TRUSTETH
hello guys, we all are in a run for money. daily we are accumulating assets that are gives us huge return in future. but is this all assets are safe in our hands? . let me explain more guys ,in the field of cryptocurrency there is lot of scam and frauds are happening daily . all our money is not safe? dont think like that .we will research the areas of scams and how will scammers stole our money and how can we avoid it .
NFTs , this term is familiar with everyone , but in the last one year $100m worth of NFTs are stolen . it also include famous cryptopunk NFTs later it sold for $490K . Emphasising the persisting problem of scams, assets #9650 and #5759 in the CloneX collection have been stolen twice in the space of three months — in two unrelated scam incidents — having been worth around $50,000 on both occasions.
Phishing scams, the most common type, entice users to accidentally hand over the credentials to their cryptocurrency wallets, with which a fraudster can initiate an irreversible transaction.
Sometimes that can be done through a hacked social media account, as when $3m of NFTs from Yuga Labs’ Bored Ape Yacht Club collection were stolen after an Instagram hack, and sometimes it can be through domain squatting or impersonation
AML or Anti Money Laundering regulations are one of the key elements in proving the significance of compliance for crypto. AML basically refers to the procedures and legal precedents which help in identifying and preventing the misuse of crypto assets and transactions for illegal activities. The basic highlights of crypto compliance include an emphasis on three important components such as,
KYC
KYB
KYT
Businesses can evaluate people, wallets, transactions, and entities through the scope of AML standards for identifying and reporting suspicious activity. The AML compliance process also emphasizes user verification through the components of KYC, KYB, and KYT. User verification plays a vital role in developing trust among crypto users alongside improving credibility of the ecosystem
how to overcome this?
1-do your homework = analyse and evaluate your investment whether a coin or NFT . dont overtrust anyone in crypto industry always make your own plan
2- always use hard passwords and authentification,2FA factors for your crypto wallet
3- store your secret seed phrase in very safe
4- dont connect your wallet in any unknown site
how to knowledge public?
we can educate them through social medias and we can do AMA s in community and they can ask their doubts and find solutions.