How To Not Get Scammed In The Crypto Market

CYBER

VICE

Tech News, News & Politics, Technology, News

4 • 645 Ratings

🗓️ 16 September 2021

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

A strange press release went out on September 13th. Retail giant Walmart, it seemed, would soon be accepting crypto currency. “The eCommerce giant intends to give its millions of shoppers across the world an opportunity to seamlessly make payments with cryptocurrencies,” the press release said. The press release was bullshit.

The world of cryptocurrency is rife with scams. Pump and dumps, fake coins, massive hacks. Members of a professional eSports influencer house have been accused of running a crypto-based charity scam, a hacker recently made off with $600 million in Bitcoin, the SEC is investigating a crypto backed fraud case that’s alleged to have screwed investors out of billions.

The list goes on and on. What is it about these digital currencies that makes them so vulnerable to getting ripped off and how do you keep yourself safe?

Here to help us navigate the murky waters of Crypto currency and its many scams is Motherboard Senior Editor Jordan Pearson.

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Transcript

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0:00.0	Tanneness got the code it's going to launch.
0:07.0	It's a unit system. I know this.
0:14.0	It's all the files of the whole park. It tells her everything.
0:19.0	Sir, he's uploading the virus.
0:21.6	The Eagle One, the package is being delivered.
0:24.6	A strange press release went out on September 13th.
0:28.6	Retail giant Walmart, it seemed, would soon be accepting cryptocurrency.
0:32.6	Quote, the e-commerce giant intends to give its millions of shoppers across the world an opportunity to seamlessly make payments with cryptocurrencies, the press release said.
0:41.7	It was bullshit.
0:42.7	I mean, things just didn't sound all that right.
0:45.3	There was no commentary from America's biggest retailer or the developers behind cryptocurrency
0:50.4	light coin.
0:51.4	Walmart said it has not agreed to partner with light coin, refuting a statement earlier
0:55.3	Monday that sent the cryptocurrency soaring.
0:57.7	Well, what happened was this morning I woke up and found out that Walmart is accepting
1:01.7	light coin.
1:02.7	And I was like, wow, that's awesome.
1:04.1	And it turned out to be fake.
1:05.9	The world of cryptocurrency is rife with scams.
1:09.1	Hump and dumps, fake coins, and massive hacks are the norm.
1:12.6	Members of a professional e-sports influencer house have been accused of running a crypto-based
1:16.9	charity scam, a hacker recently made off with 600 million in Bitcoin, and the SCC is investigating
	...

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