LBank Continues Facilitating a Trusted Trading Space for Crypto Traders and Users | by LBank Exchange | LBank | Aug, 2022

Blockchain technology has evolved to become the backbone of several innovative projects, infrastructures, services and the global economy as a whole. However, crypto scams are the hinges stalling the development of the sphere, as well as slowing down the rate of adoption.

According to the latest report from the Federal Trade Commission, from the start of 2021 through March 2022, over 46,000 people have reported losing $1 billion in crypto scams. Bitcoin, Tether and Ethereum are the top cryptocurrencies people mentioned they used to pay scammers.

Many reported losing their cryptos through ads, posts and messages on social media platforms. They stated that they were lured with false promises of getting double their investments and making easy money.

Some reported that the defrauders went as far as allowing them to withdraw a fraction of their investment to make them believe in the scheme and to encourage them to invest more money.

On the other hand, some fell victim to phishing by clicking unfamiliar links which look similar to the original links of major platforms, while others were targeted by engaging in airdrops and giveaways.

Some of the problems identified as the causes of the increased cyber crimes include insufficient awareness in the crypto community about cybersecurity threats, how to identify and precautionary measures to take.

Limited trusted platforms are another difficulty faced by millions of users — not knowing the most secured exchanges to buy, sell and store their Bitcoin and other cryptos, among others.

How to Avoid Crypto Scams

Scammers are always devising new ways to steal money from unsuspecting customers. As blockchain advances, so are scammers getting sophisticated by the day. Notwithstanding, there are ways by which one can avoid falling prey to these devourers whose only aim is to access your wallets and clear them.

Firstly, users have to be well informed about what is happening around them, verify links and report to the authorities when they suspect someone or a platform may be fake.

Secondly, individuals have to curb their appetite for get-rich schemes. Only scammers make promises of instant richness and overnight huge returns on investments.

Thirdly, avoid investment opportunities that require you to pay in cryptocurrency, credit/debit card, wire transfer or gift card.

Fourthly, it never gets stale to carry out your own research before clicking on websites, activating accounts and applying for giveaways. The keyword to avoid being scammed is being vigilant, properly checking URLs and double-checking every email, social media or SMS directory.

LBank Builds a Reputable and Secure Trading Platform for Users

LBank, a top cryptocurrency exchange, is making progress in its commitment to responding to cybersecurity challenges that have become a pandemic spreading even among other leading trading platforms.

As opportunistic actors are taking advantage of people’s thirst to make more money to scam them, LBank has taken on a quest to accelerate awareness through education and using the best technological know-how to protect its platform and users.

LBank offers users a safe trading environment with its advanced security systems and infrastructures. To enhance security and build confidence and trust in cryptos, LBank employs the world’s best technical team to ensure that its users are protected against numerous hacks that have plagued the space.

Furthermore, the exchange also hopes to foster knowledge about how users can avoid being victims of phishing scams. It is important users are aware of the risk attached to recklessly clicking unverified links.

LBank encourages users to stay alert and aware as it continuously works with its team to build a world-class crypto exchange that caters for traders of all kinds.

Disclaimer: The opinions expressed in this blog are solely those of the writer and not of this platform.