There are several scams in which the scammers look towards your crypto wallet and try to get the code for its access. Moreover, the security codes play a major role in accessing the hardware. Also, most people transfer their currency directly to the scammer’s accounts as an investment they use to do a fine business with you. However, after some time, when they get the investments at a large amount, they make themselves protected, and investors no longer have access to their accounts. Below are the types of scams in digital currency to make you more familiar with the other side of cryptocurrency.
Defi Rug Pulls
This type of scam is the latest one and is in the hands of the investor. This scam works by removing the guards from the doors of financial transactions. Once it is done, your transaction will go to the scammer’s wallet. This practice is also known as rug pulls and is popular nowadays.
Social Engineering Scams
In this type of scam, the scammers work to gain the user’s trust by physiological manipulation. Like, the users may call a popular agency or an investor to know about the secrets and important codes of their wallets. In this way, the user thinks they are talking to the trusted entity and loses all their money and currencies. This scam is called a social engineering scam in which the user loses their money by their own mistake. There are many more types of cryptocurrency. Well, here we have mentioned the only two major types.
