2023 will be remembered for the influx of sophisticated organised crime-led crypto-thieving operations, cleverly disguised as legitimate opportunities waiting for ordinary people to deposit their money before robbing them blind.
They call it crypto arbitrage. I call it theft of the most heinous kind.
The concept of crypto arbitrage is to purchase crypto on an exchange at a low price and sell on a different exchange at a higher price, profiting from the difference. In theory, the concept of crypto arbitrage is plausible IF you have trading software that works…
To facilitate this transaction, customers deposit their crypto and use automated app software. In most cases, the software is only developed to imitate that arbitrage is taking place and profits are being made. Early adopters of these platforms are paid out from funds deposited by new customers. A classic Ponzi scheme.
Customers are financially incentivised to invite new people, and payouts from the system builds confidence, attracting more people to deposit before the criminal gangs transfer the funds and their operations to new apps to start the whole process over again.
Customers lose all their money without any legal redress or representation.
What is even more difficult, are the genuine hard-working people who invite family and friends to the platform only to realise the intentions of these criminal gangs.
How to protect yourself and your crypto
The safest method to store your crypto is in a hard wallet you own hard wallet such as Ledger
If you intend to make money with your crypto with manual trading, then take the time to learn the process, and fully educate yourself with the mechanics. And only invest what you can afford to lose.
Never trust your money with anyone you don’t know (even banks limit their liability guarantee)
What to look out for
Scams usually have tell-tale signs – So ask yourself:
1. Who are the people behind the operation?
2. Are there genuine legal entities and documents in existence?
3. Is there a suspect background story associated with the company?
4. Can you contact the company directly?
5. If you feel you’re making an emotional decision rather than a logical one, take a step back.
Conclusion
AI is a major development and an overused buzzword in marketing. Also, consider that AI can also be a manipulative algorithm with benefits often weighted towards company profits. So rather than stepping into the future thinking you’ll get left behind, take a step back, become more old school, learn your trade and become successful based on your own merits.
