Nowadays, we can see shills and scammers as a problem that is increasing, and the solution to this is that you identify them on your own, so follow these tips and keep informed.
There are a few amounts of people who really knows about cryptocurrency, and there are millions of people searching on the web for information. This is the greatest opportunity to shills and scammers for making of their own.
When it comes to crypto scammers on YouTube, the three most common are impersonators, investment scammers and free giveaway scams.
Impersonators will ask you to send them a message via WhatsApp or Telegram for help you with investing. Investment scammers use to comment in approval for a certain cryptocurrency in a YouTube video or social media group, for you to tend in invest your money on that currency. Free giveaway scams will usually be a live stream of some famous person inside or outside of the crypto space with a message that says you will get extra crypto for free if you send yours to the wallet address on the stream.
Free giveaway scams use to steal or hack legitimate accounts in YouTube, change the images and name of them, and make a scam stream. In those cases, people use to trust on this because of the large number of subscribers and viewers watching the live stream, but these scammers probably will ask you to send your wallet address on the stream in change of getting extra crypto for free.
Another swindler practice occurs on Facebook groups, which are a place where some few people moderate the content, controlling what gets posted and what doesn’t, so everyone in the group receives the same opinion about cryptocurrency. This gives the power to shills or scammers to do their job. We recommend you to ask what their relationship is to the projects they are talking about, if that question does not get approved, then you will know you have stumbled into an scammers and shills group.
Likewise, sometimes youtubers, erratic billionaires or news siters shill cryptocurrencies, so be aware and search for other opinions about what you read or see in these channels. In general, they work with the intention of manipulating the price of the cryptocurrency in question.
Last, but not least, if you see that some billionaire invests lots of money on a cryptocurrency with a low market cap, but legitimate, he is probably working on a strategy for pumping the price of the defy token in question. Be aware. This setup is called pump and dump, it is a type of scam and it is much more common than you think.