The bull market is an experience everyone in the cryptocurrency space looks forward to. However, it should be enjoyed with Caution as scammers are also devising ways to “maximise profit” at this time as well. Reports say some scammers are adding illegal wallets to the Google Play Store to steal the cryptocurrencies of anyone that happens to use one of them.
Online wallets unsafe
The infiltration of Google Play has made the use of online wallets very unsafe at this time and is not advised. Not only wallets from Google, any online wallet for that matter. They can be easily hacked and funds withdrawn without mush trouble. “If you have to use them, do your due diligence,” Weiss Ratings cautioned.
Indeed, online wallets are the most dangerous among the categories of wallets. In order to stay safe, there are a number of offline wallets that can be used and preferably cold wallets should be used to store large quantities of Bitcoin as this is easily noticeable as it moves on the blockchain. They have the advantage of not being perpetually connected to the internet and so are not readily accessible by scammers and thieves.
Crypto fraud and bull markets
Although this is a relatively new method of crypto fraud, the phenomenon itself isn’t new. It has been noticed over the years that the rate of crypto-related crimes increase in price especially during bull markets. It is therefore important to be watchful as profits are harvested because fraudsters may take all your profits and turn the whole experience to a negative one. Be at alert!
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
A cryptocurrency enthusiast, author, and investor with high motivation in cryptocurrency/blockchain research and writing. He loves birdwatching and traveling. Follow him on Twitter at @Ponvangbu