Bitcoin's price soars above $90,000, nearing the legendary $100,000 mark. Yet, the rise is accompanied by a surge of fraudulent schemes.
The Rise of Scams Amid Record Prices
Amidst the hype of soaring prices and institutional interests, the number of scams in the crypto world is steadily increasing. According to the FBI, over 69,000 crypto-related fraud cases were reported last year, with losses surpassing $5.6 billion. These figures illustrate how significant this issue has become in an environment of soaring prices and FOMO mentality.
Elon Musk Scams and Manipulation
One of the popular schemes involves using Elon Musk's name to deceive unsuspecting users. In one recent case, scammers employed a deepfake video of Elon to promote a fake crypto giveaway. Participants were asked to send bitcoin for promised double returns, which were never returned.
Fear and Fake Accounts as a New Tool
Scammers leverage users' fears by sending messages claiming their accounts are compromised, prompting victims to reveal sensitive details like seed phrases. This grants scammers access to the accounts, allowing them to drain funds. Howard Greenberg notes scammers create fake sites with slightly altered URLs to steal credentials.
While scammers are busy, Bitcoin continues to display positive trends, strengthening its market position. However, users must remain vigilant and informed to avoid scams in the rapidly evolving crypto world.
