In this episode, intended to be a part of mini-series, we’re going to be reviewing some of the most common crypto-related scams, such as phishing, pumps-and-dumps and exit scams.
Scams and confidence tricks rely almost entirely on limitations and “blindspots” in human cognition and psychology, and those are exploited by malicious individuals or groups. That’s why I’ve decided to spend a significant portion of this episode on discussion these key aspects, because introspection, I believe, can be one of the most effective tools to equip oneself with, nowadays.
All security-related scenarios and contexts and characterized by asymmetry, where the attacking side usually needs to find just one single hole in the system in order to declare success, whereas the defending side needs to be able to cover the entire constellation of intersection points, which directly translate to attack vectors.
As saddened and disheartened all fair players can be at times, due to the ongoing high frequency of nefarious activities, we all need to take serious steps towards educating the wider crypto audience in any suitable opportunity.
That’s why I’ve opted to reshuffle my episode recording order a bit, and give priority to today’s topic.
In general, there’s really not that much to say in the form of side notes on 101-level scams. The episode content pretty much covers most important aspects I wanted to bring to your attention, in the context of the associated topics.
In addition to the audio content and accompanying notes, I’ve decided to create a section on my website, dedicated to keeping track of important scams to look out for, and having a sort of compilation in a single place, so that they can be referenced easily.
I invite you all to contribute with ideas and suggestions for keeping the repository as up-to-date and useful as possible. This can be done via the usual communication channels, namely our email or Discord server.
- Advance-fee scam: https://en.wikipedia.org/wiki/Advance-fee_scam
- Shell game with three cups and a small ball: https://en.wikipedia.org/wiki/Shell_game
- “John McAfee says his Twitter account was hacked”: https://www.bbc.co.uk/news/technology-42502770
- Tweets by the hijackers of John McAfee’s account: https://cointelegraph.com/news/mcafee-warns-of-advanced-hacking-after-twitter-account-hijacking
- Summary of the phishing and attempted stealing incident on Binance: https://support.binance.com/hc/en-us/articles/360001547431
- Binance’s $250k hacker bounty: https://medium.com/binanceexchange/binance-hacker-bounty-58845d860afd
- Verge’s appeal for donations from its users: https://twitter.com/vergecurrency/status/976929958185652227/photo/1
- Verge’s donation address, as referenced on one of their blockchain explorers: https://verge-blockchain.info/address/DLv25ww5CipJngsKMYemBTBWH14CUpucxX
- “Is Suppoman a scammer?” - a YouTuber’s review: https://www.youtube.com/watch?v=Y_LAN0Bt-n4
- Crypto Jerônimo’s Musings’ Scam Repository: https://crypto-jeronimo.github.io/scams
- Latest details on the BitGrail “hack”: https://cointelegraph.com/news/strange-twists-and-turns-of-nano-and-bitgrail-since-the-150-mln-hack
- Nano’s official statement, presenting their side of the story: https://medium.com/@nanocurrency/official-statement-regrading-bitgrail-insolvency-ed4422bf274b
- The lame “Over and Out” PR gimmick by an obscure Germany-based ICO: https://cointelegraph.com/news/in-apparent-exit-scam-ceo-of-german-startup-is-over-and-out-after-50-mln-ico
PlatformsThis podcast can be obtained from one of the following platforms:
Please, consider providing an honest rating and review on your favorite podcasting platform, in order to facilitate ease of discovery by listeners with shared interests. This way, we can reach out to larger audience and achieve higher quality of constructive discussions and a healthy diversity of topics and opinions.
The tracks used in this episode have been licensed under the Creative Commons license. Please, find the corresponding artist, track names and links as follows:
- Opening track: KELLEE MAIZE - In Tune (J. Glaze Remix) (2014)
- Closing track: DISCONAUTS MUSIC PRODUCTION - Sunshine (2012)
Please, keep in mind that I am not a financial advisor and this is not financial advice. The sole purpose of this podcast is entertainment, and mutual education via constructive discussion.
The latter is encouraged via one of the available communication channels.