The rise of Bitcoin and crypto in 2024 has been impressive for those who love to invest in crypto and for a swindler looking for any opportunity to take advantage of unsuspecting crypto investors.
Take this example of a California investor who unfortunately fell for a crypto scam:
They were Googling info about crypto asset brokerage firms and came across a top-result paid-for sponsored link directing them to the website mantao.network. The website requested to connect to the investor’s wallet and the next thing they knew, they saw 5 Bitcoins disappear. The Bitcoin victim has not been able to recoup their coins.
This story highlights some common scams, including phishing, hacking and imposter fraud – this website was created to confuse investors with the legit site manta.network
In this post, we will explore the real problem of crypto hackers and give you 16 useful tips to stay safe from Bitcoin scams and frauds in 2024.
Why Scammers Are Drawn To Crypto
Before we jump into our top tips for keeping your Bitcoin and crypto safe, it might help to understand why scammers are even bothering with digital assets. I mean, isn’t everything we do online tracked, leaving a digital footprint of our every move?
Well, not in decentralized finance.
This exact point, the decentralization and lack of regulation, is what attracts so many people to cryptocurrencies, but it is also what makes hacking, scamming and phishing even more attractive for online criminals.
It is harder to track them, find them and prosecute them.
Another point that unfortunately aids these scammers is the unfamiliarity of technology, especially for elderly investors who are new and unfamiliar users of technology and the internet, whose weak point is a gold mine for online scammers.
Our Top Tips to Stay Safe From Bitcoin Scams
With BTC and other cryptocurrencies only gaining momentum in 2024, you must learn how to safeguard your crypto. Whether you are a new investor in the world of digital assets or think of yourself as a seasoned veteran, you can never be too safe or vigilant.
Here’s our list of 16 essential tips to keep you a step ahead of Bitcoin scams in 2024:
1. Fortify Your Home Computer
First things first, ensure your home computer is a digital safe that no one can get into. Using top-notch security measures is the best thing you can do to protect yourself and is your #1 line of defence.
Our recommendation is to use an open-source operating system, such as Linux or one of its variations. Download it using a pen drive to help keep everything “offline”. Through this open-source operating system, you can securely download exchanges and transfer your BTC, Ether and other coins to secure cold wallets.
☝️ Extra tip: make sure to deactivate or cover laptop cameras or computer webcams for added security.
2. Use Non-Electronic Cold Wallets
When looking at how to store your Bitcoin, there are a lot of hardware cold wallets on the market, but many of them have electronic components. Consider using non-electronic cold wallets for storing your crypto as these offline wallets are your best bet against online hacking attempts. Cold wallets, such as Material Bitcoin offer a non-electronic hardware wallet for storing your crypto long-term safely.
3. Guard Your Private Key
Your private key, seed phrases, and PIN are sacred. Sharing it is the same as giving away the combination to your safe.
So, our mantra here is simple: Keep it secret, keep it safe, and don’t even tell your mama.
4. Update Your Security Software Regularly
In relation to tip #1, make sure that your computer and its security system software are always up to date to keep it as secure as possible.
5. Use Two-Factor Authentication
Many hackers will try to get into your accounts by gaining knowledge of sensitive personal information. Adding an extra layer of security through two-factor authentication (2FA) can help to reduce the risk of unauthorized access. Now, even if your password or PIN gets out, you can rely on the biometric or text with code secondary feature to protect you!
6. Verify Websites and Emails
Always double-check the authenticity of websites and emails, especially when they request personal information. You might be thinking, “What does my email have to do with my crypto?” – well, keep in mind that many exchanges rely on your email address to communicate with you. Which brings us to our next tip…
7. Educate Yourself About Phishing Scams
Knowledge is power.
Familiarize yourself with what a phishing scam is so that you can recognize and avoid them. Remember the story we shared earlier about the investor from California? Do not make the same mistake and enter your email address, wallet information and addresses to emails or websites, even if they look professional and legit.
☝️ Pro tip: Always double-check the sender’s email address to compare to the official website that is contacting you. The fake website or email might look legit, but a tell-a-tale sign of a scam will always be the strange contact information.
This also applies to cold calls and messages.
8. Beware of Social Media Scams
Social media is another platform full of scammers. We always suggest being cautious and to verify the legitimacy of any crypto-related offers or information shared on these platforms.
Scammers can moonlight as “investment gurus” so be aware of who is real and not.
9. If It’s Too-Good-to-be-True, Then it Probably Is!
Always approach unsolicited offers with skepticism. In this day and age, many people find themselves looking at YouTube videos and blogs, like our own, for advice and to educate themselves about the world of crypto.
But, don’t for one second fall for anyone, anywhere telling you that they can double your crypto or share the “next big thing” if you give them access to your keys or accounts.
It’s normal to be attracted to these offers, but remember: if it were only that easy, everyone would be a millionaire!
10. Do Not Disclose Personal Information
This tip should be obvious…surnames, mother’s maiden name, birthdays, etc.
Just don’t do it 🙅
11. Use Secure Networks
Do not make cryptocurrency transactions over public or unsecured Wi-Fi networks. Always opt for a secure, private connection, like that of Linux or, you can consider VPN connections as a safe alternative.
❗Remember, if you are connected online, you are susceptible to hacking ❗
12. Know Your Accounts
Although this may seem like an obvious statement, some people make an initial investment in crypto and then throw away the key. Our advice is to keep a close eye on your wallets and accounts over time, since knowing your investments in and out can help to detect any fraud early on.
13. Diversify Your Investments
Diversifying your crypto is not only a smart investment strategy but also one to protect you IF you fall victim to a scam. If you have all of your assets in one place and your account gets hacked, you might be in a situation where all of your crypto can be compromised.
If you’re wondering how to build a crypto portfolio, try venturing out into diverse coins, altcoins, tokens and NFTs, but a useful rule of thumb is to rely on multiple hardware wallets to divide assets for the long-term storing of your crypto.
14. Stay Connected to a Reputable Crypto Community
Being part of a crypto community, where other investors and crypto enthusiasts can share experiences about new exchanges, wallets or investment opportunities, is a great way to keep up with new scamming trends and stay aware of potential dangers.
We ourselves have a community on Telegram where we warn about these types of issues; you can join us here.
15. Do Your Research!
Before investing in any cryptocurrency project, make sure to do your due diligence to understand the project, NFT or new token thoroughly. As an example, look at what happened with Squid Coin (named after the popular Netflix show, The Squid Games), where people were told to buy crypto upfront to play the game with promises to later gain more and exchange for other cryptocurrencies, such as BTC.
Needless to say, at some point, the trading stopped and the money disappeared from people’s accounts. It’s estimated that scammers made about $3 million off of this rug-pull crypto scam.
16. Use Trusted Exchanges and Wallets
It is widely understood that exchanges are good for day-to-day trading but should not be where your crypto is kept in bulk, long-term. For that, it is better to rely on the security of cold hardware wallets. When picking the best Bitcoin wallets, stick to well-known and respected hardware crypto wallets, like Material for storing your BTC, Ether and USDT.
Why Choose Material Bitcoin?
Security: Having a cold hardware wallet gives you a sense of security, but Material Bitcoin also gives you more than physical protection. It integrates the latest in encryption technology to protect your investments from digital threats, has no electronic components and is never connected to the internet.
Reliable Customer Service: With a live chat option, 24/7 customer representative and Telegram community group, you are never left in the dark about any doubts or reports of suspected fraud.
Resources: Material offers a wide range of tutorials and videos to support you throughout your crypto-investing journey.
The Bottom Line
Anyone can fall victim to these scams. Whether they are pushy “investment brokers” trying to get control of your assets, promising big rewards; or phishers looking to gain confidential information like usernames, passwords or private keys, no one is safe.
Stay informed, and up-to-date and keep your assets offline. Keeping your crypto in a cold wallet is your best bet for long-term storing, and finally, do not give away any personal info to anyone.
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