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WAXP News Site Releases 2022 Report On Blockchain Technology & Crypto Scams

WAX Dynasty release a new report on how to spot cryptocurrency scams in 2022, amid growing concerns over the increase in the number of DeFi giveaway scams.

The new report comes as more crypto scams are being reported in the cybersphere, making it essential for anyone interested in cryptos to be able to tell the difference between legitimate coins and potentially fraudulent schemes.

The latest report explains that cybercriminals have become so sophisticated that they can hack into well-known DeFi sources and promote their fake tokens for cash. It clarifies that readers should do their own research, even when the news appears on several highly trusted crypto news sites. This is because these sites could’ve been hacked.

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Emerging data support this. According to several studies, cybercrime has become more sophisticated in the last few years. Cybercriminals can now hack into highly private accounts, even those with strong passwords. The goal is to promote a giveaway scam that lures or pressures the reader to hand over their money in exchange of a reward.

WAX Dynasty says that people should do their research before investing in a cryptocurrency – even if it comes from a reliable source. A good rule of thumb is to always discern whether something sounds “too good to be true”. The authors of the report mention that if something seems too unrealistic, it probably is.

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The report recommends that potential investors understand their risk tolerance. Cryptocurrencies are, in general, highly risky endeavors. Even tokens such as Bitcoin are still speculative assets and require a moderately aggressive risk profile to consider, so investors should only put in money that they can afford to lose if the market fluctuates.

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One of the biggest mistakes people make is to invest their entire life savings on the “off-chance” that their investment doubles or triples in a few months. It reminds readers that one should only invest what one is willing to lose.
WAX Dynasty is a trusted DeFi online news source offering a wide range of resources for modern crypto investors.

Disclaimer: The information provided on this page does not constitute investment advice, financial advice, trading advice, or any other sort of advice and it should not be treated as such. This content is the opinion of a third party and this site does not recommend that any specific cryptocurrency should be bought, sold, or held, or that any crypto investment should be made. The Crypto market is high risk, with high-risk and unproven projects. Readers should do their own research and consult a professional financial advisor before making any investment decisions.

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