CoinEx Releases An Anti-fraud Tool to Keep You Safe from Crypto Fraud

In the crypto boom, investors are racing against time. Some rake in huge profits, while some others go broke overnight. For many crypto investors, it’s a make-or-break issue. Yet the journey toward wealth is always filled with scams, which soon deal a heavy blow to newcomers rushing in.

Crypto scams surge amid the boom

According to data released by the US Federal Trade Commission, in the past six months, scammers have defrauded crypto investors of at least $2 million.

The rise of cryptocurrencies such as Bitcoin and Ethereum has attracted numerous newcomers who are eager to make a profit. Being strangers to the crypto field, they have unconsciously risen to the bait of scammers.

Another data reveal that from last year to this March, crypto fraud cases have surged to a record high: nearly 7,000 investors reported related incidents, with a total loss of more than $80 million.

It is worth noting that the number of victims is almost 12 times the figure reported in the same period last year, and the amount of losses has increased by almost 1,000%.

The US Federal Trade Commission pointed out that the median value of losses was approximately US$1,900, and young investors between the ages of 20 and 49 are five times more likely to report such fraud cases, compared with their senior counterparts.

According to the latest research of the crypto education platform CryptoHead, there were 82,135 crypto crimes in the United States in 2020, a 240-fold increase from the 340 reported in 2016. Australia reported 9,689 crypto crimes in 2020, and in 2016 this number was zero. 8,801 crypto crimes happened in the UK in 2020, compared with only 704 in 2016.

According to the CryptoHead report, crypto frauds include scams, pump and dump (P&D), and hacking.

Erratic fluctuation or a bull market? The market remains confused amid the boom

To some analysts, the decline is reminiscent of the slump in 2017 and 2018. The soaring Bitcoin price stimulated the upsurge of the crypto market and an inflow of investors, and animal coins emerged, making inroads into the share of Bitcoin. Later the Bitcoin collapse plunged the crypto market into a lasting depression, dealing a heavy blow to most investors.

The Dogecoin craze fuels the speculation in shitcoins, just like the soaring Bitcoin heated the crypto investment. The market was soon dominated by countless animal coins, especially Shib and PIS that shot up by hundreds or even thousands of times overnight.

Zealous speculators, touting KOLs, and dishonest intermediaries have further pushed the crypto market up to a higher level. Crypto speculation information that flooded the Internet and all the hype of media and speculators have misled many investors into trading on those fraudulent platforms.

Things get worse as increasing scammers start to utilize the emerging shitcoins and investors’ desire for quick money. Faced with chaos and raging frauds, investors need to stay vigilant and trade on official channels instead of unauthorized third-party platforms that promise considerable profits.

How to keep yourself safe from crypto frauds? See CoinEx’s solution

CoinEx has always been committed to protecting user privacy, and will not disclose any user information to the outside in any form. Nor will it ask you for confidential information such as account passwords, text messages, and Google authentication codes by whatever means. Its officials will not request you to deposit, withdraw or transfer funds in any form either. It is suggested to stay alert to false publicity and fraudulent promotions and follow the announcements on CoinEx’s official website for all its events and community information.

Having noticed someone pretending to be CoinEx officials and committing fraud through phishing links recently, CoinEx suggests you should never scan QR codes provided elsewhere outside its official channels, click on unknown links or log in to insecure websites, to keep your account and password safe and avoid unnecessary losses.

Remember to perform all operations on the CoinEx official website: www.coinex.com or its official APP. If you receive any suspicious text messages, phone calls, or emails, please feel free to contact the official customer service for verification. You can also send CoinEx a ticket on the official website to provide more details.

CoinEx’s official verification channel goes live. Users can verify the authenticity of a link by entering it in the official verification channel: https://www.coinex.com/official-verification.

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