Key Notes
- Modern crypto scams are deploying sophisticated fear-based tactics that create artificial urgency, making even experienced investors vulnerable to hasty decisions that compromise their security.
- Beyond basic security measures like 2FA, the most crucial defense is maintaining skepticism toward unsolicited communications and never sharing sensitive account information, regardless of how legitimate the request appears.
- The rising bull market creates a perfect storm for scammers, as the influx of new users combined with FOMO psychology makes the crypto community particularly susceptible to sophisticated social engineering attacks.
With the crypto market kicking off to a bullish start this year, John Deaton, a crypto veteran and XRP’s lawyer, has warned the broad crypto community to be wary of potential scams. He encouraged holders to brace up and be alert, noting that the bullish market trend attracting new users into the space will also entice malicious actors.
John Deaton Hints on Sophisticated Schemes by Scammers
In a recent tweet posted on Friday, John exposed sophisticated scam tactics threatening the safety of crypto holders.
According to him, these emerging scams do not only target inexperienced holders. They are sophisticated enough to rip off hard-earned funds at the slightest mistake, regardless of whether they are in a private wallet or an exchange account.
Notably, John pointed out that the new schemes deployed by these scammers aim to trigger panic and fear in potential victims, making them vulnerable. While this tactic builds a sense of urgency and fear in people, they are easily prompted to make hasty decisions that could cause them to share sensitive information or click phishing links.
XRP Lawyer Suggests Protective Measures, Encouraging Vigilance
To guard against these online crypto scammers, John Deaton’s warnings urged users to avoid clicking on links carelessly and alerted them to verify the legitimacy of the sources of any link sent to their emails before attempting to click on them.
While this may not guarantee total safety, John encouraged every crypto holder to ensure they have 2FA set up with their accounts. Crypto users should also adhere to the golden rule of not sharing their passwords or seed phrases with a second party.
Notably, the post reflects John’s concern about the safety of all crypto users, whether amateur or experienced.
“Some people might say or think, If you’re dumb enough to share your password, you deserve to lose […] No innocent person deserves to be robbed, tricked, or cheated out of their hard-earned savings!”, Deaton noted.
Following his warnings, Deaton shared a personal story of a similar scam strategy he experienced two years ago. While the story intended to spur consciousness among crypto holders, it also hinted at the possibility of getting scammed regardless of one’s experience in the crypto industry, considering that he was not an amateur at the time of the incident.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Caroline is a zealous writer who recently picked interest in Bitcoin and the cryptocurrency community. She’s always learning about the industry and aims to provide timely and accurate information about the latest developments in the crypto space
