The Dark Side of Taboo Crypto is a journalist’s book investigating the dangers of digital currencies and blockchain technology. The book discusses how digital currencies can be used for criminal purposes, blockchain technology can be used for fraud, and cryptocurrency investors can be at risk.
The world of cryptocurrency is full of potential, but it also has its dark side. This blog will explore some less savory aspects of the crypto world, from scams and fraud to theft and hacking.
While crypto can be a great way to invest and make money, it’s important to be aware of the risks. So let’s take a look at the dark side of cryptocurrency.
Scams and Fraud
There are many scams and frauds in the crypto world. Some are obvious, like fake ICOs that promise impossible returns, while others are more subtle.
Pump and dump schemes are common in crypto. In a pump and dump, a group of people buy a coin simultaneously to drive up the price, then sell it when it is high. This leaves the people who bought at the top holding the bag.
Another common fraud is phishing. In a phishing scam, someone will send you an email or message that looks like it’s from a legitimate exchange or wallet. The message will usually say that there’s a problem with your account, and you need to click a link to log in and fix it.
But the link needs to go to the real website. It goes to a fake website that looks identical to the real one. The fake website will then steal your login credentials.
Hacking and Theft
Hacking and theft are also big problems in the Taboo crypto world. Exchanges and wallets are constantly being hacked, and millions of dollars worth of cryptocurrency have been stolen.
One of the most famous hacks was the Mt. Gox hack, in which 850,000 Bitcoin were stolen. This hack bankrupted the Mt. Gox exchange and shook the confidence of the entire crypto community.
Another major hack occurred in 2016 when the DAO, a decentralized autonomous organization built on Ethereum, was hacked, and $50 million worth of Ethereum was stolen.
These hacks are a reminder that exchanges and wallets are not always safe. If you’re holding a significant amount of cryptocurrency, storing it in a safe and secure wallet is important.
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