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Recently, we compiled and summarized the most common cryptocurrency scams, including common methods, into an in-depth blog series called Detective Scams. From this, you can find detailed categories of cracking common scams, such as Ponzi schemes, fake job opportunities, and impersonating Binance staff, and the list goes on.
This not only helps to understand different scam tricks, but also allows us to further clarify ways to avoid common scam traps.
Cryptocurrency scammers are targeting new users who are often unfamiliar with the industry and view the cryptocurrency market as an opportunity to make quick money. If you are new to the cryptocurrency field or any investment method, beware of the following situations.
Investment experts or "Binance employees"
If strangers on the Internet or people who call themselves "Binance employees" send you investment advice or offer to "double your funds" without authorization, then they are likely to be all liars. Additionally, Binance employees will never actively send you messages on social media about investment plans, offering you money or some exclusive services.
Tips to avoid fake scams
1. Understand the real rate of return
If you want to evaluate the authenticity of "investment experts", the easiest way is to calculate the rate of return they claim. Annual return of 20% is equivalent to a daily return of 0.0548%, which is very high in the investment world. Be cautious about "investment experts" who boast about their return rates above 20%.
Please note that you also need to be cautious about anyone who provides investment advice or commits to double your funds. Even people who promote a reasonable annual return on investment (such as 10%) may be a scam trying to cheat you out of money.
2. Use Binance's official verification channel
Binance's official verification channel is our official database, which supports everyone to repeatedly check Binance domain names, email addresses, phone numbers, WeChat IDs, Telegram IDs and Twitter accounts. Don't trust people who claim to work for Binance or represent Binance easily. Be sure to verify the source through Binance's official verification channel first.
Keep engaging with caution even if your query shows that the source has been verified. Because scammers often use the real names of Binance employees to deceive victims.
ITG.LA
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