The rise of fake cryptocurrency apps and how to avoid them

The rise of fake cryptocurrency apps and how to avoid them


Scammers have been taking advantage of blockchain’s decentralized and immutable nature to swindle crypto investors since the advent of the technology.

And, according to the latest FBI fraud report, fraudsters are using fake crypto apps to steal money from unsuspecting crypto investors. It highlights that American investors have lost approximately $42.7 million to swindlers through fake apps.

The schemes reportedly take advantage of heightened interest in cryptocurrencies, especially during bull market runs, to beguile crypto users.

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How fake crypto app scammers lure users

Fake crypto app scammers use myriad techniques to entice investors. The following is a breakdown of some of them.

Social engineering schemes

Some fake crypto app scammer networks use social engineering strategies to entice victims.

In many cases, the fraudsters befriend the victims through social platforms such as dating

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