Common Types Of Cryptocurrency Scams & Tips To Avoid Them. Part 6

5. Cloud Mining Scams

Cloud mining has become very famous these days with the increasing cost of mining equipment and electricity. These scams encourage people to participate in cloud mining which isn’t real and promises them miner rewards in exchange.

New entrants are generally the target of these scams of the space as they generally don’t know much about the functionality and of the space.

The scammers even get you registered and give you a wallet that a third party has full control over and as soon as you transfer funds into it, your funds will be moved away.

How to Avoid This:

  • Never accept any unwanted invitation or messages of this kind.
  • Do not share your private keys or seed words with anyone.
  • Never transfer your funds to a wallet that you have no control over.
Courtesy : COIN SWITCH -KUBER. Cryptocurreny Exchange of India.

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