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CINCINNATI (WKRC) – We are approaching the holiday season and Americans are looking for unique and modern gifts.
One of the new trends this year is gifting crypto.
In general, investors are advised to be extremely cautious when investing in crypto.
This is because cryptocurrency prices are entirely driven by what other investors are willing to pay for the crypto coins.
And this season you should watch out for scammers if you want to gift someone crypto.
Here’s what the con looks like.
Someone contacts you out of the blue either by text message or social media and offers a crypto deal of some sort, acting like a middleman or a broker.
But all they are aiming to do is take your money with no gift to give.
“You’d be requested to put some money in to release the funds and then you would be trapped through a finance or phishing attack that would basically suck in all of your data through the device you would be using There is really so many different vehicles on how you can get trapped by just clicking an advertisement of something that looks kind of lucrative,” said Bezalel Eithan Raviv, CEO of Crypto Sentry Recovery.
How can you protect yourself?
- You do not need a middleman or any extras.
- And don’t trust anyone you don’t know coming out of the woodwork to sell you crypto.
- You can use crypto exchanges like Coinbase or Kraken. You buy the coins directly and send it to the recipient’s digital wallet if they have one.
- To use a crypto exchange, make sure both you and the person who you gifting it to have accounts and ask for their wallet address. You can select the currency and send however much you’d like to give.
- You can also use Cash App or Paypal to send cryptocurrencies.
