How to take measures against cryptocurrency frauds | Akar Aydemir

Certain individuals or groups develop fraudulent methods to take possession of the digital assets of the users by promising them unrealistic profits. One should be beware of such kind of acts and proceed with caution and reliable information.

Akar Aydemir
Paribu Business Development Director

While blockchain technology and cryptocurrencies, which are considered to fuel this technology, receive a great deal of attention all around the world, such attention also encourages many malicious individuals and groups to exploit this technology.

Facilities arising from the decentralized structure of the blockchain technology as well as great advantages offered for cryptocurrencies such as fast and cost effective transfers undoubtedly create an appetite for this technology. The fact that Bitcoin has always had a glamorous and distinctive performance from the very beginning increases the risk appetite in the investors who think that they could not achieve such performance. This notion may push the investors into falling prey to malicious groups who make false promises for high profits.

Beware unrealistic promises for profits

That being the case, various structures making unrealistic promises to the investors arise.

  • They introduce themselves sometimes as an individual or a group and sometimes as a corporation.
  • Such structures promise high profits. The investors are then asked to transfer their digital assets to a wallet to earn such profits. The problem arises just at this point.
  • The user may lose the transfer amount in full just at that moment. In another scenario, the investors may receive payment at a certain rate for a brief period to gain their trust. However, this move is only intended by the malicious individuals or groups to gain the trust of the investors.
  • Once such investors receive a payment, they may think that they have made a good investment and therefore, they begin to deposit more funds. In addition, such investors may refer others to the system. However, such malicious individuals or groups disappear once they have hit the jackpot.

The investors who deposit funds to such kinds of structures have often been influenced by their friends, who made high profits and were also able to receive their payments. Indeed, such structures may make timely payments and meet withdrawal demands on time at first. In this way, they establish a well-functioning referral system. Thus, they increase the number of people and the amount of funds in the system. However, once there are enough funds in the pool after some time, the relevant website is shut down and everyone who has made investments incur a devastating loss.

What to do

As Paribu, we take all necessary measures against the transfers to the wallets identified as fraudulent. As emphasized on many occasions before, we are always committed to taking strict measures against any potential involvement of Paribu services in criminal financial activities. Having said that, however, such malicious individuals or groups may attempt their fraudulent acts over new wallets that have not been identified yet. At this point, investors need to consider certain details.

  • When investing, investors should use open sources providing reliable information. A careful analysis of the infrastructures, price performances, and global trading volumes of cryptocurrencies provides valuable data.
  • Other than that, investors should always be cautious about speculative forecasts and unrealistically high profits.
  • You may have a few friends who tell you that they have made profits. However, as I said before, one of the common methods adopted by such malicious individuals and groups is to gain trust and deposits by making timely payments at first.
  • It always poses a great risk to transfer cryptocurrencies to the wallets provided by individuals with whom you are not familiar and about whom you know nothing at all.
  • In such cases, the owners of the wallet to which the cryptocurrency has been transferred are often in such a condition that they cannot be accounted for and regulated under any judicial system or jurisdiction. When the transferred funds could not be recovered, it is almost impossible to find an addressee.
  • Simply, for this reason, it is advisable to consider whether there is a legal authority to refer to in case of any adverse condition when evaluating an individual, group, or corporations making such kind of promises. Considering the options for what can be done if such individuals or groups disappear one day is the right thing to do in order to avoid leaving your efforts and deposits to the mercy of others.

Considering the strict regulations imposed by BRSA, SDIF, and legal authorities on the banks authorized to collect and operate deposits could help us understand why we should not trust such kind of structures regardless of their true intentions.

Risk management is not an easy job. It is too risky to believe that individuals and groups, about whom we only know the wallet address and the website but we know nothing else, could manage this. The only realistic way to effectively manage your investments is possible with the right information, open data inquiries, and performance follow-up. Other paths are always full of dangers.

Bu içerik en son 26 October 2022 tarihinde güncellenmiştir.


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