or because you’re concerned about your privacy? Does it matter if your passport picture is leaked as long as your Bitcoin is safe? Yes, it does! Your passport contains information that identity thieves can use.
The old saying “if it seems too good to be true”, it most likely is. We are all guilty of seeing some great offer and hoping it is the real deal, only to find out that it is not what it seems. It is very important that you investigate thoroughly any investment that you may plan on doing online. With the price of Bitcoin right now (over $31,000), it is a sizable investment for anyone. You must make sure you do your due diligence about the platform you are planning on investing in.
Here is a list of notable, trustworthy Bitcoin investment platforms, but make sure you are using the correct platform and not a fake one designed to look like the real site.
1. Coinbase – I use this, Be sure you are running anti-virus!
7. Bitcoin IRA
Investing in crypto currency is a major decision. Take your time, do your homework and make sure that you can afford to invest. Stay away from people like “Sami Loyal” (scammer). Be prepared to be able to take a loss. If you can’t afford to lose your investment, it probably isn’t the right time for you to venture into crypto currency. It can have huge returns, but it is a volatile industry. I’m essence, always make sure you are aware of the company’s practices and make sure you are using the real platform. Good luck in your ventures and always be careful.