Crypto Hacking & the Fake News Love Story
Crypto hacking is a major area of concern for most people working in crypto and fake news adds salt to the injury. Thus, pushing people to commit more than they can bear.
These days crypto is all again in news thanks to Elon Musk and the bank of China which resulted in a significant drop in price for Bitcoin. However, these both news came very close to each other which I don’t believe is a coincidence.
This is just my point of view as this has become the trend for cryptocurrency to skyrocket once it has hit the rock bottom. The same trend has been witnessed last year and the year before.
I have recently read about this phenomenon named dump and pump used in the stock market and the cryptocurrency looks like taking the same route. First, they hype up the currency at a place where everyone starts believing in it, and once the price reaches its peak or more than they have anticipated they break the circle and it comes down to a price that is way more than the normal and meanwhile they have got the hold back by buying it at a lower price.
This is just one instance and there are plenty more including social media where fake news explodes like a nuclear bomb. These fake news boost Crypto Scams on social media as they target the general people over there and have their own kind of network to lure the general audience into it. They share all kinds of made-up news to showcase the brighter side while holding back the details and even worse when they work as a group and catch you off guard with your finances to be invested in their multi-millionaire schemes which only can make them rich.
There are plenty of other ways these fake news destroy the life savings of the audience however one can stay safe from these online scams by taking preventive measures. I have written a detailed piece on how to stay safe from crypto scams on social media.
Crypto itself is not a bad idea as digital currency is the future, the only thing bad about it is the uncertainty and recovery of your funds if lost. The more proper and channelized it gets its use can become more abundant.