Steemit Crypto Academy | Homework Task 5 @Gbenga | All about blockchain security |set at 100% power-upsteemCreated with Sketch.

in SteemitCryptoAcademy4 years ago (edited)

Hello steemians!
Here's my homework task for crypto professor @gbenga for

Task

Make a Post about a Security problem with Cryptocurrency and Share a personal experience if possible.


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I'd be listing the most common around here

Fake ico's

This is arguably the easiest way to conduct a scam. It entiales building and marketing a fraudulent coin offer project. Most of these fradulent Ico's write their white paper, develop marketing campaigns with integration from social networks and post token information on stock exchanges. They basically try to look as genuine as possible to trap unsuspecting victims. Their primary objective is to conduct fake sale of tokens. Majority of these kind of scams dominate telegram, I almost fell victim to some of them. I was so mad, I eventually deleted my telegram. Without being hyperbolic, I'd say I was in about ten telegram groups established for the purpose of these fake ICo's.

In most cases, the fake tokens would have promising value pre-sale, but upon sale and after a while they'd eventually dump.
To avoid these kind of scams, it's advisable to think logically, if something sounds too good to be true then it's probably not true. Some woupd go as far as offering unreasonable return on investment. Watch out for these.

A personal experience


It's been quite sometime now, I fell for a scam. Although it might not be totally related to the problem tendered above I still think it's worth sharing.
Back then, a friend of mine introduced me to a link claiming all I had to do was click on the link and buy some crypto with ETH. I didn't buy the idea at first but he was quite persuasive about it and he happened to have tried it himself. I can't find the link I used to access the site through the trust wallet browser because it's been a long time. However I still have the coins

I was required to purchase some BCD tokens with ETH. I spent about 0.08 ETH in total and truly I received the BCD tokens but something was off.

Firstly

The BCD tokens had no value on the trust wallet platform (screenshot below)

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Secondly

It was displaying as an ERC-20 token which seemed completely off. Also, that wasn't the logo of a BCD(Bitcoin Diamond) token. I wasn't crypto saavy then so I didn't put much of this into consideration. I was obliged to download the coinbase wallet and link my wallets.

Now, although I believe it's a fake token. It had value on the coinbase wallet and I'm still somewhat confused.

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I tried to exchange the tokens for other assets but it never worked. I later realized it wasn't a valid address. I've forgotten about it since then. However I'd still love to understand what happened exactly.
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Conclusion


I've done my research and tried to tackle the homework task for this week. I'd leave the assessment to the professors.
Thanks to the steemit team for this wonderful learning opportunity once again. It's been nice so far, I'm forever grateful.
Thanks for reading my write up and thanks for your support
Cc:-
@steemitblog
@steemcurator01
@steemcurator02
@gbenga

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A lot of people fell victims of fake ICOs thanks to a medium to market it such as bitcointalk.org and even though a lot of legit ICOs existed, malicious people still found ways to sell fake coins to people who believed in their idea.

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