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Author: Admin | 2025-04-28
Savvy and know how to steer clear of these scams.How to avoid pump and dump scams:Be wary of low-market-cap cryptos that normally have a low trading volume but that suddenly experience a sharp price rise.Keep an eye out for "fake news" on social media that hypes particular coins.Carefully research the credentials of any cryptocurrency before buying.GVT pump and dumpIn January 2018, a fake Twitter account purporting to belong to cybersecurity guru and crypto enthusiast John McAfee tweeted support for the GVT cryptocurrency, naming it "coin of the day."For some in the crypto community, this was good enough reason to buy some GVT, and just four minutes after the tweet was posted the price of GVT had jumped from $30 to $45 and trading volume had doubled. Fifteen minutes later, the price was hovering around the $30 mark once again, after early buyers "dumped" and ran.On closer inspection, the Twitter account was revealed to be bogus and not associated with McAfee at all. Instead, it was simply a key player in a pump and dump scheme devised and implemented in a chat room called "Big Pump Signal."How to detect a crypto scamUnsure whether a particular crypto website is a scam or not? Use this checklist to help sort legitimate providers from those platforms you're better off avoiding altogether.Does the company's app glitch out and make it impossible to log in? If you can't access your account, you can't access your funds either.Does the website connect securely over https (not http)? If
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