Scammers Take Advantage of Bullish Bitcoin FOMO

Bitcoin Scams

Together with steadily increasing prices, the quantity of Bitcoin scams is also increasing again. Both Peter McCormack and Andreas Antonopoulos have warned their Twitter followers just recently of some varying methods taken by the crypto scammers.

With fresh money coming into the market, numerous newcomers to the space are completely unaware of how riddled with scams the space is. With early investor tales of ten thousand percent gains ringing in their ears, countless are regrettably likely to succumb to such setups.

Protect Your BTC: Bulls Bring in The Snake Oil Salesmen!

When Bitcoin prices go up, more men and women get interested in it. The ears of the mainstream media, establishments, retail investors, and unfortunately, scammers all prick up at the recognition of steady high percentage gains. Regardless of the fact that the bear market of 2018 still identified a huge amount of suspicious ICOs and downright fraudulent investment schemes, their number absolutely rockets when prices also head skywards.

Providing the most recent evidence regarding this is Bitcoin advocate and the presenter of the What Bitcoin Did podcast, Peter McCormack. The popular crypto personality who has lately been involved in ongoing legal fights with the infamous Satoshi Nakamoto claimant, Craig Wright, took to Twitter earlier today to divulge a scam that uses his own standing in the digital asset space to trick naive newcomers to the space:

Peter McCormack Tweet

The post shows an email, supposedly sent on behalf of McCormack’s podcast, that shills what could come to be the reader’s “‘ biggest’ investment ever”.

Most of the email is missing from the post but a variety of red flags like the brazenness of the shilling, coupled with the poorly worded copy, imply that those responsible for the scam are hunting the most naive of new market entrants.

In a different place in crypto, cherished Bitcoin evangelist Andreas Antonopoulous has brought attention to the variety of projects that have begun contacting him over and over to advertise their coins and tokens for a fee:

This propelled him to post a PSA of sorts, alerting newcomers hungry for the massive percentage gains many early investors in projects realised of potential red flags with regards crypto projects:


Within the post, he not only belittles investment schemes guaranteeing returns but in addition all but the smallest number of ICO projects that have been and will be launched in the future.

Judging by some of the posts showing up on both the Bitcoin and Cryptocurrency subreddits, there is a lot of fresh money for scammers to benefit from at the moment. The large number of questions relating to taking up a position in Bitcoin, reliable Bitcoin storage, drawn-out transfer times, and other such fundamental topics highlights that there are once again lots of probably naive crypto newcomers tempted to experiment with crypto by the appreciating Bitcoin prices lately.

Featured Image from Shutterstock.

The post Bitcoin Bullishness Makes Crypto Attractive to Scammers Once Again appeared first on NewsBTC.

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