Crypto Investments: 5 Tips to Protect Them from Scams in 2022

Crypto investments are very volatile, and investors want to protect them at all costs.

The rise of cryptocurrency has opened up the possibility for hackers to exploit loopholes in blockchain and scam millions of crypto investors worldwide. Cryptocurrencies like Bitcoin and Ether can be easily stolen from digital wallets. Already, there has an approximate estimate of about US$650 million to have been targeted in major cryptocurrency thefts between January and July this year. Like any other industry, cryptocurrency investments are also not immune to scams and thefts. Here are a few tips that investors can follow to secure their crypto investments from hackers in 2022.

• Research extensively: It might seem hard to ignore advice from crypto billionaires and influencers online, but it is always advisable to research thoroughly before investing in any unknown crypto schemes or tokens. It is crucial to learn about its founders, creators, and current backers, then estimate the risks and dive into them.
• Protect the crypto wallet: Experts advise investors to use multi-factor authentication to protect the crypto wallets. There are many stories where crypto investors lose their investments from the crypto wallet. Also, investors should never share their private keys, passwords, or such sensitive information with anyone.
• Pay attention to smart contracts: On the blockchain, smart contracts usually help understand the overall potential of the crypto market. If there are issues with the smart contracts, there are issues in the project.
• Fake mobile apps: Another frontier to protect crypto investments is to download popular and authorized crypto exchanges and trading platforms. Investors have to recognize the fake mobile apps and avoid them at all costs to minimize risks and losses.
• Reject fee offers: Investors may find crypto offers and schemes that require fees. They must reject such offers and avoid paying any fees for any investment opportunity because such schemes are either scams or will eventually become unstable over time.