February 23, 20183min1098

Crypto environment keeps getting more and more dangerous

1 . Crypto environment keeps getting more dangerous

2 . more and more, fake exchanges trying to steal investors tokens

3 . fake exchanges almost unrecognizable from originals

 

Lately, there has been an increase in numbers of reports about fake and fishing exchanges, specifically designed to mimic their credible originals and steal tokens from whoever deposits it on it. That is why many exchanges have a built-in warning, to closely check its URL address and also not to come from a 3rd party website but from organic search or direct URL address.

This kind of fraud websites is also common in banking or other services primarily dealing with money. However traditional digital money is highly traceable and therefore the fraudulent are less difficult to track. This is not the case for cryptocurrencies where things are highly encrypted which makes fraudulent very hard to find if not downright impossible.

For that reason, it is easier to just take a moment and check things twice, because transactions on the blockchain are irreversible and this kind of problem-solving is futile.

 

Most faked exchange is obviously the biggest one:  Binance

Binance has been dominating crypto exchange market for quite some time. They offer a variety of currencies and tokens and many different trade pairs. From more established projects like Bitcoin to less known ones.

What launched them to number one spot. There are few factors which gives them an advantage over the competition.

One of them is the Binance coin (BNB). This is more of a utility token, used to pay trading fees on the exchange, with a small twist. By using them you get 50% of the trading fees off. Value of the token rose by a factor of 100. So, there is also an investment opportunity.

Another one is their referral program. Which helps bring new clients to the exchange by paying a small % to the ones promoting the website.

This makes their brand highly recognizable and desirable which many fraudsters like to take advantage off, by using their name, or one very similar to it.

We advise traders, investors, enthusiast and everyone who uses crypto to be very careful what websites they visit and from where did they come to a website. It’s easier to prevent inconveniences’ then it is to fix them.

 

 

 


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