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According to a criminal record report published by the Federal Bureau of Investigation, cryptocurrency investment scams increased from 907 million dollars in 2021 to 2.5 billion dollars in 2022, which is a 183% rise. The FBI also stated that the crypto investment scams saw an unprecedented rise in the number of victims in 2022, and Most of the victims assumed huge debt to cover losses from these fraudulent investments. As per the FBI report, the crypto fraudsters targeted people ages 30-49. The FBI noted in its report that the scams were socially engineered and trust-enabled. Most of the scams began with romance or confidence and later evolved into cryptocurrency investment fraud, the report mentioned.
The crypto community is being introduced to various new cybercrimes every day. This emphasizes the importance of having a safe vault to protect crypto investments. Lockyourcrypto.com is one such digital fortress that provides crypto investors with a highly-secured place to keep their valuable digital assets away from cybercriminals.
Bitcoin and Ethereum are the two major icons of the crypto world. Even People who do not know about cryptocurrencies and their values are aware of Bitcoin and Ethereum. The influence of these currencies reaches beyond the virtual world and affects the ordinary man in our real world.
Though both coins are regarded as the most credible and valuable digital assets in the market, they suffered a week-long downtrend in the market in March. Between March 9-14, the price of BTC fell below $20K and rose to $26K. At the time of writing, BTC was trading at around $24,800.
Ethereum, the second-largest cryptocurrency, also stumbled in the market in the past week. ETH price slumped below $1,300 and rose to $1,700 over the past 7 days. It was trading at around $1,600, at the time of writing.
Both Bitcoin and Ethereum have gained 15% and 8.52% respectively over the past seven days.
This volatile nature of the crypto market can make a weak-handed person panic sell their stocks which could result in loss or reduced profit. Lockyourcrypto.com has a perfect feature for these weak-handed investors to control their paper hand and increase their chance to earn more.
The crypto industry has two types of wallets called non-custodial wallets and custodial wallets. With non-custodial or self-custodial wallets, the investors will have control of their private keys and cryptocurrency holdings. They will be responsible for maintaining security measures to protect their crypto funds.
Non-custodial wallet users will need a backup mechanism to use if they forget the private keys. They can employ Cold wallets or hardware wallets, which are in physical form and can store the private keys offline. Since these physical wallets can be stolen and broken, they are also not safe.
But with custodial wallets, a third party like Lockyourcrypto.com will be in control of your private keys. Many investors prefer custodial wallets as they don't wish to risk forgetting their private keys and losing their entire investments.
Lockyourcrypto.com protects your private keys in multilayer security. It uses a password pin or fingerprint authentication to eliminate unauthorized access to the vault.
The users will need to log in to the Lockyourcrypto.com platform to transfer their digital assets to the vault. After transferring the funds, the users can choose the time frame for the funds to be locked up. This lock-up feature would help weak-handed investors to control their paper hands during market volatility. The added advantage of the lock-up time frame is that depositors can not withdraw or transfer this fund during this period except in case of an emergency.
Lockyourcrypto.com platform uses high-level encryption to protect funds from cyber attacks. It also ensures the privacy of the depositors.
Along with all these safety measures, investors should be aware of various forms of cyberattacks in the crypto industry to avoid falling prey to such scams in the future.
Website: www.Lockyourcrypto.com
Twitter: https://twitter.com/_Lockyourcrypto
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
