Dubious acts in crypto isnt limited to single entities, there are corporations that run scams too and they make it look so legit to attract even pro traders. There was a forbes report from 2019 on how Exchanges Create Phony Transactions, fake volumes and liquidity. Sometimes they replicate data skin for skin from other exhanges like BKEX:
Take a close look at trading activity on BKEX—a cryptocurrency exchange founded in 2018 and registered in the British Virgin Islands—and you’ll see something odd. Compare its transactions side-by-side with those of Binance, one of the largest crypto exchanges in the world, and you’ll notice BKEX’s trading history is a replica, printing the same numbers delayed by a few seconds. According to CoinMarketCap, BKEX has $1.1 billion in daily volume, making it the 20th-largest exchange on the planet. Yet it seems to be simply copying Binance’s trade history and passing it off as its own, in perhaps the laziest attempt in history to fool people into thinking it’s a lively place to trade digital assets. The Anatomy of Fake Crypto Transactions
If a supposed trusted crypto exchange could that(regardless if its been run in some basement), imagine the craze from individuals day in day out. Every now ans then I keep getting a whole lot of Direct Messages on Twitter and my Instagram account from fellas in, Europe, some exoctic island, the United State and so on who claim to be professional Crypto-traders, I guess they select whoever tweets or talks about crypto which in my own case I talk a whole lot about DeFi, Airdrops and some other Altcoins projects on my timeline.
One time, three different guys were chatting me up to come and invest or let me rephrase; for me to try out at least $500 and they can turn it into thousands over a month. It sounds too good to be true but I have been a victim to a whole lot of Crypto scams which had cost me Steem, Bitcoins, ETH and Dash. I mean those are the ones that pained me for a long time, I have lost Some other Altcoins too but not so significant.
Few years ago was the peak, in 2018 all my $Smartcash was stolen from my wallet, maybe it was a hack or i got phished on some investment platform. It is so sad that over $2000 worth of tokens was stolen from me, I had no idea how it happened but I figured I had fallen for some phishing links like i mentioned
The catch was, as I mull and wallowed in Self pity, I became more conscious of crypto scams and attempts to swindle, so that raised my alert about these guys soliciting to trade on my behalf without any form of payment.
Although, there were too many red flags that Indicated these guys were not real. One of them told me I have been trading wrongly without even knowing my level of expertise in Crypto-trading. Another told me to work harder after I told him I don't have $500 to start, he told me to hustle up and raise the money so I can send to some wallet then he can start working on multiplying my money.
So I told the last guy to loan me some Bitcoin worth the amount he wants me to provide, then he can deduct it once he has turned hundreds into thousands. He said no, it doesn't work that way and that I have to provide him a capital to start with. In his own attempt, his desperation gave him away, he was pestering me for days to know if had gathered some Dollars and I couldn't help but laugh my ass out at this guy.
Be smart, no good traders will run after you to come to him for a good profit return on your trading investment. Crypto scams are in abundant and you never know which dimension they come. Act right, do your research well before diving into a trading group or platform.
Stay Woke my friends!