Posted 2 years ago | by Ben Armstrong
Crypto Scams Return as the Market Prepares for a Possible Coinbase Listing in the Stock Market
With the incoming bull run in the crypto market as a result of the increasing interest in blockchain and cryptocurrencies, as well as the rumor of Coinbase’s plans for an Initial Public Offering (IPO), crypto scams are increasing on frequency.
To learn about the most common crypto scam at this time, the rumors regarding Coinbase’s IPO, and Bitboy Crypto’s prediction for Chainlink, make sure to watch the latest video.
If Something Seems Too Good to be True, It Probably is
Ether giveaway scams have been popular for quite sometimes. They consist of someone impersonating a crypto personality and claiming to be giving free crypto as a giveaway for a launch celebration or other reason.
The scammer claims the price will be sent to the victim once they verify their wallets by sending the scammers some crypto from the address they want to receive the prize at, which is something that no valid transaction would require.
This scam depends on its sophistication to trick the victim, but it allows scammers to take advantage of newcomers by taking advantage of their inexperience as some Twitter impersonation accounts look identical to real accounts, even being verified at times.
Hundreds of thousands of dollars were sent in crypto to scammers during 2017 and 2018, with scammers seemingly disappearing once the crypto interest diminished, just to return last year,
These scams resulted in YouTube cracking down on crypto channels in December of 2019, right after Christmas, which made top genuine YouTubers get getting strikes and temporarily lose their channels until early 2020, with Bitboy’s Crypto’s channel being affected in early March.
These Scams didn’t start to fade from YouTube until the moment when they pretty much ran out of celebrities to impersonate as they even impersonated Elon Musk, Steve Wozniak, and Walmart’s founder.
Scammers Don’t Give up Easily but You can Help
Some months ago, scammers returned to YouTube with a new strategy: placing their scams as Ads before the videos in videos from Authentic Crypto-related channels.
Channels like Altcoin daily, Lark Davis, and Bitboy Crypto, experienced this firsthand as content creators don’t have control over the ads that run on their channels but their channels can still lose trust as a result.
If users see one of these scams advertisements, they can be reported by following this link , which will help YouTube to crack down on them and prevent them from tricking unsuspecting victims.
Coinbase Might be Starting an IPO
With rumors about a possible IPO taking place back in 2018 and 2019 ultimately not resulting in one, there is a lot of speculation about the rumors with Coinbase refusing to comment despite organizing an investor meeting for the first time.
If Reuter's sources were right, the listing of Coinbase in the stock market would result in greater trust from American investors and users while opening the doors to mass adoption and more use cases, as Coinbase is the biggest exchange at this time.
Coinbase has also shown a strong interest in decentralized finance, which they call open finance, exemplified by the sudden listing of compound’s token COMP which resulted in a massive increase in its value, trading volume, and market capitalization.
With Wall Street investors actively investing in the crypto market, the potential for bull runs would increase massively, benefiting market players, cryptocurrencies, and blockchain projects alike.
The benefit of having big payers in the crypto market also includes the purging of scam or bad tokens, which will move more money to good projects.
If Coinbase is considering this move, which would make a lot of sense due to the crypto market current circumstances and the sources of a reputable conglomerate as Reuters, they will probably do sooner as they are aware of the cyclical nature of Bitcoin which could spell trouble if they wait too long.
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