| News ICORating
  1. Home
  2. News
  3. Tech

The Secret Behind Cryptocurrency Scams – How Scammers May Steal The Digital Currency?

The information provided on this website and in this article does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. ICORating.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.


Scams on the cryptocurrency universe aren’t new. Each year, digital currency users lost millions of digital coins because of scam-related issues. The numbers keep on growing. In 2018, digital currency-related crimes were over 1.7 billion dollars.

Scammers are creative and innovative in stealing money from millions of investors. How do they do it? For example, swindlers use the “Ponzi Scheme,” where incomes of new investors fall to the digital wallet of the scammers. The investors don’t get any returns as the scheme promises.

Another scheme is a sophisticated and high-tech approach, such as using automated software designed for Telegram interaction. Most Bitcoin users and enthusiasts use Telegram (an instant messaging system) to interact and do business with other Bitcoin users.

The painful truth – even the crypto plan is legit, and scammers still find a way to alter or change cryptocurrency prices such as Bitcoin in the global market.

The Ponzi Scam

Greed doesn’t bring anyone any good – even in the cryptocurrency world. Scammers use people’s greed by offering them huge returns if they join and become an investor.

iCenter, a scam robot, is one high-tech approach of swindlers to lure unsuspecting investors into their game. A new investor would notice that iCenter doesn’t have info on investment strategies. But investors still take the bait because of the promising 1.2% daily returns.

That’s too good to be true.

Well, there’s nothing real about it. Once a new investor reads the exciting messages on Telegram, he or she is given a digital wallet where the investment would go. The poor investor would wait 99 to 120 days for the big return. In reality, there’s no real investment. The investor’s money goes directly to the scammer’s wallet.

Initial Coin Offerings

Even during the pandemic, startup companies have the opportunity to gain funds. How? The initial coin offering is the answer. Since it’s a legit investment opportunity, small companies have an alternative to raising money from their users. You can visit Bitcoin Code to get more information.

The idea of initial coin offerings is simple – users gain a discount for each digital currency they invest. The offering is legal, but it’s different when scammers do the work.

From the past years, most of these offerings are scams. Many investors lost over $100 million in 2018 because of fake initial coin offerings. Swindlers of this scheme technique use fake offices, copied ideas, and plagiarized content from other cryptocurrencies to attract more victims.

So, it’s better to be vigilant and careful in accepting initial coin offerings. You can still be successful during the pandemic by following tips to start a new business that allows you to reach your goals.

Straight-up Deception

Scammers don’t often dwell on secrecy to get what they want. Sometimes, straight-up deception is enough to make investors victims. The people behind the OneCoin scam are an example. The scammers took over $3.8 billion from people by saying that their non-existent digital coins are real.

Another famous scam is under the Global Trading scammers. The people behind the scam impressed investors, saying knowledgeable claims—the scammers to their investor’s money by taking advantage of the price differences of different crypto exchanges.

The fraud efforts didn’t end there!

Since Telegram is widely used in the cryptocurrency market, the Global Trading scammers may use a bot. The bot replies with false information to the users. For example, you ask how much the balance in your Bitcoin wallet is. The bot replies 1% high in an hour or more.

Despite the unraveling scams, new and old investors are still interested in investing in cryptocurrencies such as Bitcoin and Ethereum. But they should be aware of the scams that are still present in the cryptocurrency world.

Latest news

Alternative of Cryptocurrencies to Bitcoin

Cryptographic money is dispersed ad...
12 Feb 2021

How Recruiters Can Use Technology for Remote Hiring During the Pandemic?

After the coronavirus pandemic, eve...
12 Feb 2021

Top 5 Crypto Asset Management Tools

Crypto currencies are one of the in...
12 Feb 2021

The Advantages of Paying with Bitcoin Instead of Fiat Currencies

Considering the unique nature of Bi...
07 Feb 2021

Blockchain: Dark Sides That Might Affect Future Performance

Cryptocurrencies have been around f...
06 Feb 2021