Did you know you’ll have to start listing cryptocurrency on your tax returns? Listen to this one-minute podcast to find out why the rules are changing.
Most dangerous thing you can do if you're new to crypto
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Investing in crypto can be exhilarating and scary at the same time. Massive fluctuations in the price of Bitcoin have had many glued to the trading boards. If you invested just $10 in Bitcoin in 2010, that would be worth approximately $10.3 million today.
It’s not always been a smooth ride. Many investors rejoiced when the price for one Bitcoin jumped from $2 to $32 in 2011. But in October of that year, many traders lost most of their value when the price came crashing down, wiping out 99% of the value to just one penny.
To say that cryptocurrency trading is volatile is an understatement. If you are new to it, there are some dangerous practices you must steer clear of. Keep reading for ways to protect your money.
Here’s the backstory
When you first get into cryptocurrencies, you’ll need to set up a digital wallet. It works like a real-world wallet, and it’s the central space where you keep all your money. To access your wallet, you must create a passphrase or password.
This is the only way to secure your account and is as valuable as your bank card PIN. If you lose it, there is a real possibility that you’ll never get it back. So, if hackers get a hold of your password through a scam, you’re in jeopardy.
Now hackers are using a different tactic to steal crypto details. They have started employing phishing attacks through Google Ads.
How this crypto scam works
Check Point Research (CPR) investigated the theft of over $500,000 worth of cryptocurrency in a matter of days. All results pointed to hackers using Google Ads in search results to lure inexperienced traders into divulging their passwords.
Criminals buy advertising for digital wallets that impersonate trusted providers like Phantom App, MetaMask and Pancake Swap. Once a potential victim clicks on the link in the Google ad, it takes them to a phishing page that has been set up to seem like the real deal.
“From here, the scammers tricked their victims into giving up their wallet passwords, setting the stage for wallet theft. In what appears to be a new trend, multiple scamming groups are now bidding for wallet-related keywords on Google Ads, using Google Search as an attack vector to target victims’ crypto wallets,” CPR explained in a blog post.
Over one weekend, CPR found 11 digital wallets had been compromised, with each of them containing crypto between $1,000 and $10,000.
Getting into crypto? A browser extension is draining unsuspecting users' accounts
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Cryptocurrencies like Bitcoin have seen a massive explosion in popularity over the last few years. The price of a single Bitcoin skyrocketed exponentially since its introduction, driving many people to dabble in the virtual crypto money unit.
My cryptocurrency eBook is a bestseller! Grab your copy now
Crypto is everywhere, and I don’t want you investing a bunch of your hard-earned money without the right know-how. That’s why I put together a new eBook to help you get the basics down.
In “Cryptocurrency 101: The Beginner’s Guide to Buying, Selling and Spending Digital Currency the Safe Way,” I break down the basics of the cryptocurrency boom. If you want to invest in cryptocurrency, it can be very complicated to know where to even begin. I’ll take you through your options when it comes to buying and storing digital currency and give you pro tips to keep you safe from hackers and scammers.
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