Crypto scams have become an increasing concern in recent years, with scammers using various tactics to deceive people and steal their cryptocurrency. Fortunately, there are also those who are actively working to expose and stop these scams, like Kitboga.
Recently, Kitboga announced a partnership with Kraken, a well-known cryptocurrency exchange, to help identifying and reporting crypto scams. Kraken has enlisted Kitboga’s expertise in scam-baiting to protect its users from scammers who try to target them.
By working together, Kraken and Kitboga hope to outsmart and expose those who seek to profit from deceit.
The first activity of Kitboga’s collaboration with Kraken took a fascinating twist when he came across a scammer posing as President Joe Biden, whom he had previously encountered a year prior.
Equipped with the resources offered by Kraken, Kitboga adopted the role of an elderly woman and lured the scammer into a trap with a fictitious crypto account holding roughly $450,000 in Bitcoin.
Kitboga’s methods for exposing scams are often humorous and entertaining. He frequently impersonates vulnerable individuals, such as elderly people or those with cognitive impairments, to lure scammers into lengthy conversations.
He keeps scammers occupied while he gathers information about their tactics. He also educates his viewers on how to spot and avoid scams, which has helped to increase awareness of these issues.
Kraken’s partnership with Kitboga highlights the importance of collaboration and education in the fight against crypto scams. As more people become aware of the risks of these scams to identify and report them, it becomes more difficult for scammers to succeed.
By combining their expertise, this collaboration could make a significant impact in the fight against crypto scams.
How To Avoid Crypto Scams
To avoid crypto scams we should first know what kind of scams are there, so we could identify the problems and protect our crypto investments.
One of the most common types of crypto scams is the fake giveaway, where scammers promise to send free cryptocurrency to people who send them a small amount of cryptocurrency first.
These scams are often promoted on social media platforms, like Twitter, where scammers create fake accounts to impersonate legitimate companies and individuals.
Scammers also use their old classical method, phishing. With advertisements, e-mails, and pop-ups to direct individuals to a fake website which requires your private wallet keys to access, the scammer can easily take your crypto in your wallet.
Besides Kraken’s measures to protect its users from crypto scams which include two-factor authentication, withdrawal confirmations, and account alerts. There are some ways to avoid or protect yourself from scammers.
First, you must do your own research in the crypto/NFT space before investing in a digital asset. Also, you should pay attention to use strong passwords, and you can get a cold crypto wallet to hold your cryptocurrencies.
In the end, there are always some scammers that want your assets. The most logical thing we can do is being careful and educated against those scammers and their tactics.