SCAM (SCAM) news

How to Buy Bitcoin with PayPal: A Complete Guide for 2025

In recent years, Bitcoin has solidified its position as a leading digital asset, drawing in both seasoned investors and first-time crypto enthusiasts. As adoption increases, so does the demand for more accessible purchasing options. One such method that's gaining popularity is the ability to buy Bitcoin with PayPal. This article serves as a comprehensive guide on how to buy Bitcoin with PayPal, breaking down the background, key methods, common user issues, and real-world strategies to ensure your transactions are secure, efficient, and cost-effective. Why Buying Bitcoin with PayPal Matters As cryptocurrencies become more mainstream, the importance of seamless integration with traditional financial systems becomes clear. PayPal, with over 400 million users globally, offers a bridge between fiat and crypto for millions of people. Accessibility for First-Time Buyers One of the main appeals of using PayPal to purchase Bitcoin is its user-friendly interface and established trust with consumers. Traditional exchanges may seem intimidating to new users, but PayPal provides a familiar platform. This ease of use helps onboard the next wave of crypto users. Speed and Convenience With PayPal, transactions can be completed within minutes, especially when compared to traditional bank transfers that might take days. The ability to quickly convert funds into Bitcoin is essential in a market where prices can change rapidly. Enhanced Security and Buyer Protection PayPal has long been recognized for its security protocols and buyer protection policies. While these features are traditionally associated with e-commerce, they add a layer of perceived safety when dealing with cryptocurrency, which is often seen as risky or volatile. Integration with Global Platforms As more global e-commerce and fintech platforms integrate Bitcoin payments, PayPal's role becomes even more crucial. Being able to buy Bitcoin with PayPal directly empowers users to engage in the broader digital economy seamlessly. How to Buy Bitcoin with PayPal While not every exchange supports PayPal as a payment method, there are still secure and reliable ways to buy Bitcoin with PayPal. These include direct PayPal purchases, peer-to-peer (P2P) platforms, and crypto on-ramps. Option 1: Buy Bitcoin Directly Through PayPal In select countries, PayPal users can buy Bitcoin directly through their PayPal accounts. Steps: Log in to your PayPal account. Navigate to the "Crypto" section. Choose Bitcoin and click "Buy." Enter the purchase amount and confirm the transaction. Note: Bitcoin purchased through PayPal cannot be withdrawn to external wallets. This option is ideal for holding or selling within PayPal's ecosystem. Option 2: Use a P2P Platform That Accepts PayPal P2P platforms connect you with individual sellers who accept PayPal. Steps: Register and verify your account on a trusted P2P platform. Filter sellers who accept PayPal. Review seller ratings and terms. Initiate the trade and send the PayPal payment. Receive Bitcoin once the seller confirms payment. Safety Tip: Always use platforms with escrow services to protect both parties. Option 3: Buy Gift Cards with PayPal and Redeem for Bitcoin Some users purchase gift cards with PayPal and redeem them on platforms that allow buying Bitcoin with gift cards. This is a workaround that requires extra steps but is viable in limited scenarios. Common Issues When Trying to Buy Bitcoin with PayPal 1. Limited Transferability Bitcoin bought directly through PayPal cannot be transferred to an external wallet. Solution: Use this method only if you intend to hold or sell Bitcoin within PayPal. Otherwise, opt for P2P purchases. 2. High Transaction Fees PayPal transactions may carry higher fees compared to bank transfers or crypto-specific platforms. Solution: Compare seller offers, account for spread rates, and consider transaction fees when calculating your cost basis. 3. Scam Risks on P2P Platforms P2P markets are convenient but may attract fraudulent sellers. Solution: Only trade with verified users. Read seller reviews and ratings. Use platforms with an escrow service. 4. Account Limitations Frequent or large-value crypto purchases through PayPal might trigger account limitations. Solution: Stay within reasonable transaction limits and avoid suspicious patterns that might flag your account. Real-World Use Cases for Buying Bitcoin with PayPal Case 1: Quick Entry into Crypto Markets James, a freelance developer, wanted to enter the Bitcoin market without using his bank account. Using PayPal, he purchased $200 in BTC on a P2P platform and held it in his private wallet within an hour. Case 2: Diversifying Payment Methods Amira, a remote worker from Southeast Asia, preferred PayPal due to local banking restrictions. She used PayPal to purchase Bitcoin from a trusted seller, diversifying her income and creating an alternative investment stream. Case 3: Leveraging Familiar Platforms Michael, an e-commerce entrepreneur, trusted PayPal due to years of using it for business. By buying Bitcoin directly through PayPal, he began exploring crypto investing without needing a new platform. Best Practices for Safe Bitcoin Purchases with PayPal To ensure a smooth and secure experience when you buy Bitcoin with PayPal, follow these best practices: Enable Two-Factor Authentication (2FA): Use 2FA on both your PayPal and crypto-related accounts. Keep Records: Document all transactions, especially when using P2P platforms. Start Small: Test the waters with a small purchase before committing larger funds. Monitor Prices: Track Bitcoin’s market value to make more informed decisions. Secure Your Assets: If possible, transfer Bitcoin to a hardware or private wallet after purchase for enhanced security. Final Thoughts In 2025, the ability to buy Bitcoin with PayPal blends the convenience of traditional fintech with the revolutionary potential of decentralized digital assets. Whether you are looking to diversify your portfolio, access crypto in underserved regions, or simply prefer using a familiar payment method, PayPal can be a bridge into the world of Bitcoin. Just remember: while PayPal offers speed and accessibility, not all methods allow full control of your Bitcoin. Choose the approach that aligns with your goals—whether that’s direct investment, wallet control, or simply getting started in crypto. Stay informed, stay secure, and let Bitcoin be a tool for financial freedom. Frequently Asked Questions (FAQs) 1. Can I buy Bitcoin directly with PayPal? Yes, PayPal offers a crypto feature that allows users in select countries to buy Bitcoin directly through their account. However, this Bitcoin cannot be transferred out of PayPal's ecosystem. 2. Can I transfer Bitcoin bought via PayPal to another wallet? Currently, Bitcoin bought directly on PayPal cannot be moved to an external wallet. To gain full custody, consider using P2P platforms that support PayPal transactions. 3. Is buying Bitcoin with PayPal legal? In most countries, yes. However, always check your local laws and regulations before making any crypto purchase. 4. Are there limits to how much Bitcoin I can buy with PayPal? Yes, PayPal and platforms that support it often have purchase limits, especially for unverified accounts. Verify your identity to increase limits. 5. Is it worth buying Bitcoin with PayPal in 2025?If you value convenience and speed, yes. Just be aware of the limitations and consider your long-term storage and trading plans. Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading guidance. Qualified professionals should be consulted prior to making financial decisions.

GoPlus (GPS): Protecting Every Transaction in the Decentralised World

What is GoPlus (GPS)? Security often struggles to keep pace with the evolving landscape of Web3, and GoPlus (GPS) stands as the first decentralised security network to protect users across the entire blockchain ecosystem. With an emphasis on transparency, adaptability, and user empowerment, GoPlus doesn't just safeguard Web3; it elevates the entire user experience. GoPlus integrates decentralised security services directly into blockchain architectures to create a seamless layer of protection that extends from the moment a transaction is initiated to its final confirmation. From detecting malicious contracts to preventing phishing attempts, GoPlus ensures that security is not an afterthought but a fundamental pillar of Web3. How GoPlus (GPS) Works Decentralised Data Foundation The GoPlus network begins with its Security Data Layer. This is a decentralised foundation that collects and verifies security intelligence in real-time. Contributors, including researchers and end-users, provide information on potential threats like scam tokens and phishing websites. This data undergoes a dual-layer verification process. The first layer uses computational tools and AI algorithms to validate information quickly, while the second involves dispute resolution by top-tier security experts. This approach ensures that every piece of data powering GoPlus's security engine is accurate, reliable, and transparent. The On-Chain Guardian At the heart of GoPlus's defence system lies its compute layer that features an on-chain firewall that operates natively within blockchain environments. This innovative solution integrates into blockchain sequencers and RPC nodes, intercepting harmful activities like address poisoning and unauthorised wallet access before they can impact users. Unlike traditional solutions, this firewall works silently in the background, preserving the user experience while delivering unparalleled protection. Personalised Security at Scale The User Security Module (USM) transforms GoPlus into a fully customisable security hub for individuals and projects alike. Designed for easy integration with wallets, dApps, and decentralised platforms, the USM allows users to tailor their security preferences. By automating complex tasks such as transaction risk assessments and permission checks, it empowers users with sophisticated tools while ensuring simplicity and efficiency. Intelligent Protection Powered by AI GoPlus takes a revolutionary approach to security by embedding artificial intelligence at every layer of its architecture. With GoPlus, AI translates complex technical threats into understandable insights for users. From simulating transactions across chains to identifying irregularities in smart contracts, GoPlus's AI-powered tools bridge the gap between technical complexity and everyday usability. This combination of intelligence and accessibility ensures that every user, whether novice or expert, can navigate Web3 with confidence. Cross-Chain Unity for Seamless Security As blockchain ecosystems diversify, GoPlus eliminates fragmentation by offering seamless cross-chain protection. With native integration into Ethereum, BNB Chain, and beyond, GoPlus ensures consistent security no matter where users choose to interact. This unified framework bridges the gaps between different blockchain networks, enabling smooth asset movement and secure dApp usage without requiring multiple security tools. The GPS Token The GPS token is the engine driving GoPlus's decentralised security ecosystem. Beyond its role as a utility token for paying security service fees, GPS unlocks participation in the governance of the network. Holders can propose improvements, vote on key decisions, and directly influence the future of Web3 security. For contributors such as data providers and AVS operators, locking GPS ensures alignment with the network's long-term goals while earning rewards for their efforts. Meanwhile, as a payment method, GPS facilitates access to features like the SafeToken Protocol, which standardises secure token creation and management for projects. By incentivising collaboration and innovation, GPS transforms Web3 security into a collective effort to make sure that every participant is an active participant in a safer, smarter blockchain ecosystem. GPS Goes Live on Bitget With its transformative approach to blockchain security, GPS is a gateway to a more secure decentralised future. Trading GPS on Bitget allows you to join a network designed to protect, innovate, and evolve with Web3. Be part of the GoPlus revolution and experience a world where every transaction is backed by cutting-edge security and a community committed to excellence. How to Trade GPS on Bitget Trading Available: 16 January 2025, 10:00 (UTC) Step 1: Go to GPS/USDT spot trading page Step 2: Enter the amount and the type of order, then click Buy/Sell Trade GPS on Bitget now! Disclaimers: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.

Bitcoin’s New Highs and Trump’s Victory: What’s Next for Crypto?

With the 2024 U.S. election results pointing toward a Donald Trump presidency, major shifts were already emerging in the cryptocurrency and global financial markets. As the official results rolled in, Bitcoin soared to a record high, surpassing $75,000, a jump of over 8%. This rapid rise shows the market’s belief that Trump’s administration will support Bitcoin and other digital assets. It also suggests investors are expecting policies that could favor financial growth, despite the potential for inflationary effects. This article will examine the outlook for Bitcoin and the broader crypto landscape under Trump’s leadership, including expected regulatory changes, market reactions, and potential future price trends. Bitcoin’s Rise and the Reaction to Trump’s Victory On election night, as Trump gained critical battleground states like Georgia and Pennsylvania, financial markets moved quickly. Bitcoin shot up more than 8%, and Dogecoin, backed by outspoken Trump supporter Elon Musk, surged over 20%. Other tokens, such as Ethereum, also experienced a bump. This immediate reaction signals confidence from investors who expect a Trump administration to provide a friendlier regulatory environment for crypto than the previous administration. Bitcoin surged over 8% as Trump gained an edge in the U.S. election, even before his official victory (Source: Bitget ) In addition to Bitcoin’s rise, bond yields and stock markets also showed strong upward movement. These trends reflect a broader sense of optimism among investors about Trump’s potential economic policies. The anticipation of lower taxes, business-friendly regulations, and less restrictive trade policies seems to be fueling positive market momentum. With Bitcoin now in a "price discovery" phase, meaning its value is uncharted at these levels, the future looks promising for the crypto market, even with volatility expected along the way. The stock market, including the SP 500, also jumped as Trump neared victory (Source: TradingView ) Trump’s Shift in Stance on Bitcoin and Cryptocurrencies Trump’s current support for cryptocurrencies is a noticeable shift from his past views. Back in 2021, he publicly criticized Bitcoin as a "scam" that should be tightly regulated to protect the U.S. dollar’s dominance. However, his position appears to have softened in recent years, likely influenced by crypto’s growing popularity and potential as a financial asset class. In his 2024 campaign, Trump voiced ambitions to make the U.S. the “crypto capital of the planet .” By promising to support the crypto industry, he has won backing from major figures in the tech and financial sectors, including Tesla CEO Elon Musk, a vocal proponent of Bitcoin and Dogecoin. Musk’s support for Trump’s campaign and cryptocurrency-friendly policies has also influenced investors, particularly as his companies have previously held substantial Bitcoin assets. Trump’s changed outlook on crypto seems to stem from his recognition of the economic benefits that a strong digital asset industry can bring. Crypto-friendly policies could foster new financial technologies, boost market innovation, and attract significant investment. However, while Trump’s rhetoric has shifted, his exact plans for crypto regulation are not fully detailed. Even so, his administration’s apparent openness to crypto could help accelerate industry growth and drive innovation across blockchain technology. Crypto-Specific Regulatory Expectations Under the Trump administration, many expect U.S. crypto regulation to become less restrictive and more supportive of innovation. Previously, under the Biden administration, the crypto industry faced a complex regulatory environment. Agencies like the Securities and Exchange Commission (SEC) took a cautious, often skeptical approach to digital assets, resulting in numerous enforcement actions and limited regulatory clarity. In response, some crypto firms moved their operations overseas, seeking friendlier jurisdictions. Now, with Trump in office, the outlook could be more favorable. Trump’s campaign promises to support the growth of the U.S. crypto industry may lead to regulatory reforms aimed at simplifying and clarifying rules for digital assets. Industry experts are hopeful that Trump’s policies will foster a more balanced approach, potentially reducing the regulatory burden on crypto companies while protecting consumers. A key player in this space will be the Commodity Futures Trading Commission (CFTC), which has been supportive of crypto in certain contexts, as it seeks to distinguish between securities and commodities within the digital asset market. One significant regulatory change may involve shifting more oversight from the SEC to the CFTC. This shift would provide the crypto industry with a regulatory framework that is less burdensome, enabling innovation without excessive restrictions. Such adjustments could enhance the U.S.’s competitive edge in the global crypto market, drawing more firms to establish their operations domestically. Institutional and Retail Investment Growth Another factor driving Bitcoin’s current rally is the influx of institutional and retail investors into the crypto market. Recent data shows increased trading volumes, with exchanges in regions like Asia-Pacific seeing double the usual volume as investors buy into Bitcoin’s rising price. The renewed interest in crypto assets reflects a sense of optimism around Bitcoin’s long-term value, especially with the potential for a Trump-backed regulatory environment. Institutions have shown a growing interest in Bitcoin, with inflows into Bitcoin ETFs rising as well. This increase in institutional interest suggests that Bitcoin is moving from being primarily a retail asset to one that is widely accepted by large investors. With Bitcoin ETFs becoming more popular, institutional investors find it easier to enter the crypto market, which could drive prices higher over time. The cumulative volume of spot Bitcoin ETFs has steadily risen since their approval (Source: The Block ) Additionally, the current bull market is largely driven by spot purchases rather than derivatives, according to crypto market experts. This difference indicates that the demand for Bitcoin is genuine, stemming from buyers who hold the asset rather than trading it short-term. This level of demand, combined with Trump’s policy support, could help stabilize and sustain Bitcoin’s price momentum in the coming months. Potential Risks and Market Volatility While Trump’s victory has created a positive environment for crypto, several risks could impact Bitcoin and other digital assets. Trump’s pro-business policies, including tax cuts and reduced regulations, could also lead to inflationary pressures, which might complicate the Federal Reserve’s efforts to manage interest rates. Rising inflation could impact the purchasing power of the dollar, leading investors to seek alternative assets, like Bitcoin, as hedges against inflation. However, inflationary pressure could also prompt the Fed to raise rates again, potentially making traditional assets like bonds more attractive to conservative investors. Another risk lies in Trump’s protectionist trade policies. If Trump follows through on his promise to impose tariffs on imports, particularly from China, it could trigger trade disputes, affecting the global economy and leading to market volatility. For crypto investors, such volatility could translate into price swings for Bitcoin and other digital assets. Moreover, trade tensions could impact the dollar’s value, indirectly influencing Bitcoin’s price in response to currency fluctuations. Trump’s plans to renegotiate trade deals and increase tariffs might also have implications for tech companies that rely on international supply chains. Given that many tech firms have invested in or developed blockchain technology, including cryptocurrencies, any disruptions to their business models could indirectly impact the crypto industry. The Path Forward: Will Bitcoin Reach Six Figures? With Bitcoin now in a new price range, some analysts suggest it could continue rising toward six figures. Market experts are optimistic that the combination of Trump’s crypto-friendly policies, along with increased demand from retail and institutional investors, could propel Bitcoin’s price to unprecedented levels. If this trend continues, Bitcoin’s bull market could attract further investments, especially as more people turn to alternative assets to protect against economic uncertainty. However, the path to six figures is not guaranteed. Bitcoin’s volatility remains a concern, as the asset can experience sharp price swings due to market sentiment or regulatory developments. While Bitcoin’s recent performance is promising, investors should be prepared for both gains and losses, as the asset is still influenced by various economic and political factors. Conclusion: A New Era for Bitcoin and Cryptocurrency Trump’s return to the White House has undoubtedly marked a pivotal moment for the crypto industry. With Bitcoin at an all-time high and markets showing optimism, the stage is set for a potentially significant period of growth for digital assets. Trump’s pro-crypto stance and the expected shift in regulatory dynamics provide a favorable environment for crypto investors. The next few months will be crucial in determining the long-term trajectory of Bitcoin and the crypto market under Trump’s leadership. While risks remain, including inflation and trade policy uncertainty, the opportunity for a stronger, more robust U.S. crypto industry is clear. Whether Bitcoin reaches new heights or encounters challenges, Trump’s presidency is likely to leave a lasting impact on the future of cryptocurrency in the United States and beyond. Black Friday is coming! Enjoy buying BTC with 20% cashback！ It’s almost Black Friday! BTC hits a new high record of $75,000. Bitget is excited to launch an exclusive Black Friday 20% cashback event for all new registered users! Promotion Period: November 7th to December 7th , 2024 Promotion A: Deposit EUR via a Credit/Debit Card or Bank Deposit and enjoy 100% transaction fee rebates in USDT! Join Promotion A！ Promotion B: Trade BTC on spot/ future ≥100 USDT to get 20% cashback! Join Promotion B！ Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.

Today's TapSwap Daily Cinema Codes for November 5, 2024

Looking for the latest TapSwap Daily Cinema Codes? You’re in the right place! Each day, TapSwap releases new Cinema Codes that let you enjoy awesome rewards and perks in the game. Today’s codes for November 5, 2024, are packed with special benefits, plus there’s an exciting airdrop available! Don’t miss this chance to boost your gameplay and earn exclusive in-game rewards. Keep reading to grab today’s codes and learn how to redeem them alongside the airdrop rewards! Sign Up With Bitget Today and Claim Your $200 Welcome Gift! Key Takeaways Daily Cinema Codes for November 5, 2024 are “48ale”, “9iner” and more. TapSwap’s token launches on November 30, aiming to expand its reach in the crypto market amidst both excitement and investor caution. Every Monday, Bitget offers zero-fee crypto purchases from 8:00 PM to Tuesday 8:00 PM (UTC+8) for users buying with a credit or debit card, making it easy to start or grow your crypto portfolio at no extra cost. TapSwap Daily Cinema Codes for November 5, 2024 Land a Remote Job - Code: 48ale Get Investors - Code: r2ding Build Wealth from Scratch - Code: 9iner How to Get Rich - Code: t2e1d Cash Machine - Code: taking Pudgy Penguins Story | Part 2 - Code: Q3#PM Studying Full-Time - Code: 296ps How To Save First Money - Code: geting Crypto Heist: $21M Scam the Celebrity Stepson Behind It - Code: n7)@h TapSwap Token Goes Live: Anticipated November 30th Launch TapSwap, a popular tap-to-earn gaming platform on Telegram, will list its token on November 30, 2024. The platform has gained significant attention, with an active user base of over 35 million. This listing marks a major milestone for TapSwap, enhancing its visibility in the cryptocurrency market. By making the TapSwap token accessible to more investors and users of the game, the listing aims to drive future growth and acceptance within the increasingly competitive gaming crypto sector. Despite the excitement, some market observers advise caution. Past token launches, such as Hamster Kombat’s HMSTR, have sometimes underperformed, highlighting potential risks associated with new crypto investments. The success of TapSwap's listing could have a broader impact on the tap-to-earn gaming landscape and may shape future projects in this space. Investors and market participants are closely watching as the launch date approaches. TapSwap’s token launch offers an exciting entry for users eager to join the tap-to-earn revolution, and there’s no better time to get started. With Bitget’s Flash Monday promotion, you can now buy crypto with a credit or debit card every Monday, fee-free, making it even easier to fuel your TapSwap experience! No-Fee Crypto Buys Every Monday – Save Big with Bitget! Every Monday from 8:00 PM to Tuesday 8:00 PM (UTC+8), Bitget users can buy crypto with a credit or debit card (Visa, Mastercard, Google Pay, or Apple Pay) without any fees when using their local fiat currency. This zero-fee promotion is open to all users, new and existing, provided they complete identity verification, making it a seamless way to start or boost your crypto journey. To take advantage of Flash Monday, simply log in or sign up for a Bitget account, head to the “Buy Crypto” section, and choose Credit/Debit Card as your payment method. The process is straightforward, allowing you to complete fiat-to-crypto transactions instantly and with no hidden charges. This promotion, along with the upcoming TapSwap listing, offers a unique chance to dive into the crypto world with lower entry costs and added convenience. Sign Up With Bitget Today and Be Ready To Trade the TAPS Token!

How to Protect Your Funds from Deposit Scams: A Message from Bitget

At Bitget, the security of our users is our top priority. Recently, we have observed an increase in deposit scams in the industry. This issue has been especially prevalent among users in Russia, where scammers are targeting individuals by creating fake campaigns that lure them into making deposits to fraudulent addresses (in this case, the scam address labeled as 'bitgetserver'). In this article, we aim to explain how these scams work, the tactics scammers use, and the steps you can take to protect your funds from such schemes. How the Scam Unfolds It started with a distribution on Telegram claiming to test the TLOS mainnet network and offering a type of airdrop: when a transaction is made, the exchange will increase the transfer amount with a higher-value coin. Users were assured that the transfer was between their own accounts on exchanges. The first small transactions went smoothly, but the bigger one somehow failed to go through. Let's dive into the details. 1. Fake In-App Messages Scammers begin by creating and sharing fake messages that appear to be from Bitget. Using altered images, these messages are designed to mimic official Bitget communications and are shared with Bitget users via unofficial chat channels (Telegram), inviting them to participate in a fraudulent deposit campaign. 2. Scammers Impersonate Bitget Staff Once users engage, scammers contact them directly, claiming to be Bitget staff. They offer users a chance to participate in a supposed "deposit campaign" that promises attractive returns. They also request the user’s deposit address on the Bitget platform, further legitimizing their scheme - Bitget staff will NEVER ask for your deposit address or any personal financial information. 3. Building Trust Through Small Deposits After convincing users to make a small deposit to a fraudulent address (in this case, labeled as 'bitgetserver'), the scammers deposit a slightly larger amount into the user’s Bitget account as a "reward." This tactic is designed to build trust and encourage users to participate further, believing that bigger rewards will follow larger deposits. 4. The Final Scam The scam culminates when users are persuaded to make a significantly larger deposit to the same fake address. Once this juicy transaction is completed, users are unable to contact the "staff" and suffer the loss as the funds have already been withdrawn from the fraudster's account. At this stage, users often realize they have been scammed and reach out to Bitget for help. Our security team takes immediate action, requesting information from the affected users. In many cases, it is confirmed that these scams originated through unofficial communication channels like Telegram, where scammers posed as Bitget representatives and outlined fake earnings schemes. While Bitget takes every scam accusation seriously and works to blacklist scammer addresses, it can be challenging to recover funds sent to fraudulent addresses outside the Bitget platform. The Defense Playbook To help you avoid falling victim to these scams, here is a list of best practices to ensure the safety of your assets: ● Never respond to private messages, do not relax controls, do not proceed if you have any doubts; ● Always confirm deposit addresses and memos directly on the Bitget exchange; ● Seek support through official channels like the Bitget app and Bitget website. Always Verify Deposit Addresses Before making any deposits, ensure that you are using the official Bitget deposit page to verify the correct wallet address and memo if necessary. Never send assets to an address that has not been verified through official Bitget channels. Always double-check URLs and trust only the official Bitget domain: www.bitget.com . Ensure app downloads originate from our official platform. You can also check whether the email, website address, or social media account is Bitget’s official channel by visiting our Bitget Official verification page . Be Wary of Unsolicited Communications Be cautious of messages from individuals claiming to be Bitget staff, especially if they come through unofficial channels like Telegram. Especially those requesting personal or financial information. Note that Bitget representatives will NEVER ask for such details. Avoid Sending Funds to Unverified Addresses If you receive requests to send funds to an unknown address, please be extremely cautious. Sending cryptocurrency to unverified addresses can lead to the permanent loss of your assets. If an offer seems too good to be true, it most likely is a scam! Report Suspicious Activity If you suspect that you have been contacted by a scammer or have encountered suspicious activity, report it to Bitget immediately. Quick reporting can help prevent others from falling victim to similar schemes. As scammers continue to evolve their methods, staying vigilant and informed is crucial. For more information on how to safeguard yourself from fraud, visit our Anti-Fraud Guide. At Bitget, we are committed to transparency and user security, and we encourage all users to take proactive steps in safeguarding their accounts. Stay safe, and always verify before you trust!

Bitget Scam Prevention Guide

As a leading cryptocurrency exchange and Web3 company, Bitget is dedicated to educating users about potential risks in the cryptocurrency world and outlining best practices for safeguarding assets. Our series of security-related articles reflects our commitment to user security and our unwavering determination to protect the cryptocurrency community from scams and fraud. Understanding the Risks in Cryptocurrencies A recent report highlighted that crypto investment fraud resulted in losses totaling approximately $3.94 billion in 2023 alone, marking a significant 53% increase compared to the previous year. Data from the FBI reveals a concerning trend: most victims of investment scams are over 30 years old, with a notable number of complaints coming from individuals over 60, who are particularly vulnerable due to a lack of timely access to clear information. Our recent articles use engaging, easy-to-understand graphics to educate users on safe cryptocurrency practices and how to avoid scams, providing tips on detecting and preventing cryptocurrency fraud . Why Was My Account Frozen? An article explained why crypto accounts may be restricted or frozen. Common reasons include: ● Account compromise: If your account is suspected of being hacked, it will be temporarily frozen to prevent your funds from being stolen. ● Scammer engagement: If you have unknowingly engaged with scammers, your account will be frozen to protect it from potential scams. ● Legal sanctions: Accounts interacting with individuals or regions under legal sanctions will be frozen. ● Violation of terms of service: Violating Bitget's terms of service will cause the account to be automatically frozen. ● Missing documentation: Users are required to complete identity verification for security, compliance, and anti-money laundering purposes. Accounts will be temporarily frozen until all required documents are provided. ● Illegal funds: Accounts linked to illegal activities will be frozen. ● Law enforcement request: Accounts may be frozen or blocked at the request of law enforcement agencies. Bitget implements these measures to protect users' assets and ensure platform security. If your account is frozen, get in touch with customer service to resolve the issue and regain access to your account and funds. Beware of "Rug Pulls" Another article delves into the concept of "rug pulls ", where developers of new crypto projects suddenly withdraw all liquidity, leaving investors with worthless tokens. Rug pulls are most commonly seen in DeFi and crypto communities. Key signs of a potential rug pull include: ● Little to no liquidity lock-up: No guarantees from the developers. ● Unusual social media hype: Fanned by unsuspecting influencers or backed by an anonymous force. ● Very low TVL: Susceptible to price manipulation. ● Ambiguous whitepaper: Lacks technical detail and substance. ● Conspicuous Whale: A small number of addresses holding a large amount of tokens. To avoid becoming a victim of such scams, Bitget advises users to do their own research (DYOR) and trade on trusted centralized exchanges. Common Phishing Scams Phishing remains a major threat in the crypto world. Bitget's guide against phishing scams outlines how these scams work and how to identify them: ● Email scams: Use of lookalike logos, urgent password reset requests, and fake promotions. ● Spear phishing: Personalized scams containing detailed personal information. ● Voice phishing: Fake calls claiming to be from customer service. ● SMS phishing: Fraudulent text messages about airdrops or security vulnerabilities. Bitget's comprehensive defense strategy includes carefully checking URLs, avoiding unknown attachments, and using Bitget's anti-phishing code to verify official communications. Other Cryptocurrency Scams A recent article in this series, "Common Cryptocurrency Scams: Bitget’s Safety Guide " discusses the most common scams in the crypto space. These include phishing, fraud, Ponzi schemes, fraudulent ICOs and IEOs, hacking attacks, and pump-and-dump schemes. In addition to the first two scams mentioned above, some common cryptocurrency scams include: ● Ponzi schemes: Promising high returns to lure investors and using funds from new investors to pay existing investors. ● Fake ICOs and IEOs: Orchestrated by scammers promoting non-existent startups. ● Hacking attacks: Common in cryptocurrency exchanges and wallets but can be mitigated with strong passwords and two-factor authentication (2FA ). ● Pump-and-dump schemes: These schemes involve insiders artificially inflating a token's price through hype, then quickly selling off their holdings to make a profit, leading to a price collapse. Investors are often left with worthless tokens. By highlighting these scams, Bitget aims to equip users with the knowledge necessary to identify and avoid becoming victims of such fraudulent activities. Always remain skeptical, conduct thorough research, and implement robust security measures to avoid these scams. Choose a Trusted Cryptocurrency Exchange As digital currency investments grow, identifying a secure and reliable cryptocurrency exchange is crucial for protecting your assets. Here are some key considerations from our article "Navigating Security: How to Choose a Trustworthy Exchange ". Security Measures ● Two-factor authentication (2FA): Mandates 2FA to ensure account security. ● Encryption and cold storage: Utilizes robust encryption protocols and keeps most assets in cold storage. ● Risk control systems: Deploys security measures in real-time to detect and mitigate suspicious activity. ● Proof of reserves: Provides verifiable proof of reserves to ensure financial stability. Protection Fund ● Establishment: Sets up a protection fund to provide users with a safety net in the event of a security breach or system failure. ● Management: Offers effective and transparent management to ensure that the protection fund has sufficient capital to cover potential losses. Track Record ● Security incident history: Review the exchange's past security incidents and responses. ● Adaptation and improvement: Continuously strengthen security measures as the exchange grows. User Reviews and Community Trust ● Community feedback : Read user reviews to learn more about the exchange’s security and customer service experience. ● Engagement: Active communication with the community builds trust and transparency. ● User education: Providing security best practices helps users protect their accounts. By adopting these key practices, you can choose a cryptocurrency exchange that ensures the security and integrity of your investments.

How to Avoid Common P2P Scams

Below are some of the most popular P2P scams you should be aware of and the best practices to avoid them. Proof of payment scams When making online transactions on Bitget P2P, it’s essential to double-check all payment-related information shared by your counterparty. Scammers can digitally manipulate screenshots and claim that they’ve upheld their part of the deal and pressure you into releasing your funds. If you comply without confirming that you’ve received the payment, you risk losing your money or digital assets with little to no chance of recovering them. How to protect yourself from proof of payment scams Always check your bank account or e-wallet to confirm that you’ve received the funds from your counterparty before marking the transaction as complete. SMS Scams In this type of scam, fraudsters will send their victims an SMS text message that looks identical to the notifications sent by banks or wallet apps to notify the victim that they’ve received a payment from their counterparty. How to avoid falling for SMS scams Make sure to check your bank account or e-wallet to confirm that you’ve received the funds from your counterparty. Don’t blindly trust the text message. Always log in to your bank account or e-wallet and double-check whether you’ve received the funds. Chargeback Scams Scammers can initiate a chargeback (available for some payment methods) to retract the payment they’ve made to their counterparty. In many cases, fraudsters will process payments via a third-party account. If your counterparty tries to pay you with a cheque deposit, it’s most likely a scam because requesting a chargeback from cheque payments is very easy. If your counterparty insists on paying you with a cheque, don’t release the funds and file an appeal immediately. How to protect yourself from chargeback scams Always check that the buyer’s name on the payment details matches their verified name on Bitget. Don’t accept payments from third-party accounts. If it happens, file an appeal and refund the payment to the sending account. Man-in-the-middle scam The scammer will pretend to be a reputable merchant looking to buy or sell crypto on Bitget P2P. They'll contact their victims on Telegram, WhatsApp, or social networking platforms and send the victim their bank account details and a link to a P2P ad to let them know they'll be making a payment via this account. The scammer will then ask the victim to confirm that they've received the account details by having them copy them over to the chat on the order page. The victim doesn't realize they are sharing the scammer's bank account details in the chat of an unrelated buyer, who is also unaware of the scam. The victim then releases their crypto to the unrelated buyer, who unknowingly sends money to the scammer's bank account. If the victim tries to reverse the transaction by opening an appeal, there isn't much customer service can do. Because all communication with the fraudster took place outside the Bitget P2P platform, and the buyer sent their funds to a third-party scammer account. How to protect yourself from a man-in-the-middle scam Don't respond to any P2P trading requests outside of Bitget P2P. Limit communication with your counterparty to the Bitget P2P chat before or during a transaction. More importantly, if a buyer asks if they can make payment via a third-party transfer, remind them that transfers made from someone else's account violate P2P trading rules. Also, double-check your counterparty's bank account details directly on the Bitget P2P platform. Refrain from trusting information or offers received on external channels. Triangle scam A triangle scam involves two scammers simultaneously placing two orders with the same seller. Scammer A makes an order for 5,000 USDT worth of crypto (order A), and Scammer B makes an order worth 6,000 USDT (order B). Scammer B then transfers 5,000 USDT to the seller. At the same time, Scammer A marks order A as paid. The seller releases the crypto to Buyer A, thus completing order A for 5,000 USDT. Scammer B sends another 1,000 USDT to the seller, provides the 5,000 USDT payment proof they got from Buyer A, and pressures the seller to release digital assets under order B. The fraudster’s goal is to make the seller release the funds immediately without verifying the transfer. It can be easy to release funds without verifying who initiated the transfer. If you're not being careful, you could be releasing the funds twice but only receive half or less of the assets being bought. How to avoid falling victim to triangle scams Always check your bank account or e-wallet to confirm that you've received all the funds from your pending P2P transactions. Be careful with the proof of payment counterparties sent you, and remember that scammers may try to reuse these proofs. Bitget imposter scams This type of scam involves scammers posing as Bitget employees to offer fake services to steal people's funds. The scammer will contact potential victims via unofficial emails or social media accounts that look like official Bitget accounts. In some scenarios, scammers might impersonate Bitget Customer Support in the P2P order chat. For example, they claim that the “buyer” had paid the required amount and the fund is now in Bitget's account. To receive payment, you’ll need to send assets via internal transfer (or other services) to an unknown account. They'll ask you in the P2P chat for your email address, claiming that it's required by the "Bitget P2P Escrow service" to confirm your payment. Then they'll send you an email that looks remarkably similar to official Bitget emails to make you believe that you need to release the crypto first to receive the payment. How to protect yourself from Bitget imposter scams Bitget will never send emails asking you to complete a P2P transaction. Always release funds after receiving the payment. Pay attention to the username or email address. You can verify the authenticity of email addresses and site links on Bitget by searching the sender's address on this page. Note: Do not mention anyone's name or share offline contact information in the chat. Payment must be submitted using the counterparty's specified payment method, and the name on the account must match your counterparty's verified name on Bitget.

AI And Cryptocurrency Scams: Confronting The New Frontier

Artificial intelligence (AI) has rapidly transformed various industries and offers immense potential for innovation and efficiency. However, as with any powerful technology, AI also presents significant risks, particularly in the cryptocurrency space. Scammers have adopted AI to create more convincing and sophisticated scams for the purpose of targeting unsuspecting crypto users. This article explores how AI is used for crypto scams, provides strategies for avoiding these threats, and discusses how AI can be leveraged to combat these scams effectively. How AI Is Used To Scam In The Crypto Space Phishing Scams Phishing scams have become more sophisticated with AI, making them harder to detect. AI-generated emails and messages mimic legitimate communications from trusted sources, allowing scammers to create highly personalised phishing attempts that can easily deceive individuals into revealing sensitive information. ● AI-generated emails and messages: Scammers use AI to craft emails and messages that closely resemble those from legitimate cryptocurrency exchanges, wallet providers, or influential figures in the crypto community. These communications often contain convincing logos, professional language, and a sense of urgency to prompt victims into clicking malicious links or providing personal information. ● Deepfake technology: AI-driven deepfake technology enables scammers to create realistic videos or audio recordings of trusted figures in the crypto space. These deepfakes can be used to endorse fraudulent schemes, tricking individuals into believing they are receiving genuine advice or instructions from a reputable source. Malware And Hacking AI has significantly enhanced the capabilities of malware and hacking techniques, making them more effective and harder to counter. ● AI-driven malware: Traditional malware can be identified and neutralised by security software, but AI-driven malware adapts to defences in real-time. This malware modifies its behaviour to evade detection, posing a significant challenge for cybersecurity measures. ● Automated brute force attacks and keylogging: AI can automate brute force attacks, rapidly testing numerous password combinations to gain access to crypto wallets or accounts. Additionally, AI can enhance keylogging malware, which records keystrokes to capture sensitive information like private keys and passwords with greater accuracy and stealth. Investment Fraud AI has revolutionised investment fraud, making scams appear highly credible and enticing. ● AI-generated websites and whitepapers: Scammers use AI to create professional-looking websites and whitepapers for fake initial coin offerings (ICOs). These documents often include detailed roadmaps, technical jargon, and convincing graphics to appear legitimate and attract unsuspecting investors. ● Chatbots and AI personalities: AI-powered chatbots and personalities are used in social engineering tactics to build trust with potential victims. These AI entities can engage in convincing conversations, answer queries, and provide reassurances to lure individuals into investing in fraudulent schemes. Additional AI-Driven Scams AI is also employed in various other scamming methods: ● AI-scam tokens: Scammers create and promote AI-scam tokens to capitalise on hype, using AI to generate buzz and manipulate market sentiment. ● Large language models for hacking: AI tools can generate new code or analyse existing code for vulnerabilities, aiding cybercriminals in devising hacks. ● AI-generated disinformation: AI is used to spread false information, creating convincing fake news articles and social media posts to manipulate market sentiment and execute pump-and-dump schemes. How To Avoid AI Scams In Crypto Given the sophisticated nature of AI-driven scams, proactive measures are essential to protect yourself. Here are some strategies: Education And Awareness Staying informed about the latest scamming techniques and understanding how AI can be used maliciously is the first line of defence. Regularly educating yourself on common scams and their operation can help you recognise red flags and avoid potential traps. Security Measures Implementing robust security measures can significantly reduce the risk of falling victim to scams: ● Multi-factor authentication (MFA): Enabling MFA adds an extra layer of security to your accounts. Even if a scammer obtains your password, they would still need the additional authentication factor to gain access. ● Reputable hardware, wallets, and platforms: Use only well-known and reputable hardware wallets and cryptocurrency platforms. Research their security practices and user reviews to ensure they have a strong track record of protecting users' funds. Verification Practices Adopting thorough verification practices can help you avoid phishing and investment scams: ● Double-check URLs and sender information: Always verify the URLs of websites you visit and the email addresses of senders. Scammers often use addresses and URLs that are very similar to legitimate ones but with subtle differences. ● Research and verify projects before making any investment: Before investing in any cryptocurrency project, conduct extensive research. Verify the legitimacy of the project through multiple sources, check for reviews, and look for any signs of fraudulent activity. Technology Solutions Leveraging technology to combat AI scams is essential: ● Anti-phishing and anti-malware tools: Use advanced anti-phishing and anti-malware software that can detect and block malicious activities. These tools are constantly updated to address new threats. ● AI-powered threat detection systems: Utilise AI-powered security solutions that can analyse and identify suspicious activities in real-time, offering an additional layer of protection against evolving threats. How To Use AI To Avoid Scams In Crypto While AI poses a significant threat in the hands of scammers, it can also be a powerful tool for defence. Here are some ways AI can be used to protect against cryptocurrency scams: AI-Powered Security Solutions AI can enhance the capabilities of security systems by providing real-time analysis and responses to threats. AI-powered security solutions can monitor transactions, detect anomalies, and flag suspicious activities more efficiently than traditional methods. Fraud Detection Algorithms AI-driven fraud detection algorithms can analyse vast amounts of data to identify patterns and behaviours associated with scams. These algorithms can detect and block fraudulent transactions, protecting users from financial loss. Behavioural Analysis AI systems can learn and understand normal user behaviour to identify anomalies. For instance, if an account suddenly exhibits unusual activities, such as logging in from a different location or initiating large transactions, the AI system can flag these actions for further investigation. Blockchain Analysis Tools AI can be employed to analyse blockchain transactions and identify suspicious patterns. These tools can track the flow of funds, detect potential money laundering activities, and provide insights into the legitimacy of transactions and wallet addresses. Additional Recommendations Experts suggest several additional practices to protect against AI-powered scams: ● Avoid unsolicited communications: Refrain from responding to unsolicited emails or messages, especially those involving financial transactions or crypto investments. ● Stay informed: Regularly update yourself on the latest AI-powered scams and techniques. ● Use strong, unique passwords: Ensure your crypto accounts are secured with strong, unique passwords. ● Utilise hardware security keys: Lock your accounts with hardware security keys like YubiKey. ● Verify information sources: Always verify the authenticity of information sources before acting on any advice or instructions. ● Report suspicious activity: Report any suspicious activity to relevant authorities promptly. Final Words As AI continues to evolve, its impact on the cryptocurrency space will undoubtedly grow. While AI offers numerous benefits, it also presents new challenges as scammers exploit its capabilities to conduct more sophisticated and convincing scams. Awareness and education are crucial in recognising and avoiding these threats. Implementing robust security measures, adopting thorough verification practices, and leveraging AI-powered security solutions can significantly reduce the risk of falling victim to AI-driven scams. By staying informed and vigilant, and by utilising AI defensively, individuals and institutions can protect themselves and contribute to a safer cryptocurrency ecosystem. As the landscape of AI and crypto continues to develop, proactive measures and ongoing vigilance will be essential in mitigating the risks and harnessing the full potential of these technologies.

Staying Safe On Crypto-Related Social Media And Online Forums

Social media platforms and online forums play a crucial role in providing information, fostering community engagement, and offering real-time updates in the world of cryptocurrencies. As these platforms also present significant risks, such as scams, misinformation, and various cyber threats, the recognition of these risks as well as the adoption of safe practices are essential for safeguarding your assets and personal information. This article explores common threats in the crypto space and offers practical advice on navigating these digital landscapes safely. Common Risks, Obstacles, And Threats Scams and fraud Crypto-related social media and forums are rife with scams and fraudulent schemes. These include fake initial coin offerings (ICOs), phishing websites, Ponzi schemes, and pump-and-dump groups. One prevalent scam is the fake crypto giveaway, where scammers impersonate influential figures or cryptocurrency projects, promising to return double the amount of cryptocurrency sent by users. These scams often misuse the identities of celebrities like Elon Musk and rely on fake social media profiles or compromised real accounts for credibility. Recognising these scams is crucial, as they always promise to return more funds than deposited, which is a clear red flag. Misinformation The crypto space often contains misinformation and hype. Unverified rumours and false claims about new projects or price predictions can lead to poor investment decisions. It’s essential to differentiate between legitimate information and baseless speculation. Scammers frequently use fake profiles and flood comment sections with positive messages about a scam, making it appear legitimate. Personal info leaks Sharing personal information on public forums can lead to identity theft, harassment, or targeted attacks. Scammers may exploit your information to gain trust and manipulate you into revealing sensitive data or making risky financial decisions. Malware and phishing attacks Cybercriminals commonly use malware and phishing attacks to steal crypto assets. Phishing emails or messages may look legitimate, prompting you to click on malicious links or provide private keys and passwords. Malware can hide in software downloads, compromising your device and accessing your crypto wallets. For example, phishing emails may pose as official communications from reputable companies like LocalBitcoins, asking users to click on links that install malware or redirect to imposter websites. Social engineering attacks Social engineering attacks involve manipulating individuals into divulging confidential information. Attackers may pose as trusted community members, support staff, or even friends to access your accounts or assets. How To Navigate And Stay Safe On Crypto-Related Social Media And Online Forums Choose the right platforms Select reputable platforms and forums with strong moderation and security policies. Popular platforms like Reddit (r/Cryptocurrency, r/Bitcoin), Twitter, and dedicated crypto forums typically have robust measures to protect users and filter out malicious content. Verify information Always verify information before acting on it. Cross-reference news and claims with multiple reputable sources. Look for official announcements from project websites or well-known media outlets. Use strong, unique passwords Create strong, unique passwords for each of your online accounts. Avoid using easily guessable information such as birthdays or common words. Use a combination of letters, numbers, and special characters to enhance security. Enable two-factor authentication Make sure you have already enabled two-factor authentication (2FA) wherever possible. This adds an extra layer of security by requiring a second form of verification, such as a text message or authentication app code, in addition to your password. For example, Google Authenticator and Authy are popular 2FA apps that generate random, self-destructing six-digit passwords. Be cautious with personal information Be mindful of the information you share online. Avoid disclosing personal details such as your full name, address, phone number, or financial information. Use pseudonyms or usernames that do not reveal your identity. Recognise common signs of scams and fraudulent activities Educate yourself about common signs of scams. Be wary of unsolicited messages, offers that seem too good to be true, and pressure tactics. Genuine projects and exchanges will never ask for your private keys or passwords. Additional Tips And Best Practices Regularly update software and devices Keep your software, apps, and devices up to date. Regular updates often include security patches that protect against vulnerabilities and threats. Educate yourself Continuously learn about the latest security practices and threats in the crypto space. Follow trusted sources, participate in webinars, and read up on cybersecurity best practices. Engage with trusted communities Join well-established and reputable communities. Participate in forums and groups with active moderation and a reputation for providing reliable information and support. Use Virtual Private Networks (VPNs) Use a VPN to secure your internet connection and protect your privacy. A VPN encrypts your online activities, making it harder for attackers to intercept your data. Avoid public Wi-Fi for sensitive transactions Avoid conducting sensitive transactions over public Wi-Fi networks. Public networks are often less secure, making it easier for attackers to intercept your data. Use a private, secure connection for any transactions or account access. Never make a digital copy of your personal crypto details One of the biggest mistakes both first-time and experienced crypto users make is creating digital copies of their crypto wallet passwords, seed words, or backup codes. Digital copies can be anything from screenshots or photos to copy-pasting the code into an email or notepad app. Hackers can gain access to these through malware, brute force attacks, and other attack vectors. Instead, write down your sensitive information on paper or etch it into metal plates using solutions from providers like Cryptotag, Coldbit, Cryptosteel, or Simbit. Conclusion Navigating the world of cryptocurrencies on social media and online forums requires caution, awareness, and proactive security measures. By understanding the risks, choosing the right platforms, verifying information, and adopting robust security practices, you can protect yourself from scams, fraud, and cyber threats. Remember to continuously educate yourself, engage with trusted communities, and use tools like VPNs to enhance your online safety. With the right precautions, you can confidently navigate the crypto space and make informed decisions to safeguard your investments and personal information.

Beginner’s Guide to Web3 Security: Guide to Avoiding Fake Wallets and Private Key/Mnemonic Phrase Compromises

Background Wallets play a crucial role in the Web3 world. They are not only tools for storing digital assets but also essential for users to conduct transactions and access DApps. As cryptocurrency and Blockchain technology become more widespread, cybercriminals are increasingly targeting Web3 users’ funds. According to reports received by the SlowMist security team, many users have fallen victim to theft by downloading or purchasing fake wallets. Therefore, in this edition, we will explore why users download or purchase fake wallets, the risks of private key/mnemonic phrase leaks, and provide a series of security recommendations to help users protect their funds. Downloading Fake Wallets Many users download wallets from alternative sources because their mobile devices do not support Google Play Store or due to network issues. Third-Party Download Sites Some users download wallets from third-party sites like apkcombo and apkpure. These sites often claim that their apps are mirrored from Google Play Store, but how reliable are they? The SlowMist security team conducted an investigation into fake Web3 wallets from third-party sources and found that the wallet version provided by apkcombo did not actually exist. Once users create a wallet or import a mnemonic phrase in the fake wallet’s interface, the fake wallet sends the mnemonic phrase and other information to a phishing website’s server. Search Engines Rankings on Search engines can be purchased, leading to fake official websites ranking higher than the legitimate ones. Therefore, users should avoid searching for wallets directly through search engines and clicking on the top-ranked links. This practice could lead to a fake website where they might download a fraudulent wallet. When users are unsure of the official website’s URL, it is difficult to discern a fake site from the genuine one based solely on the website’s appearance. Fraudsters design fake websites to closely resemble official ones, making them almost indistinguishable. Similarly, users should not click on links shared by others on Twitter or other platforms, as these are often phishing links. QR Codes from Friends/Scams In the “dark forest” of Blockchain, it’s essential to maintain zero trust. Your friends or relatives may not intend to harm you, but the wallet they downloaded could be fake, and just hasn’t been compromised yet. When downloading a wallet using a QR code or link they shared, users could also end up with a fake wallet. The SlowMist security team has received numerous reports of scams where scammers first gain the victim’s trust, then lead them to invest in cryptocurrency and share fake wallet download links. Ultimately, the victims suffer both emotional and financial losses. Therefore, users should be wary of online interactions, especially when someone encourages you to invest or sends you an unfamiliar link. Telegram On Telegram, searching for well-known wallets reveals several fake official groups. Scammers often claim that these groups are the official channels of certain wallets, even advising users to recognize the official website link, which turns out to be fake. App Stores It is important to note that apps in official app stores are not always safe. Some malicious individuals buy keyword rankings and use other tactics to lure users into downloading fraudulent apps. Readers should be vigilant and discerning when downloading apps. So How Can Users Avoid Downloading Fake Wallets? Official Website The ability to find the official website is crucial, not just for downloading wallets but also for participating in other Web3 projects. Here’s how to locate the correct official website: Twitter Verification Users might search for the project on Twitter and judge its authenticity by follower count, registration time, and verification badges. However, these can be faked. We’ve discussed the sale of fake high-profile accounts in our article on phishing schemes. It’s advisable for beginners to follow security companies, industry experts, and reputable media on Twitter to see if they follow the account you’ve found. Cross-Verification After finding the official Twitter account, further verification is needed since official accounts can be hacked. Compare the website link on the Twitter profile with links found on other reputable sources such as DefiLlama, CoinGecko, or CoinMarketCap: Bookmarking: Once you have confirmed the official website, save the link to your bookmarks. This way, you can directly access the correct link next time, reducing the risk of visiting a fake website. App Stores Users can download wallets from official app stores like the Apple Store and Google Play Store. Before downloading, check the developer information to ensure it matches the official developer’s identity. Also, consider the app’s ratings and download counts. Official Version Verification To verify if the downloaded wallet is genuine, users can perform a file integrity check by comparing the file’s hash value. Drag the downloaded APK file into a file hash verification tool, which uses hash functions (e.g., MD5, SHA-256) to generate the hash value. If it matches the official hash value, it’s a genuine wallet. If not, it’s fake. Here’s what to do if you’ve downloaded a fake wallet: Determine the Extent of the Leak: If you have downloaded a fake wallet but have not entered your private key or mnemonic phrase, simply delete the app and download the official version from the official website. Private Key/Mnemonic Phrase Compromised: If you have entered your private key or mnemonic phrase into the fake wallet, it means your key/phrase has been compromised. Download the official wallet from the official website, import your private key/mnemonic phrase, and create a new address to quickly transfer your assets. Stolen Cryptocurrency: If your cryptocurrency has been stolen, we offer free community assistance for case evaluation. You need to submit a form according to the incident type (funds stolen/scam/ransom). The hacker address you provide will also be shared with the InMist Threat Intelligence Network for risk control. Purchasing Fake Hardware Wallets We’ve discussed the risks of downloading fake wallets and their solutions. Now, let’s talk about why some users end up purchasing fake hardware wallets. Some users choose to buy hardware wallets from online marketplaces, but these non-officially authorized stores pose significant security risks. It’s uncertain how many hands the wallet has passed through or if its internal components have been tampered with before reaching the user. Any tampering with the internal components is difficult to detect from the exterior or the wallet’s functionality. How to Avoid Hardware Wallet Supply Chain Attacks: 1. Purchase from Official Channels: This is the most effective way to avoid supply chain attacks. Do not buy hardware wallets from unofficial channels such as online marketplaces, resellers, or through individuals. 2. Inspect the Packaging: Check for any signs of tampering on the packaging. Although it’s unlikely for hackers to expose themselves at this stage, it’s a basic precaution. 3. Official Device Verification: Some hardware wallets offer official device verification services. During the initialization, the device prompts users to verify it on the official website. If the device has been tampered with during transport, it won’t pass this verification. 4. Tamper-evident Mechanisms: Consider purchasing hardware wallets with tamper-evident mechanisms. These wallets trigger a self-destruct mechanism if someone tries to open and tamper with the internal components. All sensitive information in the secure chip will be automatically erased, rendering the device unusable. Prevent Private Key/Mnemonic Phrase Leak Risks Having learned how to download or purchase genuine wallets, the next challenge is securely storing private keys/mnemonic phrases. These are the sole credentials for recovering your wallet and controlling your assets. A private key is a 64-character hexadecimal string, while a mnemonic phrase typically consists of 12 words. The SlowMist security team warns that if your private key/mnemonic phrase is compromised, your wallet assets are highly likely to be stolen. Here are common causes of leaks: 1. Improper Confidentiality: Users might share their private keys/mnemonic phrases with friends or family for safekeeping, resulting in theft by those individuals. 2. Storing or Transmitting Keys Online: Despite knowing better, some users store their private keys/mnemonic phrases via methods like WeChat favorites, photos, screenshots, cloud storage, or memos. If these platforms are hacked, the keys can be easily stolen. 3. Copying and Pasting Keys: Many clipboard tools and input methods upload clipboard records to the cloud, exposing private keys/mnemonic phrases to insecure environments. Malware can also steal clipboard information when keys are copied. Therefore, copying and pasting keys is risky. How to Avoid Private Key/Mnemonic Phrase Leaks: ● Do Not Share: Never share your private key/mnemonic phrase with anyone, including friends and family. ● Physical Storage: Store private keys/mnemonic phrases on physical media to avoid network attacks. Write them on high-quality paper (and possibly laminate it) or use a metal mnemonic storage device. ● Multi-Signature and Distributed Storage: Implement multi-signature setups and distribute storage locations to enhance security. Conclusion This article covered the risks associated with downloading or purchasing wallets, methods to find and verify genuine websites, and the risks of private key/mnemonic phrase leaks. We hope this information helps you take the first step securely into the dark forest of blockchain. (Note: Brands and images mentioned are for illustrative purposes only and do not constitute recommendations or endorsements.) Guest post by SlowMist Disclaimer: The views, information, or opinions expressed in the report are intended for informational and educational purposes only. It is not intended or offered to be used as legal, tax, investment, financial, or other advice. Under no circumstances are Bitget, our employees, agents, partners, and/or co-operations responsible for any decision made, action taken, or result obtained from or in reliance on the use of the information herein. Any investment or trading ideas, strategies, or actions should never be taken without first taking into consideration each individual's personal and financial situation and/or without consulting financial professionals.