Bitcoin Scams Increase As Price Rises

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October saw the total number of Bitcoin scams claim more than $92 000 from Bitcoin holders. This is according to the Australian Competition and Consumer Commissions (ACCC) who said that during October, they received 245 reports of such scams.

One complaint was received from Australian born, Jason Hall who fell victim to a Bitcoin scam website. ABC News reported that Hall lost $1 600 worth of Bitcoin when he clicked on a link to a trading website that was in fact a phishing scam. Consequently, Hall’s account was hacked. Hall’s story is one of many who have tragically lost thousands of dollars to these and other types of phishing scams.

Even top sites such as Bittrex has not been spared. In recent months, warnings have been shared to various communities within the Cryptocurrency world to be on the lookout for a fake Bittrex website. When one logs onto this website, it gives the supposed hackers access to your login details and your stash of coins.

On the other hand, the industry has not only seen an increase in the number of scam incidents but also in popularity amongst employers. The industry has seen a dramatic increase in the number of skilled employees being hired to perform blockchain-related work. According to Upwork, a job seeking site for freelancers, blockchain-related skills has become one of their top 5 requested skills by employers.

Long-time crypto traders like Alex Saunders said hackers are getting more clued up but regardless, the number of Bitcoin related scam crimes are still very low in comparison to that of Fiat currencies. Saunders regularly uploads news to Nugget’s News on YouTube and warns people to not approach Bitcoin as a get rich quick scheme.

This week Bitcoin soared to a whopping $7,355.35! This is an increase of 120 percent since Bitcoin’s price was $3,000 in September this year. This was due to the Segwit2x hard fork increasing the block size to 2MB from 1MB and a split of Bitcoin Cash and Bitcoin Gold. Some experts have even called this new record high, ‘chart driven’. Warnings have been issues that this could be followed by a bear market in the near future.

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