How To Protect Yourself from Crypto Scams

It’s now 2022, and there are hundreds of posters on FOOL still posting gibberish that all crypto is a scam. Nothing could be further from the truth. To get to the real cryptos worth trillions, you have to do your research, Boys and Girls, and practice a few other steps.

If you’re new to crypto, go lightly until you understand what is real and what is all smoke and mirrors.

This is a very quick and shallow article on what pitfalls are out there.

One thing I would avoid which this article doesn’t hit on: cryptos owned by corporations vs. cryptos built on decentralized networks. You want to stay with decentralized plays. Think the original purpose of Bitcoin. Then investigate Ethereum (everybody should own some of this in my book)and others.

I will soon post a public list of Crypto projects which seem legit (I could be wrong on several of these)and leave them on so that anyone can open up that chartlist anytime of day and see the latest prices - and DAILY, WEEKLY, and MONTHLY chart - for these “best of” cryptos.…

Between January and July alone, $681 million was exploited in major cryptocurrency thefts, hacks and fraud, according to intelligence firm CipherTrace.

This year overall, many of the most notable hacks involved decentralized finance, or DeFi, projects, with more than $10 billion lost to DeFi theft and fraud, a November report from blockchain analytics firm Elliptic shows.

Though it’s impossible to find a sure bet, experts recommend investors fully understand the risks surrounding cryptocurrency, and DeFi especially, before buying in. There are also a few common scams and pitfalls to be aware of when trying to protect your investments.

Here are some tips.