• Contact us
  • Terms & Conditions
  • Privacy Policy
Cryptotherium
  • Home
  • News
    • Bitcoin
    • Blockchain
    • Ethereum
    • Litecoin
    • Ripple
    • Altcoin
  • Regulation
  • Market
  • Business
  • Technology
  • Price Analysis
  • Guide
    • Bitcoin 101
    • Blockchain 101
    • Ethereum 101
    • Lightining Network 101
    • Ripple 101
    • Trading 101
No Result
View All Result
Cryptotherium
  • Home
  • News
    • Bitcoin
    • Blockchain
    • Ethereum
    • Litecoin
    • Ripple
    • Altcoin
  • Regulation
  • Market
  • Business
  • Technology
  • Price Analysis
  • Guide
    • Bitcoin 101
    • Blockchain 101
    • Ethereum 101
    • Lightining Network 101
    • Ripple 101
    • Trading 101
No Result
View All Result
Cryptotherium
No Result
View All Result
Home News Business

Veteran Trader Falls for ADA Scam on Fake CoinDesk Site, Warns Community | Crypto Briefing

admin by admin
November 21, 2020
in Business
0
Bitcoin Wallet Provider Ledger Compromised Again by Malicious Phishing Attack | Crypto Briefing
586
SHARES
3.3k
VIEWS
Share on FacebookShare on Twitter


Key Takeaways

  • Leon Fu lost thousands of ADA to a phony website scam.
  • Scammers often make subtle changes to URLs to lure in victims.
  • Fu was saved a major loss by making a test transaction before depositing all of his funds.

Share this article

Crypto scams are commonplace, netting $4 billion in 2019 alone. Leon Fu of TaiFu Indexes almost lost a significant sum to a scam involving three fake websites. He was only saved by taking security precautions.

Fu posted a tweet on Nov. 19 to describe how he visited what he believed was the CoinDesk website, failing to notice a small alteration to the letter “e” in the domain name.

This scam URL looks almost identical to the real URL used by CoinDesk.

The fake website led him to another decoy, this time imitating the Cardano Foundation website, with the word “Foundation” misspelled. 

Finally, satisfied with the information there, Fu clicked the link to what he believed was the AdaLite staking site, not noticing that the “.io” domain had been swapped for “.org.”

Phemex - 10 off

The only thing that saved me from losing all my ADA’s is I always do test transaction when doing a transaction for the first.

— Leon Fu (@leoncfu) November 19, 2020

Fortunately, Fu’s error was limited to the loss of a few hundred dollars. While he didn’t notice the fraudulent domains, his other security measures protected him from any major loss.

Crypto Scams and Best Practices

Scams in crypto are so prevalent that the SEC launched a fake ICO in 2018 designed to trick gullible investors, redirecting would-be victims to a web page advising on how to avoid scams.

The SEC’s advice to avoid projects promising impossible returns or issuing scant documents to prove their concept is useful information for any investor. However, there are many types of scams.

Taking extra caution when following links is a must for anyone entering financial account details or making a transaction. Checking URLs and Twitter handles to verify their authenticity can prevent losses.

Using a hard wallet is also a good idea when dealing with larger sums. Most exchanges and wallets offer 2FA protection, which traders would do well to implement.  Finally, as Fu suggests, sending a test transaction before committing the full amount is another way to avoid falling prey to a scam.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Crypto Money Grabs and Scams: No Product, No Funding

Once again, founders are raising at ludicrous valuations with business plans that make scribbles on the back of a napkin look like blueprints for the Whitehouse. With the return of…

Avoiding Common Trading Mistakes

Being a successful trader is one of the most difficult pursuits that any person can undertake. The path to success is littered with countless examples of even those who are…

Despite Data Breach, Liquid Exchange Continued Listing New Tokens Befo…

According to a blog post, the hacker convinced a domain hosting provider that manages one of Liquid’s domain names to give them control of the account and domain. The hacker…

Amidst UK’s Coronavirus Crypto Scams, Boris Johnson Tests Positi…

British PM Boris Johnson has tested positive for COVID-19, as authorities warn people to be wary of coronavirus-related crypto scams. Boris Johnson Joins Thousands of Victims Worldwide The besieged prime…





Source link

You might also like

SEC Says Ripple Harassed It Over Court Documents | Crypto Briefing

Cries of Another Mt.Gox as Thodex Shutters Exchange, CEO Disappears | Crypto Briefing

Injective Raises $10 Million for Robinhood Alternative | Crypto Briefing

admin

admin

Related Posts

SEC Says Ripple Harassed It Over Court Documents | Crypto Briefing
Business

SEC Says Ripple Harassed It Over Court Documents | Crypto Briefing

by admin
April 22, 2021
Cries of Another Mt.Gox as Thodex Shutters Exchange, CEO Disappears | Crypto Briefing
Business

Cries of Another Mt.Gox as Thodex Shutters Exchange, CEO Disappears | Crypto Briefing

by admin
April 22, 2021
Injective Raises $10 Million for Robinhood Alternative | Crypto Briefing
Business

Injective Raises $10 Million for Robinhood Alternative | Crypto Briefing

by admin
April 21, 2021
US Pharma Firm and Canaan Sign Major Deal for BTC Miners | Crypto Briefing
Business

US Pharma Firm and Canaan Sign Major Deal for BTC Miners | Crypto Briefing

by admin
April 21, 2021
Slim Jim Celebrates “Doge Day” With Shiba Inu NFT | Crypto Briefing
Business

Slim Jim Celebrates “Doge Day” With Shiba Inu NFT | Crypto Briefing

by admin
April 20, 2021

Recommended

Crypto Wallet Startup Blockchain.com Raises $120M From Investors Including Google Ventures – CoinDesk

Crypto Wallet Startup Blockchain.com Raises $120M From Investors Including Google Ventures – CoinDesk

February 17, 2021
Bitcoin Aims for $10,000 While Ethereum Eyes $300 | Crypto Briefing

Bitcoin Aims for $10,000 While Ethereum Eyes $300 | Crypto Briefing

September 22, 2020

Don't miss it

litecoin
Technology News

Litecoin Prepares For Fresh Bull Momentum As Alt Season Cements 

April 23, 2021
Our Man in Shanghai: DogeMania, ‘Dog-Coin’ trademark dogfight, hashrate outage, government warms up to crypto
Ripple News

Our Man in Shanghai: DogeMania, ‘Dog-Coin’ trademark dogfight, hashrate outage, government warms up to crypto

April 23, 2021
Data shows traders rushed to buy altcoins during Bitcoin’s dip to $50K
Altcoin News

Data shows traders rushed to buy altcoins during Bitcoin’s dip to $50K

April 23, 2021
How to make hodling worthwhile, explained
Ripple News

How to make hodling worthwhile, explained

April 22, 2021
Ethereum ETH ETHUSD22
Technology News

Ethereum At A Perfect Moment To Buy? Analyst Weighs in

April 22, 2021
Hollywood elite will receive NFTs in recognition of upcoming awards ceremony
Ripple News

Hollywood elite will receive NFTs in recognition of upcoming awards ceremony

April 22, 2021
Cryptotherium

We bring you the most accurate and latest information related to cryptocurrency and other virtual coins.

Categories

  • Altcoin News
  • Bitcoin
  • Bitcoin 101
  • Blockchain
  • Blockchain 101
  • Business
  • Ethereum
  • Ethereum 101
  • Lightining Network 101
  • Litecoin
  • Market
  • Press Release
  • Price Analysis
  • Regulation
  • Ripple 101
  • Ripple News
  • Technology News
  • Trading 101

Recent News

litecoin

Litecoin Prepares For Fresh Bull Momentum As Alt Season Cements 

April 23, 2021
Our Man in Shanghai: DogeMania, ‘Dog-Coin’ trademark dogfight, hashrate outage, government warms up to crypto

Our Man in Shanghai: DogeMania, ‘Dog-Coin’ trademark dogfight, hashrate outage, government warms up to crypto

April 23, 2021

Newsletter

© 2020 @cryptotherium. All rights reserved!

No Result
View All Result
  • Home
  • Landing Page
  • Buy JNews
  • Support Forum
  • Pre-sale Question
  • Contact Us

© 2020 @cryptotherium. All rights reserved!

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.