Crypto scams aren't anon.Coinbase is committed to working with law enforcement to trace funds, support victims, and pursue accountability.We're proud to have helped the Brooklyn DA bring justice in a long-running impersonation scam. And thanks @zachxbt for your contributions. https://t.co/zXRLRSFEEp ...

Core Insights - The article highlights the growing interest in cryptocurrency among older investors, particularly focusing on the experiences of a retiree who has become deeply involved in the crypto space despite initial setbacks from scams [2][4][10] - It raises concerns about the lack of education and resources available for older investors, making them vulnerable to scams and misinformation in the rapidly evolving digital currency landscape [11][12][19] Group 1: Investor Experience - The individual in focus, Switzer, has built a $14,000 portfolio in less than a year, investing in various cryptocurrencies such as Ethereum and Solana, demonstrating that older investors can engage with crypto successfully [3][4] - Despite being scammed out of $18,000 in 2024, Switzer's determination to learn from her experiences led her to become more knowledgeable about crypto, including understanding technical aspects like two-factor authentication [2][10] - Switzer actively participates in the crypto community, attending conferences and engaging with online platforms to enhance her understanding and connect with other investors [6][13][15] Group 2: Education and Community - The article emphasizes the need for better educational resources tailored to older investors, as many lack the foundational knowledge to navigate the crypto space safely [11][12] - Switzer's experience illustrates the importance of community and connection in learning about cryptocurrency, as she found support and knowledge-sharing among younger investors online [15][16] - The rise of social media platforms like TikTok and Discord is highlighted as a potential avenue for older investors to learn about crypto, although caution is advised due to the prevalence of scams [17][18] Group 3: Scams and Vulnerability - The article notes that older individuals are particularly vulnerable to cryptocurrency scams, with the FBI reporting over 8,000 complaints from seniors in 2022, resulting in losses of $1.6 billion [10][11] - Scammers often exploit the lack of knowledge among older investors, using sophisticated tactics to create a false sense of security and encourage further investment [8][10] - Switzer's story serves as a cautionary tale, illustrating how scammers can inadvertently educate victims about crypto while also highlighting the need for increased awareness and protective measures for older investors [9][19]

[Music] In 2020, a publisher reached out and asked me to write a book about crypto scams. I was flattered and thought, "How hard can this be?" So, turns out it's hard and takes a lot of research. But I'd been working in the industry for years by this point.My job is to advise on risks and scams. I'd read the scammers textbooks. I know scams.So, I figured at least I wouldn't fall for one. So, guess who did. And 4.2% 2 million people did in England and Wales last year.There's always been scams, but scams and ...

Core Insights - The article highlights the increasing prevalence of scams, particularly in the cryptocurrency space, targeting older adults, leading to significant financial losses [2][5]. Group 1: Scam Overview - Common scams include fake initial coin offerings (ICOs) and fraudulent digital wallets that deceive victims into providing private keys [1]. - In 2024, 147,127 Americans aged 60 and older reported losses of $4.885 billion due to scams, with cryptocurrency scams accounting for over 33,000 complaints and $2.839 billion in losses [5]. Group 2: Defense Against Scams - Education is emphasized as a crucial defense against scams, particularly for individuals aged 60 and above, who are most likely to fall victim to fraudulent investments and phishing schemes [2]. - Financial advisors are recommended for their ability to identify legitimate investment opportunities and help clients avoid risky ventures, especially in the digital currency market [4]. Group 3: Investment Alternatives - The article suggests avoiding cryptocurrency investments entirely, especially for older adults and pre-retirees, due to the volatility and risks associated with these assets [6]. - Traditional investment options such as precious metals, real estate, and the stock market are presented as safer alternatives that can provide steady growth over time [7][11]. Group 4: Specific Investment Options - Gold IRAs are highlighted as a method for building retirement funds with inflation-hedging assets, requiring a minimum purchase of $10,000 [9]. - Real estate investments through platforms like Arrived allow individuals to invest in shares of vacation homes or rental properties, starting with as little as $100 [12]. - First National Realty Partners (FNRP) offers accredited investors opportunities in necessity-based commercial real estate, focusing on grocery-anchored properties for reliable income streams [13]. Group 5: Stock Market Insights - Moby, an investment research platform, provides expert stock picks and has outperformed the S&P 500 by an average of 12% over four years, presenting a safer alternative to cryptocurrency investments [16][17].

RT Global Government Affairs (@GlobalAffairs)X has exposed and is taking strong action against a bribery network targeting our platform. Suspended accounts involved in crypto scams and platform manipulation paid middlemen to attempt to bribe employees to reinstate their suspended accounts. These perpetrators exploit social media platforms like Instagram, TikTok, YouTube, Minecraft, and Roblox and are linked to wider criminal organizations, including “The Com.” Legal proceedings are underway against particip ...

Crypto Scam Overview - Crypto scams spike during bull runs, blending old tricks with new tech like wallet drainers and AI deep fakes [1] - A single click can wipe out crypto users, highlighting the need for caution [2] Common Crypto Scams - **Copycat Tokens:** Scammers create fake tokens with the same name/ticker as legit projects, exploiting FOMO and potentially leading to address poisoning [4][6][7] - **Wallet Drainers:** Malicious code that takes control of wallets, often through connecting to sites/apps and signing prompts [13][14] - **Shills and Rug Pulls:** Paid promotions or celebrity endorsements funneling volume into tiny pools for insiders to offload tokens, resulting in hard or slow rugs [19][20] - **Unknown Tokens:** Mystery drops engineered to make users swap, send, or follow links, leading to wallet draining [24] - **Social Engineering:** Scammers use human interaction and manipulation to push users towards transfers or logins, often supercharged by AI [29][30] Prevention Measures - Use official sources (project's X account, website) to copy contract addresses and confirm across multiple platforms [9] - Respect warnings from DEXs like Uniswap and take time for sanity checks using charting sites [10][11] - Use a burner wallet for mints, new DApps, and airdrop claims, and revoke approvals using tools like RevokeCash [18][19] - Treat glowing write-ups and viral threads with cynicism, checking for disclosures and doing due diligence on tokenomics [21][23] - Ignore unknown tokens in your wallet and adjust token visibility settings [27] - Don't reply to cold outreach and be cautious with live streams promising unrealistic returns [32]

Crypto Scam Evolution & Impact - Crypto scams are evolving rapidly, with hundreds of millions of dollars in value stolen from users in the last 2-3 years [3] - Generative AI has significantly reduced the cost of persuasion, making scams easier to execute [4] - Industrial supply chains, such as pig butchering compounds, have turned fraud into shift work, amplifying the scale of scams [5] - Friction-free rails like mixers and cross-chain bridges facilitate money laundering, complicating law enforcement efforts [6] - Consumer fraud in the US exceeded $12 billion last year, highlighting the increasing scale of the problem [6] Countermeasures & Solutions - Education is the best defense against evolving scams, emphasizing the need for users to stay informed [1] - Crystal Intelligence focuses on adding the "why" and "who" to blockchain analysis, fusing blockchain flows with off-chain context to understand scam behavior [13] - Crystal's analytics aim to be human-oriented, helping victims and potential victims understand threats before it's too late [15] - Pattern recognition and mileage are crucial in spotting attacks, similar to how compliance officers identify suspicious activity [9][10] - Sim swaps are a long-standing threat that can compromise various accounts, often preceding crypto theft [20][21]

Crypto Scams Overview - Crypto scams are evolving rapidly, becoming faster, smarter, and more dangerous [1] - Education is the best defense against these evolving scams [1] Collaboration and Resources - Cointelegraph partnered with Crystal Intelligence to educate users on avoiding crypto scams [2] - Crystal Intelligence provides tools, insights, and education to help users protect themselves [2] Key Factors - Three forces are supercharging crypto scams [1]

🚨 UPCOMING: Crypto scams are getting smarter and faster.Crystal Intelligence COO Marina Khaustova reveals how to fight back.[Brought to you by @CrystalPlatform] https://t.co/0NPa93COwu ...