Anywhere there is money, scams are inevitable.
The emergency of web3 has made a lot people millionaires within a short period of time and also rendered others poor due to the twin principle of "Luck and Risk". In simple terms, Luck smiled on those who have made fortunes but Risk taught those who made losses great lessons.
Web3 (also affectionately as Web 3.0) is an idea for a new way of experiencing the World Wide Web which incorporates key concepts such as decentralization, blockchain technologies, and token-based economics. So unlike the traditional model, where central authorities like tech giants or governments have a strong grip on how things work, Web3 is all about decentralization.
Web3 offers digital currency that is stored in a digital wallet, and the owner can turn currency into cash by transferring it to a bank account or converting it into another asset.
Due to the sophisticated nature of the web3 technology, particularly the anonymous and irreversible nature of blockchain transactions, it gives the window for unsuspecting users to fall into the dark pits of scammers.

Research shows that cryptocurrency scams were up 23% in 2023 over the same period in 2022. The number of scams increased significantly in the third quarter of 2023 and 2024 is no exception.
The goal of these scammers is to rob its victims of their hard earn money. Listed below are 3 tips to navigate the dark side of web3:
👉Tip 1: Token presales scams. Scammers pitch the idea of presale of a particular token and the huge opportunity it presents when list on a centralized exchange (CEXs) like Binance, Bybit, coinbase etc. They even go to the extent of sharing the step-by-step process to participate in the supposed presale event using your web3 wallet and share useful links that reference the various CEXs on how to swap cryptocurrencies like Ethereum or Bitcoin for the token presale on decentralized exchange (DEX) like Uniswap.

But in reality, there is no exchange offering any sort of presale of tokens and the investor does not know it's fake until after they lose their deposit. A typical example is the #scroll token presale scam. Always do your own research from the official platforms of the respective tokens on presale.

👉Tip 2: Beware of social media platforms that promises huge returns on investments. Scammers create, use and hide behind social media platforms like X, telegram, Facebook and the likes to lure it victims. As 2024/2025 bull run takes off, you will receive several notifications to join communities, VIP & signal groups. Beware!!! most of their promises are too good to be true.
👉Tip 3: Beware of mystery gift boxes and malicious links. There are many fraudulent posts on social media outlets promising crypto giveaways in the form of mystery box. Some of these scams also include fake celebrity accounts or mimic the account of influential crypto traders promoting the giveaway to lure people in.
However, when someone clicks on the giveaway, they are redirected to a fraudulent site asking for verification to receive the gift in the mystery box be it bitcoin or Ethereum. The verification process includes making a payment to prove the account is legitimate.
The victim can lose this payment -- or, worse yet, click on a malicious link and have their personal information and cryptocurrency stolen.

In conclusion, always do due diligence in your crypto investments as scammers are unforgiving if you fall victim to their dark pits.
#scroll #EtheruemETF #FIT21 $ETH

The BTC halving injected a lot of euphoria and optimism into the market. $BTC has been trading between the 60k-66k even though some pundits are expecting a healthy dump at 45k - 50k levels before we experience new ATH. That notwithstanding, most #altcoins dumped 50% which caused the wallet of traders to bleed. On the flipside, this was a huge opportunity for traders and investors to buy their preferred coins at well discounted prices.
Although the discounted prices are still on, few days after the halving, some of the Altcoins have showed positive signs of recovery. It is very important to note that after the 2020 Halving, it took $BTC 4months and altcoins 6-8 months of consolidation before prices skyrocketed.

If history is something to go by, we should expect price fluctuations and consolidations coupled with the influx of institutional wealth through #ETF✅ in the next 6 months before the real fire works take off.

It is crucial that we exercise a great deal of patience for the market to unfold. Although no one can accurately predict how this bull cycle will play out and the market top, you need to develop or fine tune your exit strategy as you wait.
Furthermore, If you have panicked and sold off in losses when altcoins dumped before the halving, I hope you have learnt some lessons.
Most #alts are still at discounted prices. (Not financial Advice)
Note: Pullbacks are inevitable in every bull cycle so fasten your seat belt for the adventure ahead of us.
#DYOR #BTC