There are many prevalent and widespread social media platforms like WhatsApp, Telegram, Twitter, Instagram, Linkedin, Pinterest, Tumbler, etc. Most of the general public uses these platforms to interact and communicate with one another. They interact, interrelate, and exchange knowledgeable chitchat, messages, voice, photos, and videos on these platforms.
Telegram, being one of the popular platforms, is used for discussing cryptocurrency. There are also groups on Telegram that discuss virtually everything related to blockchain-based development. The cryptocurrency community nowadays is active on Telegram too. They have formed groups where they exchange ideas and thoughts. It is also attracting the unsolicited attention of scammers.
This allure of acquiring knowledge has made Telegram an outstanding tool for anybody who desires to enhance their cryptocurrency knowledge.
Most of the Telegram scammers use following Telegram scams
Pump and dump groups on Telegram.
It is one of the oldest scam scammer’s uses. The administrator or owner of the group falsely tries to manage the price on the cryptocurrency exchange. The scammer buys certain cryptocurrencies in a large quantity at low prices. He then spreads rumors in the Telegram group that he has insider information that certain cryptocurrency values will increase tremendously. The Telegram group starts accumulating the crypto and that drives up the price. On reaching its targeted level the scammers dump their holding all of a sudden. And make a huge profit.
Fake groups on Telegram.
One of the most unsafe, dangerous, and popular scams on Telegram is a fake group scam. The scam involves a copycat group that meticulously looks like the original. The difference is so little from the original group that it is hard to notice it. The main intention and objective of this copycat group are to scam you. The group contains very similar messages, stirred conversation, and also admins with a virtually similar name to that of the original. It generally includes messages that are in the direction of a scam attempt. Like, they may offer you to purchase tokens at a highly discounted price, or cheap cryptocurrency on offer, and things like that. To stay safe simply change group invite settings to “my contact only”. If you feel that you have been approached by a fake admin, simply copy the admins’ user name and search the group for posts by that user name. I am sure you will find no posts in the group.
Duplicate admin scam.
In this scam, on Telegram the fake admin requests support or posts a question in a public group. The scammers will straight forward directly communicate with the user, introducing him as support staff or the admin of the group. They will show interest in the question and propose some kind of help. While posing to help, they will end up asking seed phrases or private keys. The scammers may ask the user to login onto a phishing platform that they have designed. These scammers usually prey on new and inexperienced users. The new users are most likely to be tricked more easily than the regulars. In case you feel that you have been tricked by, search posts from that user in the group. If no posts appear then it is a fake admin.
Several scams are running at any given instant on Telegram. All regular Telegram users in the past have been under attack by at least one or the other form of cryptocurrency scam on the platform. All cryptocurrency scams have one thing in common; they vouch for an inexperienced user who starts venturing into the crypto space.
With a bit of knowledge and general common sense, most of the scams can be avoided. Alertness and awareness are the best weapons. By proper “settings” change in Telegram, you can safeguard yourself to some extent.
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